As part of its program to finalise the non-core portfolio run-down, UniCredit S.p.A. ("UniCredit") successfully completed the transfer of €2.2bn Claim Amount of a NPL Portfolio including both secured and unsecured loans to a securitisation vehicle (OLYMPIA SPV SrL "OLYMPIA") with the transaction ("Securitisation") structured by UniCredit Bank AG as Sole Arranger. This is the third GACS transaction for UniCredit and the fourth for UniCredit Group.
OLYMPIA issued three classes of notes: €261mm senior note, €26,1 mm mezzanine note and €2,9 mm junior note. The senior notes are rated Baa2/BBB/BBB by Moody's, S&P and Scope respectively.
The Securitisation has been structured for complying with the GACS (Garanzia sulle Cartolarizzazioni delle Sofferenze) law in order to obtain the GACS guarantee on the senior note.
UniCredit has just accepted the binding offer to dispose 95% of the mezzanine and junior notes to a financial institution not belonging to UniCredit Group, while retaining the minimum 5% net economic interest in OLYMPIA as required by regulation for originators.
Italfondiario and doValue act respectively as Master and Special Servicer of the Securitisation while Banca Finanziaria Internazionale S.p.A. covers the roles of Monitoring Agent, Calculation Agent, Representative of Noteholders and Back-up Servicer Facilitator.
UniCredit Bank AG is the Placement and Settlement Agent of the mezzanine and junior notes, and cap and liquidity line provider for OLYMPIA.
UniCredit has notified the ECB of its intention to recognize "Significant Risk Transfer" as of December 31st, 2021 in connection with the sale.
Milan, 29 November, 2021
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