Orrick Advises on NPL Securitisation for Attica Bank S.A.

March.14.2022

Orrick acted as English law counsel for Attica Bank S.A. in the securitisation of its “Omega” portfolio comprising non-performing loans with a gross book value of € 1.285 billion through a Luxembourg securitisation law special purpose vehicle, Artemis Securitisation S.A., acting on behalf of its Compartment 1.

Attica Bank has announced that it will retain the entire amount of the Senior Notes in issuance, whilst 95% of the Mezzanine Notes and 95% of the Junior Notes have been sold to funds nominated by Ellington Solutions.

Omega is one of a series of securitisations carried out by Attica Bank to further enhance its balance sheet.

The Orrick team advising Attica Bank was led by partners Patrizio Messina, Madeleine Horrocks and Annalisa Dentoni-Litta, assisted by managing associate Franco Lambiase and associate Luca Nardini.

Sardelas Petsa Law Firm advised Attica Bank as Greek law counsel, whilst StormHarbour Securities LLP acted as Arranger and Lead Bookrunner.