Santander Consumer (UK) as originator - SCUK's Motor-2015 UK auto loan ABS transaction
Slaughter and May advised Santander Consumer (UK) plc (SCUK) as originator in relation to SCUK's Motor-2015 UK auto loan ABS transaction.
The transaction involved the issuance of US$375 million Class A1 amortising floating rate notes (the Class A1 Notes), £375 million Class A2 pass-through floating rate notes (the Class A2 Notes, and together with the Class A1 Notes the Class A Notes), £71.7 million Class B pass-through fixed rate notes (the Class B Notes) and £64,210,466.78 Class C pass-through fixed rate notes (the Class C Notes) (the Class A Notes, Class B Notes and Class C Notes together the Notes).
The Notes were issued on 2 March 2015 by Motor 2015-1 plc (the Issuer), a newly-incorporated company, and have a legal maturity date of 25 June 2022. The Class A Notes were publicly offered, with Bank of America Merrill Lynch, Citigroup and Santander acting as managers (the Managers). The Class B Notes and the Class C Notes were issued to SCUK.
The Notes are listed on the Irish Stock Exchange and the Class A Notes received the PCS label. The Class A Notes have been rated 'AAA(sf)' by Standard & Poor's and 'Aaa(sf)' by Moody's and the Class B Notes have been rated 'AA-(sf)' by Standard & Poor's and 'A2(sf)' by Moody's. The Class C Notes have not been rated.
The Issuer has appointed SCUK as servicer in respect of the portfolio. During a revolving period, SCUK may sell further receivables into the portfolio.
Cleary Gottlieb Steen & Hamilton LLP provided advice to SCUK in respect of US law. 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.