The KKR fund, which in 2018 won the race to buy a portfolio of problem loans worth €1.75 billion that Novobanco put up for sale, is reselling €700 million euros of that portfolio, dubbed the ‘Nata’ project, Jornal Económico understands.

On the shortlist to submit binding-offers are three candidates: the Balbec – LX Partners consortium; the British fund LCM Partners and Arrow Global.

According to our sources, the binding-offers must be submitted by 2 October.

KKR wants to close down the fund that bought the assets from Novobanco, which is why it went ahead with the sale.

The NPL portfolio that the KKR fund is selling is secured credit, i.e. with guarantees, so the ‘Nata project’ is essentially real estate.

The operation carried out in 2018 involved more than 100,000 credit exposures that were bought by the KKR/LX Partners consortium for €505 million and generated losses of €110 million for the bank, of which around €85 million were covered by the Resolution Fund.

Nata I was Novobanco’s first major packaged sale of NPL (loans at risk). In 2018, when the ‘Nata project’ was sold to KKR, there were two tranches. The first was worth €550 million with loans from 54 large companies, while the second tranche of €1.2 billion concerned NPL from more than 62,000 companies.

Fonte: Jornal Económico | Author: Maria Teixeira Alves
Edition and translation: Prime Yield