Slaughter and May advised Santander Consumer (UK) plc (SCUK) as originator in relation to SCUK's Motor-2016-1 UK auto loan ABS transaction

15 Dec 2016

Slaughter and May advised Santander Consumer (UK) plc (SCUK) as originator in relation to SCUK's Motor-2016-1 UK auto loan ABS transaction.

The transaction involved the issuance of £528,000,000 Class A Fixed Rate Notes (rated AAA(sf) (S&P)/Aaa (sf) (Moody’s)), £15,000,000 Class B Fixed Rate Notes (rated AAA(sf)/Aa2 (sf)), £30,000,000 Class C Fixed Rate Notes (rated A(sf)/A1 (sf)), £9,000,000 Class D Fixed Rate Notes (rated A-(sf)/Baa1 (sf)), £13,000,000 Class E Fixed Rate Notes (rated BBB(sf)/Baa3 (sf)) and £5,000,000 Class F Fixed Rate Notes (unrated/Ba3 (sf)).

The Notes were issued on 15 December 2016 by Motor 2016-1 plc (the Issuer), a specially-incorporated company, and have a legal maturity date of 25 November 2025. Certain of the Class A Notes and all of the Class C Notes, the Class D Notes, the Class E Notes and the Class F Notes were publicly offered, with Bank of America Merrill Lynch, Citigroup and Santander Global Corporate Banking acting as managers (the Managers). The remaining Class A Notes and all of the Class B Notes were issued to SCUK.

The Notes are listed on the Irish Stock Exchange and the Class A Notes received the PCS label.

The Issuer has appointed SCUK as servicer in respect of the portfolio.

The Managers were advised by Allen & Overy LLP as to English and US law, CMS Cameron McKenna LLP as to Scots law and Elliott Duffy Garrett as to Northern Irish law.

Contacts

Financing: Guy O'Keefe (partner), Richard Jones (partner), Brandon Ovington (associate), Adam Burk (associate)
Financial Regulation: Ben Kingsley (partner), Ed Burrows (associate)
Tax: Sara Luder (partner), Ben Wonnacott (associate)


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