Herbert Smith advises on trio of
significant international securitisation transactions
2 July 2003 Herbert Smith's London, Paris, Hong
Kong and Beijing offices have recently advised on three significant
securitisation deals. One of these involved advising Merrill Lynch
for the first time on a structured finance transaction.
London's Jane Borrows led the team advising the
investment bank on a £150 million secured warehouse facility
made available by Merrill Lynch International Bank Limited to a
UK PLC. The facility will be secured on mortgage loans over commercial,
residential and mixed-use properties.
Jim Wickenden, relationship partner for Merrill
Lynch said:
"Merrill Lynch has been a fantastic client
across our corporate finance and contentious practices, and we are
very pleased to further develop the relationship in securitisation
and structured finance."
Herbert Smith Paris advised Chargeurs SA in relation
to the restructuring of an innovative securitisation operation,
involving a special purpose vehicle in Amsterdam. This complex and
highly innovative transaction involved notably the refinancing of
the original structure (with the involvement of BNP Paribas), restricting
the pool of receivables available, redefining the risks involved
and implementing new methods for improving credit enhancement for
the client. Stibbe advised on Dutch aspects of this transaction.
Georges Dirani, head of the Paris finance department,
commented:
"This transaction is the latest in a long line
of innovative, successful securitisation work carried out by our
Paris finance team. We were pleased to be able to advise our long-term
client Chargeurs SA in relation to this transaction."
Hong Kong partner Terence Grady, assisted by Allen
Chen in the Beijing office, led the Herbert Smith team advising
China Cinda Asset Management Corporation on the securitisation of
a portfolio of non-performing loans with a US dollar equivalent
face value of approximately US$200 million. The securitisation involved
the use of an offshore trust structure to maximise potential foreign
investment.
Terence Grady commented, "We have been working
closely with Cinda since their establishment in 1999 to manage the
non-performing loans of China Construction Bank. We were therefore
delighted to have the opportunity to work with them on this unique
transaction, the first of its kind in China. The deal completed
within a very tight timetable, approximately two weeks from term
sheet to close."
Clive Barnard, head of Herbert Smith's finance division
commented:
"The consistency and geographic spread of our
growth shows it has strong foundations and is set to continue."
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