White & Case Advises Pitagora and Banca IMI on €525 Million Securitisation of 'CQS' Receivables

Global law firm White & Case LLP has advised Pitagora S.p.A. as originator, and Banca IMI S.p.A. as arranger, on a securitization by Pitagora of CQS receivables – assisted by the assignment of up to one fifth of the borrowers' salary or pension or by-payment delegation – for a total value of €525 million.

The transaction included the transfer of an initial portfolio of receivables and, during a 36-month ramp-up period and subject to certain conditions set out under the transaction documents, of further portfolios of receivables on a revolving basis to the securitization vehicle Geordie SPV, which in turn financed the purchase of the portfolio through the issuance of two classes of asset-backed, partly paid notes with different priority ranking.

The White & Case team in Milan which advised on the transaction included partners Gianluca Fanti and Iacopo Canino and associates Riccardo Verzeletti and Valerio Marotta.

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