White & Case Advises Banca IMI on Farbanca's €460 Million Loan Portfolio Securitization

Global law firm White & Case LLP has advised Banca IMI S.p.A., as arranger, on the securitization of a portfolio of receivables arising out of fondiari mortgage loans, ipotecari mortgage loans and unsecured loans originated by Farbanca S.p.A., for a total nominal value of €460 million.

Three classes of notes were issued: €322 million senior notes fully subscribed by an institutional investor through a private placement, €46 million mezzanine notes and €96 million junior notes, each subscribed by the originator.

The transaction was structured by Banca IMI (Intesa Sanpaolo Group) and was completed through the transfer of the receivables to a special purpose vehicle issuer, Emma SPV S.r.l.

The transaction is the first of its kind for Farbanca.

The White & Case team in Milan which advised on the transaction was led by partner Gianluca Fanti and local partner Giuseppe Barra Caracciolo, together with associate Francesco Scebba and lawyer Yvette Costa.

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