22 August 2004 LAWFUEL – Best of the Net for legal news, law news,…

22 August 2004 LAWFUEL – Best of the Net for legal news, law news, law articles Allen & Overy advised Barclays Capital as Arranger and Barclays Capital
and The Royal Bank of Scotland plc as Joint Lead Managers, on the
Annington Finance No. 4 plc’s second tap issue.

Allen & Overy had previously advised on the original Annington Finance No. 4 plc
securitisation in 1997 and the first tap issue in 2002. This deal
involved the issue of approximately £925,000,000 secured notes, backed by
the rental and sales proceeds of Ministry of Defence Armed Forces
accommodation. The issue proceeds were used to refinance existing debt and
provide new capital for the Annington Group.

The Allen & Overy securitisation team was led by partner Julian Tucker
(assisted by Sanjay Sethi and Andrew Hutchinson), and included tax advice
by partner David Hughes (assisted by Vimal Tilakapala and Andrew Treavett)
and derivatives advice by partner Richard Tredgett (assisted by Michelle
Nolder). Law Debenture Intermediary Corporation plc, in the capacity of
Trustee, was advised by Paul Bedford (assisted by Sarah Crouch and
Elizabeth Kerr) and The Royal Bank of Scotland plc and Nationwide Building
Society, in their capacities as liquidity providers, were advised by
Janine Bamber and Binoy Karia, respectively.

Commenting on the transaction, Julian Tucker stated:
“We are delighted to have represented Barclays Capital and The Royal Bank
of Scotland plc on this second tap issue by Annington Finance No.4 plc.
This issue marks the fourth debt issue financed by the MOD service
accommodation, indicating the strength of the Annington management team
and their financial advisers. It was, as ever, a pleasure to work once
more with teams who have been historically involved with the financing of
the Annington Group.”

The Issuer, Annington Finance No. 4 plc was advised by Freshfields
Bruckhaus Deringer.