Unicredit Secures Performing Credits from Financial Leases for EUR 3.8 billion
Baker & McKenzie assisted UniCredit Group in relation to securing the performance of receivables arising from financial leases from UniCredit Leasing SpA for approximately EUR 3.8 billion. The special purpose entity Locat SV S.r.l financed the operation through the issuance of asset-backed securities listed on the Dublin Stock Exchange to constitute a guarantee for the program of monetary policy operations of the parent company UniCredit S.p.A. at the European Central Bank. Furthermore, the securitization was preceded by Locat SV S.r.l.’s early repayment of the securities issued in the previous securitization in 2011. The repayment was financed through funds deriving from the sale of the portfolio underlying the same UniCredit Leasing. Thus, the new assets created have merged into the securitized portfolio in this recent operation.
The Baker & McKenzie team was coordinated by counsel Carlo Lichino and was assisted by associate Markus Woetzel. Counsel Francesco Florenzano provided support on aspects related to tax law.