PwC Legal acted as lead counsel to EOS for the acquisition of the Virgo Portfolio
PwC Legal Greece (M.Psylla – V.Vizas – G.Katrinakis Law Firm, member of the PwC Global Legal Network) acted as lead counsel to the EOS Group in its strategic acquisition of the Virgo portfolio, a NPL secondary trade launched by DoValue Greece on a sub-pool of the Frontier securitisation portfolio.
PwC Legal Greece (M.Psylla – V.Vizas – G.Katrinakis Law Firm, member of the Legal Network) acted as lead counsel to the EOS Group (EOS) on the investment into a EUR 450 million (GBV) unsecured portfolio of non-performing loans (the Virgo Portfolio), sold by the Frontier Issuer Designated Activity Company out of the Frontier portfolio, a broader and diversified non-performing loan portfolio originally securitised by National Bank of Greece under the Hellenic Asset Protection Scheme (HAPS) to, among others, a consortium of affiliates of Bain Capital Credit, Fortress Investment Group and DoValue, as mezzanine securitisation noteholders.
Our team, led by Kely Pesketzi (Director, Banking & Finance Legal team leader), supported EOS from the very first stages of the transaction, with structuring advice and assistance with the bid process, all the way through to negotiations on the receivables sale agreement and portfolio management arrangements, up to closing in October 2022.
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The sale of the Virgo Portfolio was conducted pursuant to the Greek legal framework on outright NPL sales and governed by English law, following a tender process with significant investor interest. Portfolio management of the Virgo Portfolio was assigned to DoValue Greece, a member of the international servicing group DoValue. This is among the first secondary market sales to close on Greek NPL portfolios securitised under the Hellenic asset protection scheme (HAPS).
Nikos Bousdekis (Director, Financial Sector Taxation) led the tax advice workstream, assisted by our tax teams in PwC Luxembourg and PwC Ireland. The Greek legal team was assisted by associates Vassia Rachovitsa and Mary Samioti, while senior manager Katerina Pilichou assisted with data protection considerations. The PwC UK team, led by Carl Dunton, handled the English law workstreams and advice.