Wragge & Co advises HSBC Bank plc and Regency Assets Ltd on a significant multi-million pound securitisation programme

Wragge & Co has advised HSBC Bank plc and Regency Assets Limited, a special purpose financing conduit, on a significant multi-million pound securitisation programme for Zenith Vehicle Contracts Limited. The car fleet management service provider will use the funding for working capital purposes.

The programme involved setting up a UK securitisation company, Bifurcate Funding Limited, to acquire the vehicle loan and lease receivables from Zenith. Bifurcate was funded by Regency and ultimately via the international capital markets.

Banking and finance director Edward Sunderland led the team advising HSBC and Regency Assets, supported by associate Jonathan Segal. Director Jasvir Jootla and solicitor Thomas Stockley also supported on the transaction. Tax expertise was provided by partner Kevin Lowe and solicitor Paul Harrington. The Wragge & Co team worked closely with HSBC Bank's global head of asset backed finance, Nigel Batley, and director Victoria Lindsell.

Edward Sunderland said: "This latest transaction builds on our long-standing relationship with HSBC and Regency. A highly complex transaction, it demanded fast, effective, commercial thinking, as well as a strong understanding of Zenith's underlying business."

Wragge & Co is a member of HSBC's panel of preferred law firms in the UK and has worked closely with the Regency conduit for a number of years. A valued, full-service adviser to HSBC, previous instructions include advising on a £70 million term and revolving credit facility to undersea power cable manufacturer JDR Cable Systems.

The firm also acted for HSBC and Regency on a £100 million financing for Logica plc, a transaction that gained recognition at Treasury Today's 2010 Adam Smith Awards as a highly commended runner-up in the category of best corporate debt solution.

In this latest transaction, Weil, Gotshal & Manges acted for Zenith Vehicle Contracts Limited. Matheson Ormsby Prentice advised Regency Assets Limited on Irish law.

Wragge & Co's Banking and Finance team brings a commercial and pragmatic approach to deals. It advises banks, corporates, private equity companies and public bodies on a full range of domestic and cross-border instructions. Highlights include advising KBC group on the sale of its asset-based lending division, KBC Business Capital, to NYSE-listed PNC Financial Services Group for an undisclosed sum. It also advised FTSE-listed Smiths News PLC on a £135 million banking facility with a syndicate of five banks.

For further information about this press release, contact Kathryn Hobbs on +44 (0)121 685 2785, Rebecca Davies on +44 (0)121 685 3819, Gayle Redding on +44 (0)121 685 2708 or Rebecca Lum on +44 (0)121 260 9973

This press release may contain information of general interest about current legal issues, but does not give legal advice.