SIMONSEN advises on second Norwegian securitisation
SIMONSEN has advised Deutsche Trustee Company Limited on the second ever securitisation pursuant to Norwegian law in a NOK
5,77 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 2 Limited. The transaction was based on Santander Consumer
Bank Norge AS’ first securitisation which was undertaken in March 2011. The portfolio of auto loans will be serviced by the
seller, Santander Consumer Bank Norge AS.
Bilkreditt 2 Limited has issued two classes of floating rate notes in connection with the securitisation. Both classes of
notes fall due in 2026. 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.