Allen & Overy advised on first asset-backed financing on car rental receivables
Allen & Overy advises on first asset-backed financing on car rental receivables
It is the first of its kind funding known to the market in Italy
Allen & Overy has advised a car rental leading group on asset-backed revolving financing related to an innovative ring-fenced securitization structure.
Under the transaction, the Italian special purpose vehicle issued notes to provide a limited recourse loan to the originator. While the senior notes were subscribed by primary financial institutions, the junior notes were underwritten by the originator.
The transaction has been structured in compliance with the 'simple, transparent and standardized' criteria set out in the European Union regulation 2402/2017.
The Allen & Overy team advising on the transaction was led by partner Stefano Sennhauser, counsel Pietro Bellone, and supported by associate Chiara D'Andolfo. Partner Francesco Guelfi, counsel Elia Ferdinando Clarizia and associate Simona Simone advised on tax aspects.
