London - Mayer Brown has advised Bank of America Merrill Lynch as arranger on a €145 million multi-loan, pan-European CMBS transaction secured against light industrial assets located in France, Germany and the Netherlands.

The €145 million transaction involved the issuance by Taurus 2015-3 EU DAC of six tranches of Notes each listed on the Irish Stock Exchange and rated by Moody's and DBRS.

The transaction is significant as it is the first rated French CMBS as well the first European CMBS to use an A/B loan structure since the financial crisis.

Mayer Brown’s cross-border team advised on English, French and German law aspects of the transaction. The team was led by London structured finance and securitisation partner David O'Connor, who was assisted by Banking & Finance partners Francois-Regis Gonon (Paris) and Andreas Lange (Frankfurt), senior associate Noman Ali (London) and associates Bourn Collier (London) and Wye-Peygn Morter (Paris); and Tax Transactions & Consulting partner Sandy Bhogal (London) and senior associates Ben Fryer (London) and Susan Günther (Frankfurt).

Dutch and Luxembourg law advice was provided by Loyens & Loeff.

Mayer Brown also advised US Bank Trustees Limited as note trustee and security trustee and in its various agency roles. The Mayer Brown team in London was led by Corporate Trust & Agency of counsel Gary Silverman, who was assisted by senior associate Trasa Duffy and associate Aleksandra Krawcewicz.

The Taurus 2015-3 EU DAC transaction builds on Mayer Brown’s work in the CMBS sector this year, including advising Morgan Stanley as arranger in relation to the £120 million Midas Funding UK plc CMBS transaction and acting for Citigroup (as arranger) and Citigroup and Lloyds Bank plc (as joint lead managers) on the £100 million Odin Finance DAC CMBS transaction.