White & Case advises Goldman Sachs on landmark buy now, pay later securitisation in Saudi Arabia
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Global law firm White & Case LLP has advised Goldman Sachs International on an up to US$150 million warehouse securitisation of buy now, pay later (BNPL) receivables originated by Nakhla for Information Technology Systems LLC (Tamara) in Saudi Arabia.
"We have supported Goldman Sachs on this landmark transaction, which is a first for the Saudi Arabia market," said White & Case partner Debashis Dey, who led the Firm's deal team. "This deal highlights our strength in executing highly complex and first of a kind structured finance transactions in the Middle East. With the growth of the consumer economy in the Kingdom we expect these transactions to become more in demand by providers of consumer goods and finance."
The transaction will enable Tamara to finance further receivables and facilitate the continued expansion of its BNPL business in Saudi Arabia. The transaction structure offers a novel way for businesses in the region to potentially monetise receivables and shows a positive trend towards more complex structured solutions for raising finance in the Gulf Cooperation Council.
The White & Case team which advised on the transaction was led by partner Debashis Dey (Dubai & London), and included local partner Greg Pospodinis (Dubai), counsel Raheel Butt (Dubai) and associates Salvia Matonyte, Eren Ayanlar, Ola Sanni, Gabrielle Lowe (all Dubai), Nezar Al-Abbas (Riyadh) and Yuning Zhou (Hong Kong).
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