Allen & Overy has advised a car rental leading group on an asset-backed revolving financing in the context of an innovative ring-fenced securitisation structure. Under the transaction, the Italian special purpose vehicle issued notes to provide a limited recourse loan to the originator.
The senior notes were subscribed for by primary financial institutions, while the junior notes were underwritten by the originator.
This is the first financing of this kind in Italy known to the market.
The transaction has been structured in compliance with the āsimple, transparent and standardisedā (STS) criteria set out in the EU regulation 2402/2017.
A&O advised on the transaction with a team led by partnerĀ Stefano SennhauserĀ and counselĀ Pietro Bellone, supported by associateĀ Chiara D’Andolfo. PartnerĀ Francesco GuelfiĀ with counselĀ Elia Ferdinando ClariziaĀ and associateĀ Simona SimoneĀ advised on tax aspects.
