Milbank LLP has advised National Bank of Greece ("NBG") on the sale of a portfolio of non-performing secured corporate loans ("Project Icon") to investment firm Bain Capital Credit ("Bain Capital"). The portfolio comprises c. 2,800 non-performing, predominantly secured, corporate contracts with a total principal amount of c. €1.6 billion (c. €0.6 billion of allocated collateral value).

The transaction is being implemented in the context of NBG's Non-Performing Exposures deleveraging strategy and in accordance with the Operational Targets submitted to the Single Supervisory Mechanism ("SSM"). The closing of the transaction is subject to standard conditions precedent and the consent of the Hellenic Financial Stability Fund.

The Milbank team was led by European Leveraged Finance/Capital Markets partners Apostolos Gkoutzinis, Sarbajeet Nag, and special counsel Merih Altay, corporate partner Mark Stamp, with associates Anna Bryant and Phil Anscombe.

This is the second major NPL portfolio disposal that Apostolos Gkoutzinis and the Milbank team have advised NBG on. Last year the Milbank team advised NBG on the sale of its first secured non-performing loan portfolio to a consortium of funds ("Project Symbol").

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