Non binding offers for Banca Monte Paschi‘s platform that manages the Italian bank’s non-performing loans (named Juliet) have been delivered last Friday Sept. 30th, Reuters wrote.
Deadline had been delayed following the announcement of the bank’s gross 27,8 billion euros non-performing loan portfolio sale and the 5 billion euros recapitalization last July (see here a previous post by BeBeez).
The bidders are saif to be a consortium between Christofferson Robb & Co and Prelios; a consortium between Lone Star and Caf, an Italian servicer 100% owned by Lone Star; Kkr and Vaerde Partners, probably together; and Cerved Credit Management. No bids are said to have arrived by Apollo Global Management and Cerberus, who had been looking at the dossier some months ago.
Deadline for non binding offers had been first fixed at the end of August but it had been delayed because the deal perimeter had changed. Actually part of the deal was that Mps would have signed an agreement with the platform acquiror in order to allow it to manage all the 27.8 billion euros of NPLs for a number of years.
However last July 29th the bank stated that the announced securitization transaction on the whole NPLs portfolio (see here a previous post by BeBeez) would include an agreement with the credit recovery platform who “will be able to manage a third of the securitized portfolio”, which means just more than 9 billion euros. Which is a significant change in the cards and will obviusly have an impact on the value of the whole deal. So private equity funds had to figureout a new price for their bids.
