Hogan Lovells advises Citi and BNP Paribas on a public securitisation of HP loans
London, 7 October 2022 – Hogan Lovells has advised Citi and BNP Paribas on a £310 million public securitisation of automotive hire purchase (HP) loans originated by Oodle Car Finance.
The transaction involved the issue of around £310 million of debt in Classes A to X, with Citi acting as arranger and joint lead manager and BNP Paribas acting as joint lead manager. Substantially, all of the Class A debt was acquired by Citi and BNPP, with Citi taking its share in the form of a loan note. The remainder of the capital stack (other than the Class X notes), listed on Euronext Dublin, was placed out to investors.
Oodle Car Finance, one of the UK's largest and fastest-growing independent auto finance providers, will use the issue proceeds to fund new originations. This is Oodle’s sixth public securitisation that the Hogan Lovells team has advised on.
The Hogan Lovells team was led by structured finance and securitisation partner Julian Craughan and senior associate Stephen Bate, with support from derivatives partner Jennifer O'Connell, and senior associate Nicholas Watmough, structured finance and securitisation senior associate Bonnie So and associate Deborah Giurgola, tax partner Philip Harle, senior associates Christopher Hyde and Adela Komorowska and associate James Hotchkiss, and financial regulatory partner James Black, counsel Julie Patient and senior associate Jen Staniforth.
Commenting on the deal, Julian said: "We're delighted to have assisted on a sixth public securitisation for Oodle despite extremely challenging market conditions in the UK currently."