Slaughter and May advised Paratus AMC Limited as originator in relation to the establishment of the Stanlington No.1. PLC securitisation16 Mar 2017
Slaughter and May advised Paratus AMC Limited as originator in relation to the establishment of the Stanlington No.1. PLC securitisation. The transaction involved the issuance by Stanlington of £227,600,000 Asset Backed Notes in Classes A to E, X and Z (the Notes) and Residual Certificates, which are backed by receipts from a portfolio of UK residential mortgage loans.
The mortgage portfolio was acquired by Paratus AMC from the simultaneous unwind of other mortgage-backed financings including the Virgil Mortgage No.1 PLC, Rathmount 2006-1 PLC and Rathmount 2016-2 securitisations. The Stanlington issuer has appointed Paratus AMC as servicer of the mortgage portfolio. While Paratus AMC managed some of the loans in the portfolio since origination, others were migrated from third parties onto Paratus AMC’s platform.
The Notes and Residual Certificates have been listed on the Irish Stock Exchange.
Financing: Oliver Wicker (partner), Brandon Ovington (associate), Andrew Williams (associate), Jansy Man (associate), Andrew Baker (associate), Oliver Gratton (legal assistant)
Tax: Mike Lane (partner), Owen Williams (associate)
Financial Regulation: Jan Putnis (partner), David Shone (associate)
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