21 June 2021
Banca Finint with brumbrum S.p.A. in the first securitisation of income deriving from the ownership of registered movable property
brumbrum, the first Italian e-commerce of used cars, has completed a financing operation for a total of 65 million euros conducted through a securitisation vehicle and structured by Alantra.
The senior notes issued by the SPV were subscribed by investment funds managed by Oaktree Capital Management, L.P. and by P&G SGR SpA, while the junior securities were subscribed by the same brumbrum which also plays the role of portfolio manager of the operation.
Banca Finint, in addition to having guaranteed support in the implementation of the transaction, holds the role of Master Servicer, Corporate Servicer, Representative of Noteholders and Computation Agent of the securitisation.
Luigi Bussi, Head of the Corporate Investment Banking Department of Banca Finint, commented on the operation as follows: ""We thank brumbrum for giving us the opportunity to support the implementation of the first operation in Italy that applies the new regulations on securitisation of the proceeds deriving from from the ownership of registered movable property. We are proud to have collaborated with counterparties of high standing and, at the same time, further consolidated our specialist presence in the structured finance and rental sector”.
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