Securitisation

Our experience includes advising:

Arsenal Football Club plc on a £260 million securitisation backed by ticket sales from its new 60,000-seater Emirates Stadium.

BUPA on the reorganisation of its £320 million BUPA Hospitals whole business securitisation and on the cash collateralisation of this securitisation prior to the sale of BUPA Hospitals to the European private equity firm Cinven for £1.44 billion.

Gatwick Airport Limited (GAL) in connection with the establishment of its £5 billion multicurrency secured bond programme and on the debut issuance by Gatwick Funding Limited (the issuing vehicle) of two series of bonds for an aggregate amount of £600 million for the financing of Gatwick Airport, secured over all or substantially all of the assets of GAL and its immediate holding company, Ivy Holdco Limited.

HM Treasury in relation to the ongoing situation at Northern Rock plc and its securitisation issues following the "credit crunch" in the autumn of 2007 and in relation to the Special Liquidity Scheme announced and launched by the Bank of England in April 2008 allowing banks to swap temporarily their high quality mortgage-backed and other securities for UK Treasury bills.

Ineos Group in connection with the structuring and implementation of a EUR 1.5 billion trade receivables securitisation.

International Finance Facility for Immunisation (IFFIm) in connection with the securitisation of binding sovereign grants from six European donor countries for the purposes of funding immunisation programmes in 72 of the world's poorest countries.

Nordax Finans AB on the EUR 175 million securitisation of unsecured loans to Swedish consumers originated by Nordax Finans AB.

Punch Taverns in relation to the refinancing of its Punch Taverns Finance securitisation, involving the raising of additional £825 million of debt finance via an issue of floating rate notes by Punch Taverns Finance Plc, the acquisition of a portfolio of 239 pubs and an associated intra-group reorganisation involving the transfer of 341 pubs. This transaction was 'Corporate Deal of the Year - Europe', International Securitisation Report Awards 2007.

Santander UK PLC, Holmes Master Issuer PLC and Holmes Master Issuer 2 PLC on the restructuring of the Residential Mortgage-Backed Programme of Holmes Master Issuer PLC and issuances under the Holmes Master Trust.

Santander UK PLC in relation to the update of the Santander's EUR 25 billion Global Covered Bond programme including a number of issuances under the programme and amendments made to the programme to allow for the issuance of Namensschuldverschreibungen (N Bonds) under German law.