Our securitisation team has worked for arrangers, credit enhancers, trustees and issuers in connection with a variety of domestic and offshore securitisation structures and programs.
By collaborating closely with our in-house tax specialists, we can advise on and document programs for a variety of securitisable assets, including residential and commercial mortgage backed securities and auto fleet and trade receivables.
Our experience allows us to assist in structuring transactions to provide an appropriate tax and security of cashflow outcome. The team's intimate knowledge of debt capital markets also allows us to advise clients on issues relating to offshore debt issues.
Many securitised assets are highly regulated and our securitisation team often draws on the considerable experience of our financial services and regulatory group to assist with due diligence and associated legal opinions.
Some of the more significant matters the team has completed include:
- acting for issuers in CMBS issues for Centro, APPF, Investa and Grand Hotel;
- acting for Medfin and MLC in the securitisation of its lease and loan receivables;
- documenting Receivables Purchase Facility for certain receivables of the Heritage Building Society;
- structuring and documenting for the arranger of Australia's first CMBS program for Leda and subsequent programs for Centro, MCS, Investa and APPF;
- structuring and documenting programs for Harvey Norman (this transaction included catering for interest free loans and structuring loans to securitise debts due to franchisees), Davids Limited (this was the first securitisation of short terms (as short as one or two days) trade debts) and Scottish Pacific; and
- documenting various receivable purchase agreements and liquidity facility agreements for banks.