MILAN – 6 April 2022 – Greenberg Traurig Santa Maria provided legal assistance for a securitisation transaction of consumer loan receivables assisted by salary assignment and/or payment delegation originated by Creditis Servizi Finanziari S.p.A. for a value of approximately Euro 164,5 million. Creditis is a financial intermediary majority owned by the Chenavari group.
The transaction has been structured in compliance with the “simple, transparent and standardised” (STS) criteria provided for by the European Union regulations. It has been designated by the originator as STS by notice to European Securities and Markets Authority (ESMA). Prime Collateralised Securities (PCS) has acted as third party verification agent.
The senior, mezzanine, and junior notes issued by the special purpose vehicle Brignole CQ 2022 S.r.l. have been assigned ratings by DBRS, Inc. and Moody’s. These have been admitted to trading on the professional segment of ExtraMOT PRO managed by Borsa Italiana. The class A notes and the class B notes, net of the risk retention held by the originator, have been placed to institutional investors. Citigroup Global Markets Limited, acted as arranger and joint lead manager, and BofA Securities Europe SA, as joint lead manager.
Greenberg Traurig Santa Maria assisted Creditis, as arranger and servicer, with a team composed of partner Corrado Angelelli and senior associate Davide Bonsi and trainee Francesca Muci.