19 September, Reuters
The Board of Directors of Banca Intermobiliare approved the transfer and the securitisation of a bad loan portfolio for a gross nominal value of 601.1 million.
The operation implies the sale of the bad loans to the special purpose company Nuova Frontiera and the consequent securitisation with the issuance and underwriting of a senior and a junior tranche, as the memo reads.
Attestor Value Master Fund will underwrite both tranches for a total of 95%. The fund is connected to Trinity, Bim majority shareholder. Bim will underwrite the remaining 5%, for a market value of approximately 5.8 million.
The portfolio is composed of non-performing loans for 482.5 million, unlikely-to-pay for 116.5 million and credits returned being performing for 2.1 million.
The transfer price is set at 147.7 million. The operation will reduce the group’s Rwa by approximately 210 million (19%).
Translator: Cristina Ambrosi