Press Release

White & Case Advises U.S. Bank on €450 Million E-Carat Securitization of Opel Bank

Global law firm White & Case LLP has advised U.S. Bank Global Corporate Trust Services (U.S. Bank) on a securitization transaction for Opel Bank of approximately €450 million.

The transaction refinances a pool of auto loans granted in Germany by Opel Bank, a subsidiary of Adam Opel AG. It used Compartment 8 of Opel Bank's Luxembourg-based securitization platform E-Carat S.A.. U.S. Bank acted as collateral agent, cash manager, account bank, paying agent, back-up calculation agent and agent bank. White & Case has advised on a number of E-CARAT securitizations in recent years.

"The volume of securitizations has dropped dramatically in recent years," said Frankfurt-based White & Case local partner Michael Rützel. "However, transactions in this asset class in particular demonstrate that securitization as a refinancing instrument is a sustainable tool. It spurs hope that this will contribute to a revitalization of the European securitization market that will also benefit other asset classes."

The White & Case team in Frankfurt which advised on the transaction included local partner Michael Rützel, partner Dennis Heuer, counsel Alexander Born and associate Juliane Holl.

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