Securitisation - Watson, Farley & Williams
Securitisation - Watson, Farley & Williams
Securitisation - Watson, Farley & Williams
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
<strong>Securitisation</strong><br />
May 2007<br />
<strong>Watson</strong>, <strong>Farley</strong> & <strong>Williams</strong>
Contents<br />
Our approach.......................................................................................................................3<br />
Our services ........................................................................................................................4<br />
Our experience ....................................................................................................................5<br />
Our offices ...........................................................................................................................8
Our approach<br />
<strong>Watson</strong>, <strong>Farley</strong> & <strong>Williams</strong> is a leading international law firm with offices in major<br />
financial centres in Europe, Asia and the USA. We now operate in London, New<br />
York, Paris, Hamburg, Munich, Rome, Milan, Athens, Piraeus, Singapore and<br />
Bangkok.<br />
Our legal teams advise on English, French, German, Greek, Italian, Russian, New York,<br />
US federal and Thai law and we maintain active relationships with leading law firms in<br />
many other countries.<br />
Our strengths derive from our commitment to excellence and we are determined to<br />
maintain those standards as we expand.<br />
We advise on international finance, corporate and commercial matters, mergers and<br />
acquisitions, corporate finance, competition, taxation, dispute resolution, real estate and<br />
employment law. Industry sectors where we have particular expertise across the firm<br />
include shipping, aviation, energy, oil and gas, natural resources, private equity, real<br />
estate and information and communications technology.<br />
We are an energetic and enterprising legal practice committed to providing the highest<br />
possible levels of service.<br />
We believe in establishing and maintaining close working relationships with each of our<br />
clients and in taking time to understand their particular businesses and objectives. This<br />
approach enables us to assist our clients in achieving their goals.<br />
We combine commercial acumen with technical expertise to offer creative but practical<br />
solutions which facilitate our clients’ objectives. It is our aim to provide a service which<br />
exceeds our clients’ expectations.<br />
We strive to become the adviser of first choice to each of our clients in every area of<br />
expertise.<br />
3
Our services<br />
We act for arrangers, originators, investors and trustees in both domestic and cross-border<br />
transactions. We advise on a broad range of issues in relation to securitisation<br />
transactions including:<br />
• the origination and tailoring of assets to ensure that they are eligible for<br />
securitisation<br />
• the most efficient structures to achieve the required commercial objectives<br />
• legal, tax and regulatory requirements<br />
• the funding of securitisation vehicles through bank funding and securities issuance<br />
We have acted on securitisations involving a broad range of assets including:<br />
• debt securitisations<br />
• utilities receivables<br />
• seismic data<br />
• shipbuilding/newbuilding contract receivables<br />
• container lease receivables<br />
• modular building lease receivables<br />
• telecoms receivables<br />
4
Our experience<br />
• Advising Société Générale on a US$13m facility for Banco Nacionale de Cuba<br />
secured on tax receivables<br />
• Advising National Bulk Carriers, Inc. as co-owner in connection with the US$730m<br />
refinancing of a commercial office building in New York City and the subsequent<br />
securitisation of loans<br />
• Advising Trafigura Beheer B.V. as special English law counsel on the US$300m<br />
securitisation of oil sale receiveables, sponsored by Societe Generale<br />
• Advising a German wind farm operator on the securitisation of its wind farm<br />
revenues<br />
• Advising National Bulk Carriers, Inc. as co-owner in connection with the US$215m<br />
refinancing of a second commercial office building in New York City and the<br />
subsequent securitisation of loans<br />
• Advising the corporate trustee in a US$100m securitisation of a Brazilian paper<br />
and pulp manufacturer’s customer receivables and US$300m securitisation of a<br />
Brazilian steel manufacturer’s customer receivables<br />
• Advice in the early stages of a transaction, as to appropriate legal and financing<br />
structures, and advice regarding more specialised financing techniques, such as<br />
securitisations of trade receivables<br />
• Advising a French bank on pre-export financing, including securitisation structure,<br />
for cocoa exporters in the Ivory Coast<br />
• Advising a group of German project developers in relation to the sale of wind<br />
power plants<br />
• Advising a Mexican corporation in connection with a US$60m securitisation of<br />
trade receivables<br />
5
• Advising on the €2bn securitisation of commercial receivables for a French<br />
telecommunications operator<br />
• Advising a major Mexican maritime shipping, rail freight and trucking services<br />
company in the US$60m securitisation of its export receivables through a multiseller<br />
conduit arranged by the US branch of a Japanese bank<br />
• Advising a major US steel company in the US$90m securitisation of its export<br />
receivables through a multi-seller conduit arranged by a European bank<br />
• Advising the US and Cayman trustee in a US$50m securitisation of receivables of<br />
a major Mexican airline<br />
• Advising the indenture trustee and collection agent in a US$60m securitisation of<br />
credit card receivables of a major Chilean airline<br />
• Advising Chase Manhattan Trustees as the trustee, collection agent and lender<br />
agent in a US$200m securitisation of export receivables of a major Colombian<br />
coffee fund<br />
• Advising a major shipbuilder (the Originator), on what is thought to have been the<br />
first securitisation of newbuilding contract receivables, which provided a highly<br />
efficient method of financing work-in-progress on an off-balance-sheet basis. The<br />
transaction was funded by syndicated bank debt. We also advised the same<br />
shipbuilder in relation to a subsequent proposed securitisation<br />
• Advising the sponsor/originator in relation to the first securitisation of the payment<br />
obligations of a UK municipal authority. The transaction involved the securitisation<br />
of the revenues of a Birmingham waste to energy plant from Birmingham City<br />
Council. The transaction was funded by a euro sterling bond listed on the London<br />
Stock Exchange<br />
• Advising container operator companies (as Originators) on a number of<br />
securitisation transactions relating to container receivables, one of which was<br />
effected through a multi-seller conduit and was funded by commercial paper<br />
6
• Advising a French company owning and leasing containers and barges in a variety<br />
of securitisations of receivables, with a sale of the assets and the receivables to a<br />
Delaware trust financed in the US markets<br />
• Advising the arrangers on a securitisation of receivables of approximately €500m<br />
arising under two cruise ship newbuilding contracts. The transaction was funded<br />
by syndicated bank debt<br />
• Advising Petroleum Geo-Services, the multinational marine seismic company, on<br />
the US$240m securitisation of its multiclient seismic data library, one of the first<br />
securitisations of intellectual property rights outside the music industry<br />
• Advising the arranger and portfolio manager on a securitisation of high yield<br />
shipping bonds. The deal was funded by bank debt and an insurance wrap was<br />
used. The notes were rated by Moody’s<br />
• Advising a UK bank, as lessors of the property, on the securitisation of real estate<br />
assets at Canary Wharf, London<br />
In the transactions described above, we have acted for the arrangers, the originator, the<br />
trustee or the collection agent. In addition to these transactions, we have also acted for the<br />
receivables payer on a significant number of securitisations of receivables under ship<br />
newbuilding contracts. These transactions have all been funded by syndicated bank debt<br />
and provided the originators with an efficient and off-balance-sheet method of funding.<br />
7
Our offices<br />
London<br />
<strong>Watson</strong>, <strong>Farley</strong> & <strong>Williams</strong> LLP<br />
15 Appold Street<br />
London EC2A 2HB<br />
Tel: +44 (0) 20 7814 8000<br />
Fax: +44 (0) 20 7814 8141/8142<br />
New York<br />
<strong>Watson</strong>, <strong>Farley</strong> & <strong>Williams</strong><br />
(New York) LLP<br />
100 Park Avenue<br />
New York<br />
New York 10017<br />
Tel: +1 212 922 2200<br />
Fax: +1 212 922 1512<br />
Paris<br />
<strong>Watson</strong>, <strong>Farley</strong> & <strong>Williams</strong> LLP<br />
150, avenue des Champs-Elysées<br />
75008 Paris<br />
Tel: +33 (0) 156 88 21 21<br />
Fax: +33 (0) 156 88 21 20<br />
Hamburg<br />
<strong>Watson</strong>, <strong>Farley</strong> & <strong>Williams</strong> LLP<br />
Am Kaiserkai 69<br />
20457 Hamburg<br />
Tel: +49 (0) 40 80 80 344 0<br />
Fax: +49 (0) 40 80 80 344 10<br />
Munich<br />
<strong>Watson</strong>, <strong>Farley</strong> & <strong>Williams</strong> LLP<br />
Kardinal-Faulhaber-Straße 10<br />
80333 München<br />
T: +49 (89) 237086 0<br />
F: +49 (89) 237086 222<br />
Rome<br />
Studio Legale Associato a<br />
<strong>Watson</strong>, <strong>Farley</strong> & <strong>Williams</strong><br />
Piazza Navona, 49<br />
2nd Floor int 2/3<br />
00186 - Rome<br />
Tel: +39 06 68 40 581<br />
Fax: +39 06 68 89 2717<br />
Milan<br />
Studio Legale Associato a <strong>Watson</strong>, <strong>Farley</strong><br />
& <strong>Williams</strong><br />
Via Santa Radegonda 11<br />
Milan<br />
Tel: +39 02 72 17 071<br />
Fax: +39 02 72 17 0720<br />
Athens<br />
<strong>Watson</strong>, <strong>Farley</strong> & <strong>Williams</strong><br />
Greek Branch<br />
6th Floor<br />
Neophytou Vamva 4<br />
Kolonaki 106 - 74<br />
Athens<br />
Tel: +30 21 0455 7300<br />
Fax: +30 210 7212 490<br />
Piraeus<br />
<strong>Watson</strong>, <strong>Farley</strong> & <strong>Williams</strong><br />
Greek Branch<br />
8 th Floor - Ionian Building<br />
Defteras Merarchias 2<br />
Piraeus 185 36<br />
Tel: +30 21 0455 7300<br />
Fax: +30 21 0459 4004<br />
Singapore<br />
<strong>Watson</strong>, <strong>Farley</strong> & <strong>Williams</strong> LLP<br />
16 Collyer Quay<br />
#12-02 Hitachi Tower<br />
Singapore 049318<br />
Tel: + 65 6 532 5335<br />
Fax: + 65 6 532 5454<br />
Bangkok<br />
<strong>Watson</strong>, <strong>Farley</strong> & <strong>Williams</strong> (Thailand)<br />
Limited<br />
Unit 902, 9th Floor,<br />
GPF Witthayu Tower B<br />
93/1 Wireless Road<br />
Patumwan, Bangkok 10330<br />
Tel: + 66 (0)2 665 7800<br />
Fax: + 66 (0)2 665 7888<br />
<strong>Watson</strong>, <strong>Farley</strong> & <strong>Williams</strong> Website<br />
www.wfw.com<br />
All references to ‘<strong>Watson</strong>, <strong>Farley</strong> & <strong>Williams</strong>’ and ‘the firm’ in this brochure mean <strong>Watson</strong>, <strong>Farley</strong> & <strong>Williams</strong> LLP<br />
and/or its affiliated undertakings. Any reference to a 'partner' means a member of <strong>Watson</strong>, <strong>Farley</strong> & <strong>Williams</strong><br />
LLP, or a member or partner in an affiliated undertaking, or an employee or consultant with equivalent standing<br />
and qualification.<br />
8