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Allen & Overy advises UniCredit in a landmark leveraged finance ABS transaction

Published Date
Dec 18, 2023
Allen & Overy has advised UniCredit S.p.A. and UniCredit Bank AG in a leveraged finance transaction structured through the issue of asset-backed securities (ABS) by Agorà, a securitisation vehicle company established for the origination and syndication of loans of the UniCredit Group.

The transaction, unique in its kind, involves both the refinancing of existing debt and the granting of new finance pursuant to article 1, 1-ter, of Law 130/99 by leading private credit funds in the context of a pool of financing entities that includes UniCredit S.p.A..

Zenith Service, with a team directed by the Head of Business Development Tiziana Bertolazzi, provided advice in relation to to the establishment of the special purpose vehicle and carries out the roles of Master Servicer, Corporate Servicer, Calculation Agent and Representative of the Noteholders.

Allen & Overy advised UniCredit S.p.A. and UniCredit Bank AG with partner Pietro Bellone and associate Fabio Gregoris for the finance aspects, as well as Counsel Elia Ferdinando Clarizia on tax-related matters.

Pietro Bellone, partner, commented: “The securitisation technique provides a viable alternative to private corporate bonds, which face several structural challenges in Italy. While it is widely used in real estate finance, its potential has not been exploited in leveraged finance yet. However, this tool has many advantages for sponsors, private debt funds and banks.Therefore, we anticipate that, following UniCredit transaction, the demand for securitisation technique in leveraged finance will increase in the near future”.

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