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.
For more information please speak to your local media contact.