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Firms act on $6bn securitisation of GE assets

Firms act on $6bn securitisation of GE assets

Paul Jenkins, Ashurst

Multiple firms have advised on the acquisition of $6 billion warehouse securitisations of GE assets by a consortium.

Firms: Ashurst (Australian and offshore banks, other investors and the consortium); Herbert Smith Freehills (Consortium); Henry Davis York (Perpetual)

Deal: $6 billion warehouse securitisations of GE assets

Value: More than $6 billion

Area: Securitisation

Key players: The Ashurst team was led by partner Paul Jenkins (pictured) with assistance from Jennifer Schlosser, Jamie Ng and Ian Kellock. The Herbert Smith Freehills team was headed up by partners John Nestel and John Angus and they were supported by senior associate Nikki Smyth.

Deal significance: More than $6 billion warehouse securitisations of GE assets, including credit cards and sales finance, secured and unsecured personal loans and auto loans, was acquired by a consortium comprising of KKR, Varde Partners and Deutsche Bank.

The consortium acted as trust manager, originator, servicer and subordinated financier.

Australian and offshore banks and other investors acted as senior warehouse financiers and mezzanine warehouse financiers, while Perpetual acted as trustee/security trustee.

The securitised assets spanned more than three million customers in Australia and New Zealand in areas including secured and unsecured personal loans, auto loans, credit cards and sales finance provided.

Complex escrow arrangements were implemented given the large number of senior and mezzanine warehouse financiers providing funding from offshore and domestically.


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