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White & Case Closes Cross-Border Daphne Finance
I CLO
May 9 2003
FRANKFURT / LONDON / PARIS: International law firm White & Case
acted for Credit Suisse First Boston in the €354 million Daphne
Finance I CLO. The deal closed May 7 2003.
Daphne Finance I is a synthetic balance sheet collateralised loan
obligation (CLO) arranged by CSFB and Crédit Agricole Indosuez
as joint lead managers. The CLO comprises seven classes of credit-linked
floating rate notes due 2010 with a total value of €354.05
million, and €30 million combination notes due 2010.
Structured finance has become a vitally important financial product
in Europe, with an increasing need for law firms to be able to offer
local expertise combined with in-depth knowledge of US securities
regulatory and tax issues. White & Case, with its extensive
network of offices across Europe and the US, is ideally placed to
assist Europe-based clients in structured finance transactions.
The firm has established itself as a European leader in structured
finance and securitisation products, and continues to develop its
practice — European capability was boosted this year by the
arrival of new partners Ulf Kreppel in Frankfurt and David Barwise
in London.
“The London, Paris and Frankfurt offices advised Credit Suisse
First Boston on English, French and US-law issues, working closely
together to ensure that, although it was a sophisticated cross-border
transaction, the CLO proceeded smoothly for our client,” said
lead Frankfurt partner Ulf Kreppel. “This was a good example
of the White & Case network offering a tangible benefit to the
client.”
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