Mayer Brown transaction named “Best in Class Treasury Solution in the Middle East” at Adam Smith Awards 2016
6 July 2016
London— Mayer Brown advised HSBC Bank PLC as lender in a non-recourse receivables purchase agreement for Microsoft Operations Ireland Limited, which was named Best in Class Treasury Solution in the Middle East at the Adam Smith Awards 2016.
Under the terms of the facility agreement, HSBC will finance, via a receivables purchase construct, receivables owed to Microsoft by certain customers located in the Middle East. The facility is set up so that there is a true sale of the receivables to HSBC which allows Microsoft the flexibility to de-recognize those receivables from its balance sheet.
The Mayer Brown team was led by Banking & Finance partner Alex Dell and included senior associate Bradley Harris.
Adam Smith Award winners are selected by a judging panel of industry experts. The awards, which recognise excellence and achievement in corporate treasury, were held in London on 16 June 2016.