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.

Guy O'Keefe Partner
Kevin Howes Partner
Jan Putnis Partner