Linklaters advises The Royal Bank of Scotland PLC on an asset-based finance structure
Frankfurt, 29 April 2015. Linklaters has advised The Royal Bank of Scotland PLC on its involvement in an innovative asset-based finance structure set up together with the originating German bank, regarding an asset portfolio consisting of loans in GBP secured by UK real estate. The (replenishable) asset portfolio is sold and transferred to a Luxembourg special purpose vehicle . The assets are registered in the refinancing register of the originator in order to ensure that the assets would not be affected by an insolvency of the bank. The special purpose vehicle is refinanced through two tranches of bearer notes under German law (with an aggregate amount of approx. GBP 400 million), both of which were purchased by the originating bank and transferred under an English law refinancing arrangement. The transaction uses a back-up servicing and back-up account structure.
Linklaters advised with the lead responsibility of Kurt Dittrich, Burkhard Rinne and Jördis Harbeck (capital markets, Frankfurt). The team also included UK lawyers of the firm, headed by Andrew Vickery (capital markets, London).