LAWFUEL – Business + Law News Network – Allen & Overy advised GE Commercial Finance on a five year non-recourse trade receivables facility to KME Group S.p.A. The facility comprised a committed pan European EUR800 million factoring line to KMEs subsidiaries in the UK, France, Italy, Germany and Spain.
The facility will unify KME’s working capital needs and was designed to work alongside a EUR850 million commodity based facility provided by Deutsche Bank AG. Together, the GE and Deutsche Bank facilities will finance the trading operations of KME with a combined total of EUR1.65 billion.
Adam Scarrott, GE’s newly appointed head of Cross Border Transactions said “this is a landmark transaction which takes GE’s offering and the factoring product into a new arena. It proves that a traditional product has great potential to meet the needs of the modern international group. Allen and Overy provided a seamless service and its network of highly skilled and dedicated professionals was integral to the all round success of the deal”
The Allen & Overy team who advised GE Commercial Finance was led by banking partner, Andrew Bamber and associate, Daniel Finch with assistance from Allen & Overy offices across our European network. Andrew and his team have also recently closed Macquarie’s bid for Thames Water and Baugur’s bid for House of Fraser.