Stanlington No.1. PLC’s securitisation


Slaughter and May has advised Paratus AMC Limited as originator in relation to the establishment of the Stanlington No.1. PLC securitisation.

The transaction involved the issuance by Stanlington of £227,600,000 Asset Backed Notes in Classes A to E, X and Z (the Notes) and Residual Certificates, which are backed by receipts from a portfolio of UK residential mortgage loans.

The mortgage portfolio was acquired by Paratus AMC from the simultaneous unwind of other mortgage-backed financings including the Virgil Mortgage No.1 PLC, Rathmount 2006-1 PLC and Rathmount 2016-2 securitisations. The Stanlington issuer has appointed Paratus AMC as servicer of the mortgage portfolio. While Paratus AMC managed some of the loans in the portfolio since origination, others were migrated from third parties onto Paratus AMC’s platform.

The Notes and Residual Certificates have been listed on the Irish Stock Exchange.

Slaughter and May advised Paratus AMC on the deal with a Financing team led by Oliver Wicker (partner, in picture), assisted by Brandon Ovington (associate), Andrew Williams (associate), Jansy Man (associate), Andrew Baker (associate) and Oliver Gratton (legal assistant); on Tax law advised Mike Lane (partner), Owen Williams (associate); on Financial Regulation matters advised Jan Putnis (partner) and David Shone (associate).

Involved fees earner: Oliver Wicker – Slaughter and May; Brandon Ovington – Slaughter and May; Andrew Williams – Slaughter and May; Jansy Man – Slaughter and May; Andrew Baker – Slaughter and May; Mike Lane – Slaughter and May; Owen Williams – Slaughter and May; Jan Putnis – Slaughter and May; David Shone – Slaughter and May;

Law Firms: Slaughter and May;

Clients: Paratus AMC Limited;

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