National Bank of Greece SME CLO (EBRD-48467)

Countries
  • Greece
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jul 20, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
NATIONAL BANK OF GREECE S.A
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 54.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 50,000,000.00
Converted using 2016-07-20 exchange rate.
Project Cost (USD)
$ 707.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported EUR 648,000,000.00
Converted using 2016-07-20 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS May 3, 2017

Disclosed by Bank Aug 8, 2016


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Project Description
This project will refinance small and medium enterprises working capital and investment loans originated by National Bank of Greece.
Investment Description
  • European Bank for Reconstruction and Development (EBRD)
As part of the proposed securitisation project, EBRD invests in senior notes denominated in Euros and securitized by a portfolio of SME loans originated by National Bank of Greece. The transaction structure envisages the issuance by Sinepia D.A.C. ("issuer") of approximately EUR 324 million senior and EUR 324 million mezzanine/junior notes. EBRD is subscribing to EUR 50 million of the senior notes with EIB, EIF and National Bank of Greece subscribing to the remaining senior notes and National Bank of Greece also subscribing to the mezzanine/junior notes. Senior notes are rated BB by S&P and B- by Fitch.
Contact Information
Apostolos Mantzaris, Deputy Head of Funding Solutions and Structured Finance mantzaris.ap@nbg.gr +30 210 332 8517 https://www.nbg.gr/en 68 Akadimias Str, 106 78, Athens, Greece ACCOUNTABILITY MECHANISM OF EBRD The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.