Mayer Brown advises Santander Consumer Bank on securitization of EUR 719 million Norwegian auto loans
2 December 2015
London - Mayer Brown has acted for Santander Consumer Bank as originator in the EUR 719 million auto loan secutitization issued by Bilkreditt 7 Designated Activity Company (“Bilkreditt 7 DAC”).
The transaction has received the Prime Collateralised Securities (PCS) label. It involved the issuance by Bilkreditt 7 DAC, an Irish special purpose company, of EUR 500 million of Class A Floating Rate Secured Notes, NOK 397 million of Class B Floating Rate Secured Notes and NOK 264.3 million of Class C Floating Rate Secured Notes which are backed by a portfolio of Norwegian auto loans, purchased by the Bilkreditt 7 DAC from Santander Consumer Bank. The issuance was underwritten by Banco Santander, S.A. acting as arranger, Barclays Bank PLC and HSBC Bank plc.
The Mayer Brown team was led by Banking & Finance partners David O'Connor and Kevin Hawken, who were assisted by Banking & Finance associate Aleksandra Krawcewicz.