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