Global law firm White & Case LLP has advised the European Investment Fund (EIF) in its capacity as Guarantor of Senior Notes on a securitisation concluded by Alior Leasing sp. z o.o., the leasing subsidiary within Alior Bank Group.
The securitised portfolio is comprised of PLN 500 million (around €116.3 million) of Polish lease receivables.
"We have a strong relationship with the EIF and this transaction showcases the quality of our structured finance practice and the way in which White & Case is ideally positioned for complex, cross border work of this type – on this occasion a securitisation which required English, German and Polish law advice," said White & Case partner and EIF relationship partner Ingrid York.
The guarantee provided by EIF, which is the ultimate risk taker of the notes, made it possible for international investors to participate in the securitisation. Notes issued by the Issuer (72 percent of the securitised portfolio's value) were acquired by ING Bank Śląski S.A. The transaction was arranged jointly by UniCredit Bank AG and ING.
The securitisation allows the company to diversify its funding sources and will contribute to improving access to finance for Poland's micro-enterprises, SMEs and mid-caps across a wide range of sectors.
The White & Case team which advised on the transaction was led by partners Dennis Heuer (Frankfurt), Tomasz Ostrowski (Warsaw) and Debashis Dey (Dubai & London), with support from counsel Claudio Medeossi (Dubai & London) and associates Adam Gao (Dubai), Radomir Szewczuk (Warsaw) and Alexander Kreibich (Frankfurt).
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