Alantra has successfully advised Banco Santander Totta (the “Seller”) on the sale of performing credit exposures (the “Portfolio”) with a total unpaid balance of approximately €75mn.
The Portfolio comprises performing corporate loans, primarily secured by real estate, with over 85% of the unpaid balance concentrated in a single exposure. The largest exposure demonstrates a strong and consistent cash-generating profile, with no anticipated short-term default or covenant breach. The loan has a long maturity of more than 20 years, and the underlying collateral is a prime 5-star hotel. The sale was structured under Portuguese Securitisation Law, using a Portuguese special purpose vehicle (STC) that issued a unitranche note to meet regulatory requirements for acquiring performing credit.
The Portfolio presented a distinct payment profile compared to typical credit transactions in Portugal, mainly due to the complex nature of credit and underlying collateral, repayment ability and the longer weighted average life. Nonetheless, the process attracted a wide range of investors. Alantra’s effective process management and credit expertise allowed investors to analyse and ultimately overcome the loan’s atypical features, resulting in bids that exceeded the Seller’s expectations.
The successful conclusion of this transaction highlights Alantra’s continued leadership in structuring tailored credit solutions across asset classes, aligned with clients’ strategic goals in the Portuguese market.
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