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Allen & Overy advises on the new SRT securitisation of Findomestic

Allen & Overy has provided assistance in relation to a public securitisation of receivables arising from loans granted by Findomestic Banca S.p.A. for the purchase of vehicles, having an amount of EUR500 million.

The securitisation has been made both for funding and capital relief purposes. The class A, B, C, D and E notes issued the special purpose vehicle Autoflorence 3 S.r.l. have been assigned a rating by Fitch and S&P and, together with the class F notes, have been listed on the Luxembourg Stock Exchange. Most of the class A notes, as well as the notes of all other classes except for the risk retention portion retained by the originator, have been placed on the market.

Allen & Overy has advised the arranger and lead manager BNP Paribas in relation to all the legal and regulatory aspects of the transaction with a team led by partner Pietro Bellone, with the support of associate Chiara D’Andolfo and trainee Aldo Brombin Tuzzato. The tax matters have been dealt with by partner Francesco Guelfi, together with counsel Elia Ferdinando Clarizia and associate Simona Simone. A group of lawyers based in the Milan, London, Paris and New York offices have advised on the English, French and US law aspects of the transaction.

In the context of the transaction, Zenith has acted as Corporate Servicer, Calculation Agent, Back-up Servicer Facilitator and Representative of the Noteholders.