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National Bank of Greece to offer 647.77 million in first SME CLO in eight years
By Cristal Cody
Eureka Springs, Ark., July 26 National Bank of Greece SA intends to price 647.77 million of notes due 2035 in the Sinepia DAC small and midsize enterprise collateralized loan obligation deal, according to a market source.
The Sinepia offering is the banks first cash flow SME CLO deal since the 2007-2008 financial crisis, according to S&P.
The deal includes 150 million of class A1 floating-rate notes (/BB/); 35 million of class A2 floating-rate notes (/BB/); 50 million of class A3 floating-rate notes (/BB/) and 88.8 million of class A4 floating-rate notes (/BB/).
The transaction also includes 259.1 million of non-rated class M notes and 64.87 million of non-rated class Z notes.
HSBC Bank plc and National Bank of Greece are the joint arrangers.
The CLO is collateralized by static secured and unsecured loans originated by National Bank of Greece and granted to small and midsize companies.
National Bank of Greece is a banking and financial services company based in Athens.
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