Cuatrecasas has advised Pepper Finance Corporation on a warehouse securitisation transaction, named 'Mirasol Consumer', comprising receivables arising from personal and consumer loans granted by the company to individuals resident in Spain.
The transaction meets all the requirements to qualify as a Simple, Transparent and Standardised (STS) securitisation under the European Securitisation Regulation.
The open-ended securitisation fund has a maximum portfolio size of €500 million and a final maturity in May 2046. The acquisition of the receivables by the securitisation fund has been financed through a senior, mezzanine and junior debt structure, with Société Générale acting as the securitisation financing provider.
The Cuatrecasas team advising on the transaction was led by Jaime de la Torre, from the Financial Institutions and Capital Markets practice, together with Jaime Juan Rodríguez Lozano, Cristina Leach and Alejandro Valenciano, from the same practice, with the support of Javier Calle, from the Financial Tax practice.
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