GIM Legal as Deal Counsel in the Unwinding of the securitasion ICCREA SME Cart 2016

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GIM Legal acted which one deal counsel in the early repayment and consensual termination of the securitization carried out by the ICCREA Group in 2016 on credit portfolios deriving from financial leasing contracts, with the issue of 5 classes of notes by the vehicle company pursuant to Law 130/1999 called ICCREA SME Cart 2016 Srl.

The operation, completed on 17 June last, was completed through the exercise by the originator ICCREA BancaImpresa SpA (IBI) of the call option provided for in the original transfer agreement, repurchase pursuant to art. 58 of the Consolidated Law on Banking of residual receivables and subsequent full early repayment of the outstanding notes for about 607 million euro.

Il termination and unwinding agreement it was signed by all parties involved in the securitization, including Citibank (as Principal Paying Agent, Italian Paying Agent, Agent Bank and Account Bank), IBI (as Originator and Servicer), ICCREA Banca SpA (as Arranger, Expenses Account Bank and Back-up Servicer), Accounting Partners SpA (as Computation Agent and Representative of the Noteholders), Zenith Service SpA (as Back-up Servicer Facilitator) e F2A Srl (as Corporate Services Provider).

The GIM Legal team dedicated to the operation was led by the partners Nicola Cozzi e Alessandro Matteini, with the collaboration of the associate Emanuele D'Auria.

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