International legal practice Norton Rose has advised the European Investment Fund (“EIF”) with respect to a guarantee provided for an asset backed floating rate note issue arranged by Société Générale Corporate & Investment Banking (“SocGen”).
The transaction consisted of an issue by Alba 4 SPV S.r.l. (the “Issuer”) of Euro 74,600,000 Series A1 Guaranteed Asset Backed Floating Rate Notes due July 2040 and junior notes for an amount of Euro 76,900,000 (the “Notes”). The Issuer is a limited liability company incorporated under the laws of the Republic of Italy. A Prospectus was issued pursuant to article 2, paragraph 3 of the Italian Securitisation Law and constitutes a prospetto informativo for all the Notes in accordance with the Securitisation Law. The Prospectus has been approved by the Central Bank of Ireland, as competent authority. The Series A1 Notes are traded on the Irish Stock Exchange.
The principal source of funds available to the Issuer for the payment of interest and the repayment of principal on the Notes will be collections received in respect of a pool of monetary claims and other connected rights arising out of lease contracts entered into by Alba Leasing S.p.A. (the “Originator”).
The main activity of EIF is to support the establishment, growth and development of small and medium-sized enterprises. The EIF is a specialised financial institution for guarantees and equity instruments, which it provides using its own resources and those available within the framework of mandates entrusted to it by the European Investment Bank.
The Norton Rose team was led by partners Sandrine Sauvel (London office) and Umberto Mauro (Milan and Rome offices), who were assisted by senior associate Bertrand Bonnardel (London office). The law firm Orrick, Herrington & Sutcliffe (Rome office) provided legal advice to SocGen and the Issuer, while Chiomenti Studio Legale advised the Originator.
