Orrick Advises on Sixth GACS Securitization of BCC Banca Iccrea


BCC Banca Iccrea, parent company of the BCC Iccrea Group, has completed the sixth securitization of non-performing loans (NPLs) backed by "GACS" guarantee, originated by over 5,700 debtors for an overall amount of €650 million.

71 banks participated in the securitization, 68 of which belonging to the BCC Iccrea Group (64 BCC, Banca Sviluppo, BCC Banca Iccrea, BCC Banca Impresa e Banca Medio Credito del Friuli-Venezia Giulia) as well as Banca Valsabbina, Banca di Credito Popolare and Cassa di Risparmio di Asti.

BCC Banca Iccrea and Intesa Sanpaolo S.p.A. - IMI Corporate & Investment Banking Division have acted as co-arrangers and placement agents with respect to the notes issued in the context of the securitization. BCC Banca Iccrea assisted the participating banks in identifying the perimeter of the loans to be sold, coordinated the activities of the servicer relating to the due diligence and the drafting of the business plan, also ensuring the management of the analysis process of the rating agencies and the structuring of the securitization. BCC Banca Iccrea will also manage, on behalf of the participating banks, the procedure for the granting of the GACS guarantee by the Ministry of Economy and Finance.

Orrick advised the co-arrangers with a team including partners Patrizio Messina and Annalisa Dentoni-Litta, of counsel Daniela Pietrini, managing associate Simone Fioretti and associate Giorgia Carrozzo. Matters of English law were advised on by partner Madeleine Horrocks and managing associate Franco Lambiase, while partner Bernadette Accili, of counsel Giovanni Leoni and managing associate Camillo Melotti Caccia provided assistance on tax matters.