Alantra has successfully advised Servdebt (the “Seller”) on the disposal of a secondary portfolio comprising nine granular secured and unsecured non-performing loan portfolios (the “Portfolios”), with a total gross book value of approximately €1.3bn. The transaction closed in 2025, with the winning bidder acquiring a majority stake through a tailored securitization structure.
The deal was executed via a Portuguese STC securitization vehicle, under which the Investor subscribed 80% of the notes backed by the Portfolios, while Servdebt retained 20%. All proceeds were paid upfront to the Seller. The structure was designed to maximize flexibility and ensure alignment of interests, with Servdebt continuing as servicer to drive future recoveries.
Alantra advised Servdebt throughout the process, evaluating multiple structuring alternatives and ultimately selecting the most economically and strategically advantageous solution. Advisory services included portfolio segmentation, investor outreach, preparation of marketing materials, and transaction structuring, leveraging Alantra’s strong track record in cross-border NPL sales across Portugal and Spain.
By securing strong investor demand and optimizing value in a competitive process, Alantra once again demonstrated its ability to deliver innovative, high-impact credit solutions. This transaction emphasizes Alantra’s leading position in the Portuguese and Spanish NPL markets and its ability to support sophisticated sellers with complex structuring and capital recycling strategies.
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