Hogan Lovells advises Spinbridge on its first NPL securitisation

"Hogan Lovells advised Spinbridge on its first securitisation of non-performing loans, in which Spinbridge acted as subscriber and sub-servicer. The transaction includes a revolving period and the issuance of partially paid notes to enable the Spinbridge SPV to acquire further NPL portfolios. Cerved Master Services acted as servicer and Accounting Partners as corporate servicer, calculation agent and noteholders’ representative."

Hogan Lovells represented Spinbridge in the transaction; Cerved Master Services and Accounting Partners also participated as transaction counterparties, acting respectively as servicer and as corporate servicer, calculation agent and representative of the noteholders. The transaction concerns the first securitisation of non-performing loans (NPLs) involving Spinbridge. Spinbridge acted as subscriber and sub-servicer of the securitised portfolio. The structure provides for a revolving period and the issuance of partially paid notes, a mechanism designed to allow the special purpose vehicle, Spinbridge SPV, to purchase additional NPL portfolios over time. Hogan Lovells represented Spinbridge with a team composed by: Patrizio Messina (Managing Partner, Italy), Salvatore Graziadei (Counsel), Leonardo Tripaldi (Associate) and Matteo Cutuli (Trainee). Spinbridge's in-house team comprised: Angela Cassano (Legal & Compliance), Marco Papi (Portfolio Manager) and Antonella Malfitano (CFO), with the support of Massimiliano Goffi (Senior Advisor). Cerved Master Services participated in the operation as servicer. Accounting Partners took part as corporate servicer, calculation agent and representative of the noteholders.

Hogan Lovells advises Spinbridge on its first NPL securitisation

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