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Hogan Lovells advises Attica Bank on €1.4 billion HAPS securitisation
Press releases
| 07
February
2025
Milan, 07 February 2025 - Global law firm Hogan Lovells has advised Attica Bank S.A., as international counsel, on the securitisation of a portfolio of non-performing exposures originated by ex-Pancreta Bank (pre-merger with Attica Bank), with a gross book value of approximately €1.4 billion (Project Rhodium).
The senior notes in the amount of €476 million will be retained by Attica Bank (along with 5% of the mezzanine and junior notes) and will have the benefit of a guarantee issued by the Hellenic Republic under the Hellenic Asset Protection Scheme (HAPS III). The remaining 95% of the mezzanine and junior notes was purchased by an entity advised by Davidson Kempner Capital Management LP.
The Rhodium transaction is part of the wider transformation programme Attica Bank announced in 2024, with the aim of reducing its NPE ratio to below 3% and follows the merger between Attica Bank/Pancreta Bank and the merged bank’s share capital increase carried out in Q4 2024, on which Hogan Lovells also acted.
The Hogan Lovells team that advised on the transaction was led by partners Madeleine Horrocks and Annalisa Dentoni-Litta, together with senior associate Franco Lambiase and trainee Noemi Biagini. Partner Philip Harle advised on UK tax matters.
Read here for more information about the merger and share capital increase.
