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UniCredit successfully completed the transfer a NPL Portfolio with claim amount of EUR 1.1 bn to ITACA

UniCredit S.p.A. ("UniCredit") successfully completed the transfer of €1.1bn Claim Amount of a NPL Portfolio including both secured and unsecured loans to a securitisation vehicle (ITACA SPV Srl, "ITACA") with the transaction ("Securitisation") structured by UniCredit Bank AG as Sole Arranger. This is the fourth GACS transaction for UniCredit and the fifth for UniCredit Group.


ITACA issued three classes of notes: €125mm senior note, €26mm mezzanine note and €4mm junior note. The senior notes are rated Baa2/BBB by Moody's and Scope respectively.


The Securitisation has been structured for complying with the GACS (Garanzia sulle Cartolarizzazioni delle Sofferenze) framework in order to obtain the GACS guarantee on the senior note.


UniCredit has 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 ITACA as required by regulation for originators.

Italfondiario and doValue act respectively as Master and Special Servicer of the Securitisation while Banca Finint S.p.A. covers the roles of Monitoring Agent, Corporate Servicer, 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 ITACA.

UniCredit has notified the ECB of its intention to recognize "Significant Risk Transfer" in connection with the sale starting from June 30th 2022.







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