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White & Case Advises on First Issue of Renewable Energy Asset Backed Securities

Global law firm White & Case LLP has advised Glennmont Partners, as equity investor, on the securitization of performing project finance loans originated by Banca Popolare di Bari S.C.p.A.

The transaction represents the first securitization in the renewable energy sector and included a €41.830.000 Floating Rate Senior Notes issuance and a €9.642.000 Floating Rate and Variable Return Junior Notes issuance.

Natixis and a fund managed by Glennmont Partners acted as underwriters. Banca Popolare di Bari S.C.p.A. acted as underwriter for 5% of each class of Notes, in order to satisfy the risk retention requirement pursuant to applicable regulations.

The White & Case team in Milan which advised on the transaction comprised partner Gianluca Fanti, local partner Giuseppe Barra Caracciolo, and associates Francesco Scebba and Riccardo Verzeletti.

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