Clifford Chance and KWM advise on first-ever Australian master trust deal
CC fields London and Sydney team on first deal of its kind in Australia
April 03, 2017 at 06:23 AM
2 minute read
Clifford Chance (CC) and King & Wood Mallesons (KWM) have won roles as Australian consumer finance business Latitude Financial Services launches a A$1.1bn (£670m) master trust for its credit card business.
It is the first deal of its kind in Australia, involving a master trust structure like those used in the UK and US, which allows a collection of funds from individual investors to be pooled together.
CC acted for consumer finance business Latitude on the transaction, with a team led by Sydney banking partner Caroline Jury and London capital markets partner Kevin Ingram. It is the first time the magic circle firm has advised Latitude, but it is a longstanding adviser to its former parent company GE Capital.
Greenwoods and Herbert Smith Freehills director Andrew Hirst provided tax advice to Latitude.
Ingram said: "Being able to adapt an internationally recognised financing structure to the requirements of Australian law and market practice was key to the success of the transaction. We were able to achieve this through using our strengths in finance and capital markets in Sydney and London as an integrated team.
"The structure has adapted the UK approach to credit card securitisations to make it work in Australia. We structured and documented the first public UK credit card securitisation for MBNA in 1995," he added.
KWM Sydney banking partners Paul Smith and Ian Edmonds-Wilson are leading the team representing underwriters of the deal.
Before being acquired by Deutsche Bank, alternative investment company Varde Partners and private equity business KKR in 2015, Latitude was previously GE Capital's Australian and New Zealand consumer finance business.
GE Capital is the financial services unit of the American conglomerate General Electric.
CC has acted for GE Capital on several deals including, in 2015, the $2.2bn (£1.8bn) sale of its European private equity financing business to a unit of Japan's Sumitomo Mitsui Banking Corp. London asset finance partner Oliver Hipperson acted for GE alongside London corporate partner Tim Lewis.
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