As part of its program to accelerate the non-core portfolio run-down, UniCredit Leasing ("UCL") successfully completed the transfer of circa € 1.6 bn Claim of an Italian non-performing real estate lease portfolio ("NPL Lease Portfolio") to a securitisation vehicle (Relais SPV SrL "RELAIS") and the assets to a LeaseCo, an ancillary company envisaged by the Italian Securitisation Law for managing the real estate assets (Relais LeaseCo S.r.l. and together with Relais, the "Securitisation").
The Securitisation has been structured by UniCredit Bank AG as Sole Arranger and it represents the first Italian non-performing transaction backed by leases receivables with the senior note aiming to obtain the GACS guarantee (Garanzia sulle Cartolarizzazioni delle Sofferenze).
The 11st of December, RELAIS issued three classes of notes: €466 million senior note, €91 million mezzanine note and €10 million junior note. The senior notes are rated by Moody's and by Scope (Baa2 and BBBsf respectively).
Italfondiario and doValue act respectively as Master and Special Servicer of the Securitisation.
RELAIS and RELAIS LeaseCo have been established by Banca Finint which also covers the roles of Corporate Servicer, Monitoring Agent, Calculation Agent, Representative of Noteholders, and Back-up Servicer Facilitator for both of them.
UCL has been assisted by Cappelli RCCD while UniCredit Bank AG by Legance; Ernst & Young acted as advisor of UCL.
UniCredit has notified the ECB of its intention to recognize "Significant Risk Transfer" by March 31st, 2021 in connection with the sale.
Milan, December 14, 2020
UniCredit Media Relations
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