Bain Capital Credit has acquired Project Frontier, which involves the sale of 95 per cent of the Mezzanine and Junior notes from a securitisation backed by a cEUR6 billion gross book value portfolio of non-performing exposures from National Bank of Greece.
Bain Capital Credit, Fortress Investment Group (Fortress) and doValue (doValue) have formed a consortium whereby funds and accounts managed by Bain Capital Credit and Fortress respectively acquired the Notes and doValue was appointed as the servicer of the securitisation.
Project Frontier is a landmark transaction, being the first large scale securitisation on a servicer-release basis, utilising the Hellenic Asset Protection Scheme (Hercules) in Greece.
This is Bain Capital Credit’s fourth large-scale acquisition of non-performing exposure portfolios in Greece, following projects EGEE, Amoeba and Icon.
