- First rated private sector securitisation deal by a non-bank asset-based lender
Global law firm Norton Rose Fulbright has advised Bibby Financial Services Limited on the securitisation of its existing £480m loan book of factoring and invoice finance receivables, enabling it to boost lending by £290m. The transaction is the first rated private sector securitisation deal by a non-bank asset-based lender covering multiple legal jurisdictions.
The joint lead managers were Barclays, Bank of America, HSBC and Lloyds Banking Group, and the transaction was awarded AA and Aa2 ratings from DBRS and Moody’s respectively.
The multi-office team advising on the transaction was led by London partners Sandrine Sauvel, Michael Black and Richard Calnan, assisted by associates Isabelle Fox, Alex Dunn and Vishal Mawkin. The tax team was led by London partner Angela Savin, assisted by Judith Harrison.
Sandrine Sauvel, securitisation partner, Norton Rose Fulbright, commented:
“This transaction is the first of its kind in the securitisation market, and involved a variety of products which necessitated complex legal and cash-flow structures at all levels. Norton Rose Fulbright is one of the few firms that have the requisite global proficiency and presence to successfully advise upon and complete a multifaceted transaction of this nature, exhibiting our experience in the invoice discounting and securitisation sectors.”
Norton Rose Fulbright’s multijurisdictional team also included: Janet Butterworth and Martin Gdanski in Paris; Nadine Bourgeois, assisted by Martijn Hubertse in Frankfurt; Gijs van Leeuwen, assisted by Gino Bell in Amsterdam; Umberto Mauro in Milan; Tessa Hoser and Vittorio Casamento in Sydney; Karen Galpern and James Rumball in Toronto; Michele Friel in Montreal; and Josh Agrons and Jay Olmstead in Houston.
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