Santander Consumer (UK) plc’s Motor-2016-1 UK auto loan ABS transaction

Slaughter and May advised Santander Consumer (UK) plc (SCUK) as originator in relation to SCUK’s Motor-2016-1 UK auto loan ABS transaction.

The transaction involved the issuance of £528,000,000 Class A Fixed Rate Notes (rated AAA(sf) (S&P)/Aaa (sf) (Moody’s)), £15,000,000 Class B Fixed Rate Notes (rated AAA(sf)/Aa2 (sf)), £30,000,000 Class C Fixed Rate Notes (rated A(sf)/A1 (sf)), £9,000,000 Class D Fixed Rate Notes (rated A-(sf)/Baa1 (sf)), £13,000,000 Class E Fixed Rate Notes (rated BBB(sf)/Baa3 (sf)) and £5,000,000 Class F Fixed Rate Notes (unrated/Ba3 (sf)).

The Notes were issued on 15 December 2016 by Motor 2016-1 plc (the Issuer), a specially-incorporated company, and have a legal maturity date of 25 November 2025. Certain of the Class A Notes and all of the Class C Notes, the Class D Notes, the Class E Notes and the Class F Notes were publicly offered, with Bank of America Merrill Lynch, Citigroup and Santander Global Corporate Banking acting as managers (the Managers). The remaining Class A Notes and all of the Class B Notes were issued to SCUK.

The Notes are listed on the Irish Stock Exchange and the Class A Notes received the PCS label.

The Issuer has appointed SCUK as servicer in respect of the portfolio.

The Managers were advised by Allen & Overy LLP as to English and US law, CMS Cameron McKenna LLP as to Scots law and Elliott Duffy Garrett as to Northern Irish law.

Slaughter and May advised Santander Consumer (UK) plc on the deal with a Financing team led by Guy O’Keefe (partner, in picture) and Richard Jones (partner), assisted by Brandon Ovington (associate), Adam Burk (associate); on Financial Regulation matters acted Ben Kingsley (partner) and Ed Burrows (associate); and on Tax law acted Sara Luder (partner) and Ben Wonnacott (associate).

Involved fees earner: Guy O’Keefe – Slaughter and May; Richard Jones – Slaughter and May; Brandon Ovington – Slaughter and May; Adam Burk – Slaughter and May; Ben Kingsley – Slaughter and May; Ed Burrows – Slaughter and May; Sara Luder – Slaughter and May; Benjamin Wonnacott – Slaughter and May;

Law Firms: Slaughter and May;

Clients: Santander Consumer (UK) plc;