brumbrum S.p.A.’s €65 Million Securitization

Orrick Herrington & Sutcliffe and Gatti Pavesi Bianchi Ludovici represented brumbrum, Hogan Lovells advised Oaktree and P&G SGR while Banca Finint was assisted by Legance.

brumbrum, the first online car dealer in Italy, announced its €65 million financing round through securitization of credits backed by registered movable properties. This is the first transaction of this kind in Italy.

The senior securities were subscribed by investment funds managed by Oaktree Capital Management L.P. and P&G SGR, while the junior securities were subscribed by the company itself, which also acts as portfolio manager for the transaction. The operation adds up to a further strengthening of the shareholder structure, with DIP Capital fund joining the historic shareholders led by United Ventures and Accel.

The Orrick team that handled the legal aspects of the transaction, including the drafting of the relevant documentation, was led by partners Raul Ricozzi (Picture) and Attilio Mazzilli, supported by associate Assia Andriani.

Gatti Pavesi Bianchi Ludovici assisted Brumbrum with a team formed by partners Paolo Ludovici and Michele Aprile, and associate Giovanni Bisleri.

The Hogan Lovells team, which assisted Oaktree and P&G SGR, was led by partner Corrado Fiscale, with associates Diego Guardì and Alessia Cipitì.

Banca Finint, assisted by Legance with a team composed of Vittorio Pozzi and Giorgia Foddis, 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 while Agenzia Italia is the back -up portfolio manager.

Alantra Credit Portfolio Advisory acted as sole financial advisor assisting brumbrum S.p.A. in the financial structuring of the operation.

Phinance Partners acted as financial advisor to the investment funds managed by Oaktree by P&G SGR.

Involved fees earner: Michele Aprile – Gatti Pavesi Bianchi Ludovici; Giovanni Bisleri – Gatti Pavesi Bianchi Ludovici; Paolo Ludovici – Gatti Pavesi Bianchi Ludovici; Alessia Cipitì – Hogan Lovells; Corrado Fiscale – Hogan Lovells; Diego Guardì – Hogan Lovells; Giorgia Foddis – Legance; Vittorio Pozzi – Legance; Assia Andriani – Orrick Herrington & Sutcliffe LLP; Attilio Mazzilli – Orrick Herrington & Sutcliffe LLP; Raul Ricozzi – Orrick Herrington & Sutcliffe LLP;

Law Firms: Gatti Pavesi Bianchi Ludovici; Hogan Lovells; Legance; Orrick Herrington & Sutcliffe LLP;

Clients: Banca Finint S.p.A.; brumbrum S.p.A.; Oaktree Capital Management; P&G SGR S.p.A.;