London, December 21, 2021 – Bain Capital Credit, LP (“Bain Capital Credit”) and funds managed by affiliates of Fortress Investment Group LLC (“Fortress”) today announced the acquisition of Project Frontier. Project Frontier involves the acquisition of 95% of the Mezzanine and Junior notes (the “Notes”) from a securitization backed by a ca. €6bn gross book value portfolio of non-performing exposures from National Bank of Greece.
Bain Capital Credit, Fortress and doValue S.p.A. have formed a consortium (the “Consortium”) whereby funds and accounts managed by Bain Capital Credit and Fortress, respectively, acquired the Notes and doValue was appointed as the servicer of the securitization. Project Frontier is a landmark transaction, being the first acquisition on a servicer-release basis of a large-scale securitization in Greece, utilizing the Hellenic Asset Protection Scheme (“Hercules”) in Greece.
This is Bain Capital Credit’s fourth large-scale acquisition of non-performing exposure portfolios in Greece, following projects EGEE, Amoeba and Icon. Fortress successfully completed Project Neptune in 2020, in addition to several recent single borrower transactions.
About Bain Capital Credit
Bain Capital Credit (www.baincapitalcredit.com) is a leading global credit specialist with approximately $52 billion in assets under management. Bain Capital Credit invests across a full spectrum of strategies, including leveraged loans, high-yield bonds, distressed debt and special situations, private lending, structured products, non-performing loans, and majority and minority equity stakes. Founded in 1998 as a private, employee-owned firm, Bain Capital Credit’s experienced team of over 150 investment professionals seeks to identify attractive equity and credit investment opportunities across North America, Europe, and Asia-Pacific. In addition to credit, Bain Capital invests across asset classes including private equity, public equity, real estate and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.
Fortress Investment Group LLC is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $54.2 billion of assets under management as of September 30, 2021, on behalf of approximately 1,800 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.
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