Ashurst advised UBS Limited as arranger and Banca Etruria Società Cooperativa as seller and underwriter, in the structuring and documentation of €644 million securitisation deal of loans granted to Italian SMEs and originated by Banca Etruria Società Cooperativa.
As part of the transaction, the newly created special purpose vehicle Etruria Securitisation SPV S.r.l. issued €427,000,000 Class A Asset Backed Floating Rate Notes due 2055, rated by DBRS Ratings Limited (A- high) and Moody’s Investor Services Ltd. (A2) and listed on the Luxembourg Stock Exchange and €216,987,000 Class B Asset Backed Floating Rate Notes due 2055.
The Ashurst team was led by international finance partner Gianluca Fanti assisted by associate Francesco Scebba. London-based international finance partner Michael Smith and associate Jennifer McIntosh also advised, with partnerPaola Flora advising on the tax aspects from Milan.
