SIMONSEN advises Deutsche Trustee Company Limited on first ever Norwegian securitisation.
SIMONSEN has advised Deutsche Trustee Company Limited on the first ever securitisation pursuant to Norwegian law in a NOK 10,6 billion securitisation of a portfolio of auto loans.
The portfolio of auto loans in question was sold from Santander Consumer Bank AS to an Irish single purpose vehicle named Bilkreditt 1 Limited.
The portfolio of auto loans will be serviced by the seller, Santander Consumer Bank Norge AS.
Bilkreditt 1 Limited has issued three different classes of floating rate notes in connection with the securitisation. All three classes of notes fall due in 2025. Application has been made to the Irish Stock Exchange for the class A notes to be admitted to its official list and trading on its regulated market. The class B notes will be purchased by Santander Consumer Bank AS.
The SIMONSEN team was lead by partner Morten Wilhelm Winther.