Goodbye job applications, hello dream career
Seize control of your career and design the future you deserve with LW career

$3 billion master trust program established

A global firm has advised Volkswagen Financial Services Australia on the establishment of a $3 billion automotive-backed master trust program.

user iconLara Bullock 15 July 2016 Big Law
Paul Smith, King & Wood Mallesons
expand image

Firm: King & Wood Mallesons (Volkswagen Financial Services Australia)

Deal: Volkswagen Financial Services Australia has established Driver Australia Master.

Value: $3 billion

Advertisement
Advertisement

Area: Banking and finance

Key players: The King & Wood Mallesons team was led by banking and finance partner Paul Smith (pictured), with assistance from senior associates Jie Zhang and Matthew Robinson, and solicitor Erica Long.

Deal significance: Volkswagen Financial Services Australia has established Driver Australia Master, a $3 billion automotive-backed master trust program modelled on Volkswagen’s European master programs.

The master trust program allows periodic acquisition of auto receivables and issuance of notes in two classes and multiple series within those classes.

The initial issuance has been rated by Fitch and S&P.

King & Wood Mallesons lead partner Paul Smith said: “We are delighted to continue to support VW’s Driver Australia programs. The master trust program will provide VWFS Australia with ongoing funding efficiencies and flexibility, complementing its successful term deal program.”

The KWM team also acted on VWFS Australia’s two most recent Australian ABS issuances, Driver Australia Two and Driver Australia Three, raising $463 million and $531 million respectively.

You need to be a member to post comments. Become a member for free today!

Tags