16 August 2004 Legal news, law news, law firm news & research from LAWFUEL International law firm Allen & Overy has advised joint lead manager,
bookrunner and arranger Lehman Brothers and the trustee Capita IRG
Trustees Limited on Southern Pacific Mortgage Limited’s (SPML) second RMBS
issue of the year.
The £700,000,000 bond issue, the majority of which was eligible for sale
onto the US under Rule 144A, closed on 9th August and was backed by a
portfolio of non-conforming residential mortgage loans originated by SPML
and related entities, and issued via a special purpose vehicle, Southern
Pacific Securities 04-2 plc. NIB Capital Bank N.V. was also a joint lead
manager with CALYON and DZ BANK AG acting as co-managers.
Securitisation partner, Christian Lambie, led the team with assistance from Aiden Small and Sinead Murphy. US law advice was provided by Chris
Bernard, while Simon Hill and Malcolm Charles advised the trustee.
Partner Christian Lambie commented:
“We’re pleased to have been involved in yet another successful issue from
the Southern Pacific programme, the largest securitisation undertaken by
SPML to date.”
Clifford Chance advised SPML, Cleaver Fulton Rankin advised in relation to
Northern Irish law and Tods Murray LLP advised as to Scots law.