My Credit and Gardant securitise €190m Italian non-performing loans

Italy's My Credit, a company specialising in  secured non-performing loans (NPLs) and unlikely to pay (UTP) assets and portfolios, alongside credit management firm Gardant, have structured a new securitisation of special purpose vehicle Brenta for a nominal amount of €190 mln.

My Credit structured the operation as arranger and investor and was supported by Andersen; Gardant, through its subsidiary Master Gardant, was assisted by Eversheds Sutherland in the role of servicer, corporate services provider, paying agent, calculation agent and representative of the noteholders.

The new securitisation contains impaired loans largely backed by mortgage guarantees, sold by a leading banking group, as well as loans sold by another securitisation vehicle, with a total underlying guarantee consisting of over 1,000 real estate assets.

Eversheds Sutherland, with a team led by partner Umberto Mauro and supported by associate Rossella Severi, assisted Gardant in the preparation of the securitisation contracts and in the legal aspects of the operation.

A pool of professionals coordinated by partners and lawyers Marco Giorgi and Andrea Ferrandi assisted My Credit in the negotiation and definition of the securitisation contracts and in the purchase of the portfolios acquired by the Brenta SPV. The tax aspects of the prospectus were handled by the partner and chartered accountant Giovanni Gallucci.


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