Slaughter and May advised Lendco Limited as originator in relation to the public issuance of £302,000,000 buy-to-let residential mortgage backed notes

Slaughter and May advised Lendco Limited (“Lendco”) as originator in relation to the establishment of the Atlas Funding 2021-1 PLC (“Atlas”) securitisation. The transaction involved the issuance by Atlas of £302,000,000 Asset-Backed Notes due July 2058 (the “Notes”), which are backed by receipts from a portfolio of buy-to-let residential mortgages originated by Lendco.

The Notes have been listed on the Main Market of the London Stock Exchange and comprise £250,405,000 Class A Notes (rated AAA(sf) (S&P)/Aaa(sf) (Moody’s)), £20,929,000 Class B Notes (rated AA(sf)/Aa1(sf)), £11,212,000 Class C Notes (A+(sf)/A1(sf)), £7,474,000 Class D Notes (A-(sf)/Baa1(sf)), £4,484,000 Class E Notes (BBB-(sf)/Ba1(sf)), £7,474,000 Class X Notes (Not Rated/Caa1(sf)), £4,485,000 Class Z1 Notes (B(sf)/Not Rated) and £7,475,000 Class Z2 Notes (Not Rated/Not Rated). The Class A to E and Class X Notes have been offered publicly.

BNP Paribas and HSBC Bank plc acted as Joint Arrangers and Joint Lead Managers. NatWest Markets Plc also acted as Joint Lead Manager.

Financing
Oliver Wicker Partner
Jansy Man Associate
Ian Luby Associate
Liam Reynolds Associate
Corporate
Harry Bacon Partner