LAWFUEL – Law News, Law Jobs Network – Freshfields Bruckhaus Deringer has advised Telereal, which provides property outsourcing services to British Telecommunications plc (BT), on the second refinancing of its existing securitisation. The securitisation originally financed the 2001 acquisition of an initial portfolio of more than 5,500 properties used by BT to provide the UK fixed-line telecommunications network.
The transaction was structured as a ‘tap’ issue of the existing securitisation and involved issuing five classes of new fixed, floating and zero coupon notes, together with three classes of ‘forward purchase’ notes to be sold to a committed investor in October 2008, subject to the satisfaction of certain conditions. Ambac provided a guarantee of the new Class A and B Notes and also guaranteed Telereal’s obligations under certain of the interest rate swaps which, unusually, ranked between the Class A and B Notes.
Chris Barratt, structured finance partner, Freshfields, who led the team commented: ‘We are delighted to have advised on this complex and highly successful refinancing and continue to strengthen our relationship with Telereal.’
Freshfields Bruckhaus Deringer’s team was led by partners Jeffrey Rubinoff and Chris Barratt (finance), assisted by finance associates Alice King and Louise Allworthy. Tax advice was provided by partner Sue Porter and senior associate Peter Cosmetatos. Real Estate advice was provided by partner Ursula Harriss and associate Andrew Fleetwood.