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BRIEF-Attica Bank transfers its 1,045 mln euro NPL portfolio to an SPV
December 14, 2016 / 4:11 PM / a year ago

BRIEF-Attica Bank transfers its 1,045 mln euro NPL portfolio to an SPV

Dec 14 (Reuters) - Attica Bank SA :

* Says will form a company (AMC) that will manage claims from non performing loans

* Says a potential investor can acquire up to 80 percent of the AMC

* Says it will have the possibility to sell the 630 million euros junior note, when law allows, for a minor price in order to perform its de-recognition

* Decides transfer of its 1,045 million euro ($1.11 billion) non performing loan portfolio to an SPV

* Says the SPV will issue a 415 million euro senior note and a 630 million euro junior note

* Says the SPV will sign an ‘arm’s length’ agreement for handling claims (SLA) with the claim management company (AMC) of 7 years duration

* Regarding covering the capital increase adverse scenario, it will issue a Tier II bond of 70 million euros

Source text:

Further company coverage: ($1 = 0.9390 euros) (Gdynia Newsroom)

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