Hogan Lovells advised the arrangers and joint lead managers BNP Paribas, London Branch and UniCredit Bank AG, London Branch, on the securitisation of a portfolio of consumer loans receivables worth PLN 2.3 billion, originated by Bank BGŻ BNP Paribas S.A., being a member of leading international banking group BNP Paribas.
This follows the work of Hogan Lovells (which specialises in, among other things, legal and tax advisory services in the field of securitisation) on a number of previous transactions of this type in the Polish market.
Funds of a total amount of PLN 2.3 billion for the acquisition of the pool of receivables were obtained by the special-purpose company BGZ Poland ABS1 Designated Activity Company by the issue of the notes secured by the acquired receivables and the subordinated loan granted to the company by the investors, constituting additional collateral for the repayment of the notes, which allowed to acquire from Bank BGŻ BNP Paribas S.A. receivables with an aggregated nominal value of PLN 2.3 billion.
The structure of the transaction stipulates a two-year revolving period during which the repaid consumer loans receivables are replaced by new ones on an on-going basis.
Piotr Zawiślak (partner) and Julian Craughan (partner) led and supervised the transaction. The transaction team consisted of - from the Hogan Lovells Warsaw office: Artur Bilski (lawyer), and Jakub Matusielański (lawyer), and from the Hogan Lovells London office: Fadzai Mandaza (senior associate), and Jonathan Morris (associate).
Andrzej Dębiec (partner) – Head of Tax Department at Warsaw office of Hogan Lovells, and Zbigniew Marczyk (counsel) were involved in providing tax advice in relation to the transaction.
A separate Hogan Lovells team led by Andrew Carey (partner) and supported by Megan James (associate) advised BNP Paribas Trust Corporation Limited as Note Trustee and Security Trustee, and in its various agency capacities for the transaction.