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Hogan Lovells Advises on Securitization of Consumer Loans Receivables

Hogan Lovells Advises on Securitization of Consumer Loans Receivables

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Hogan Lovells advised the arrangers and joint lead managers of BNP Paribas, London Branch and UniCredit Bank AG, London Branch, on the securitization of a portfolio of consumer loans receivables worth PLN 2.3 billion, originated by Bank BGZ BNP Paribas S.A.

According to Hogan Lovells, "funds of a total amount of PLN 2.3 billion for the acquisition of the pool of receivables were obtained by the special-purpose company BGZ Poland ABS1 Designated Activity Company by the issue of the notes secured by the acquired receivables and the subordinated loan granted to the company by the investors, constituting additional collateral for the repayment of the notes, which allowed to acquire from Bank BGZ BNP Paribas S.A. receivables with an aggregated nominal value of PLN 2.3 billion."

The structure of the transaction stipulates a two-year revolving period during which the repaid consumer loans receivables are replaced by new ones on an on-going basis.

The transaction was supervised by Hogan Lovells Partners Piotr Zawislak and Julian Craughan. The transaction team consisted of Warsaw lawyers Artur Bilski and Jakub Matusielanski and London-based Senior Associate Fadzai Mandaza and Associate Jonathan Morris. Partner Andrzej Dębiec and Counsel Zbigniew Marczyk provided tax advice on the transaction.

A separate Hogan Lovells team led by Partner Andrew Carey, supported by Associate Megan James, advised BNP Paribas Trust Corporation Limited as Note Trustee and Security Trustee, and in its various agency capacities for the transaction.

Editor's Note: After this article was published Clifford Chance announced that it had advised the European Investment Bank on the securitization of the portfolio of consumer loans receivables worth PLN 2.3 billion originated by Bank BGZ BNP Paribas S.A. The work of the Clifford Chance team was supervised and co-ordinated by Of Counsel Jan Zdziennicki, supported by Counsel Grzegorz Abram.

 

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