White & Case Advises Crédit Agricole Corporate & Investment Bank on Landmark US$3 Billion Green Synthetic Securitization
Global law firm White & Case LLP has advised Crédit Agricole Corporate & Investment Bank (CACIB) on the completion of the issuance of the Premium Green PLC Series 2017-2 Balance Sheet Notes due 2029 pursuant to the PREMIUM Multi Issuer Asset Backed Medium Term Note Programme.
The transaction is a landmark US$3 billion synthetic securitisation of project finance, asset finance and infrastructure loans, a first-of-its-kind 'Green Capital Note' that blends best practice from capital management and the objectives of socially responsible investing. The notes have been bought by Mariner Investment Group, an investment adviser that manages several direct and affiliated single and multi-strategy hedge funds, funds of funds and other alternative investment services.
"We have a very strong relationship with CACIB, which turned to White & Case to support the launch of this groundbreaking new product," said London-based White & Case partner Ingrid York, who led the Firm's deal team. "We have a strong track record advising on synthetic securitizations and the seamless service from teams of lawyers in multiple practices and jurisdictions which we provide to clients is a significant factor in their decision to work with White & Case."
The synthetic portfolio includes around 200 obligors and is distributed across CACIB's franchise in the power, oil & gas, real estate, infrastructure, aviation shipping and rail sectors.
Socially responsible features of the investment include CACIB's commitment to redeploy the freed-up regulatory capital in $2 billion of new lending in several green sectors that includes projects in renewable energy, energy efficiency and water and waste management. By releasing the capital from the existing loan book and dedicating the available capacity to supporting lending in green sectors, the parties aim to advance the United Nations Sustainable Development Goals.
The White & Case team which advised on the transaction was led by partner Ingrid York (London) and included partners Stuart Willey, Melissa Butler, Peita Menon (all London), David Barwise (Singapore), David Thatch, Ian Cuillerier, Ray Simon (all New York) and Alexandre Ippolito (Paris), with support from associates Richard Blackburn, Laura Hoyland, Laura Kitchen (all London), Rhys Bortignon (New York), Lillian Ting (Singapore) and Guillaume Keusch (Paris).
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