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Allen & Overy with Société Générale in the first securitisation of an infrastructure loan

Milan – Allen & Overy has assisted Société Générale, as original lender and arranger, in the securitisation of a portion of a loan granted to a leading telecommunication company by a pool of banks comprising Société Générale and other financial institutions.

This is the first syndication known to the market of an infrastructure loan carried out through a securitisation vehicle. The transaction involves both the acquisition of receivables arising from drawdowns already made and the direct lending by the securitisation vehicle of further funds pursuant to article 1, paragraph 1-ter, of Law 130/99.

The A&O team involved in the transaction has been managed by partner Stefano Sennhauser and counsel Pietro Bellone, with the support of associates Martina Gullino and Fabio Gregoris. The partner Francesco Guelfi, together with the senior associate Elia Ferdinando Clarizia and the trainee Lino Ziliotti, has provided advice in relation to the tax aspects of the securitisation.