PRESS RELEASE

15/12/2021

RCCD Cappelli with Unicredit Spa in the Project Olympia securitization transaction

The securitization transaction named  Project Olympia has been completed, concerning a portfolio of  mortgage and unsecured loans classified as bad loans owned by UniCredit S.p.A., with a total of 2.2 billion euros.

The transaction involved the sale of the abovementioned portfolio to a securitization vehicle. The acquisition was financed through the issue by the securitization vehicle of three classes of ABS securities, fully subscribed by UniCredit; the senior tranche was rated by three agencies. The contractual documentation requires UniCredit to submit an application to obtain the GACS (Guarantee on Securitisation of Bank Non-performing Loans). UniCredit has accepted a binding offer for the sale of 95% of the mezzanine and junior notes from third party investors.

Studio Legale Cappelli RCCD provided assistance to UniCredit S.p.A. as originator of the transaction, acting as drafting counsel for the contractual documentation and in  the structuring of the transaction with a team led by partner Paolo Calderaro and composed of partners Camilla Giovannini, Marcello Maienza and Tommaso Canepa, the associate Francesco Tarì and the junior associates Claudia Marcuzzo and Giacomo Tassini. The legal aspects of the transaction were also followed by the in-house legal team of UniCredit – Group Legal NPE & Corporate Transactions – headed by Roberto Tazzioli, assisted by senior legal Paolo Donati and senior associate Sebastiano Mattia Gennaro of UniQLegal.

The tax aspects of the transaction were followed by Maisto and Associates with a team composed of partners Mauro Messi and Stefano Tellarini and associates Eleonora Finizio and William Criminisi.

Chiomenti, with a team consisting of partner Gianrico Giannesi and counsel Anna Maria Perillo, advised Unicredit Bank AG’s, London Branch, as arranger of the operation, assisting the internal in-house team led by Alessandra Moriconi.

Finally, f English law aspects were handled by Clifford Chance, with a team led by counsel Riccardo Coassin.

doValue and Italfondiario, respectively as special servicer and master servicer of the operation, were assisted by a team at Legance – Legal Associates composed of partner Marco Iannò, senior associate Leonardo Bafunno and associate Paolo Arena.

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