White & Case Advises Pitagora and Banca IMI on €525 Million Securitisation of 'CQS' Receivables | White & Case LLP International Law Firm, Global Law Practice
White & Case Advises Pitagora and Banca IMI on €525 Million Securitisation of 'CQS' Receivables

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.

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