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.