Austria: Schoenherr advises HETA on the sale of HETA Italy to a fund managed by Bain Capital Credit

05 August 2016 | deal news

Schoenherr has advised HETA ASSET RESOLUTION AG ("HETA") and its subsidiary HETA Asset Resolution GmbH ("HAR GmbH") on the sale of Heta Asset Resolution Italia S.r.l ("HARIT"), including all outstanding loans granted by HETA to HARIT, to an Alternative Investment Fund advised by Bain Capital Credit, LP ("Bain Capital Credit"). The closing of the sale is conditional upon the approval of the transaction by Banca d'Italia.

HARIT (formerly known as Hypo Alpe-Adria Leasing S.r.l.) is a financial intermediary regulated by Banca d’Italia, duly enrolled in the New Single Register under Art.106 with its headquarters in Tavagnacco, Italy. With 90 employees, HARIT manages a portfolio with a Gross Book Value of EUR 657m (mainly represented by repossessed assets as well as performing and non-performing leasing contracts). Upon closing of the sale, HETA will no longer have operational activities in Italy.

HETA is a wind-down company owned by the Republic of Austria set to dispose of the remaining assets of Hypo Alpe-Adria-International AG, which was nationalized in 2009. With a portfolio of EUR 9.556bln as of December 2015, HETA is tasked to ensure the orderly and swift disposition of its assets under the best possible terms.

Bain Capital Credit is a global credit specialist with approximately USD 30.4bln in assets under management as of March 31, 2016. The company invests across the full spectrum of credit strategies, including leveraged loans, high-yield bonds, distressed debt, private lending, structured products, non-performing loans and equities.

The Schoenherr team advising HETA was led by Thomas Kulnigg (partner, corporate/m&a), and further consisted of Clemens Rainer (attorney at law, corporate/m&a) and Ana Taleska (attorney at law, corporate/m&a). The team was further supported by Clemens Leitner (attorney at law, corporate/m&a) and Daniela Hohenegg (attorney at law, banking/finance).

Chiomenti advised HETA on the Italian legal aspects with a team coordinated by Franco Agopyan (partner), and further supported by Luca Andrea Frignani (partner, corporate/m&a), Damiano Battaglia (senior associate, corporate/m&a), Guido Biancardi (associate, corporate/m&a), Andrea Ricci (associate, corporate/m&a), Raul-Angelo Papotti (partner, tax), Antonino Guida (senior associate, tax), Alessandro Portolano (partner, regulatory), Ilaria Barbafiera (associate, regulatory), Annalisa Reale (partner, labour), Manuela Sanzo (senior associate, labour), Carmelo Raimondo (partner, finance), Paolo Bertoni (partner, IP) and Ersilia Lazzara (associate, IP).

PwC Austria and PwC Italia were the financial advisors to HETA. 

Bain Capital Credit was advised by Linklaters and Wolf Theiss Rechtsanwälte GmbH, while EY acted as financial adviser to the bidder.