London, March 7, 2006 – LAWFUEL – The Law News Network – Weil, Gotshal & Manges, the international law firm, has advised Lehman Brothers, acting as arranger, in three separate residential mortgage backed securitizations, all of which closed within the same week. Southern Pacific Mortgages Limited sold two separate pools of residential mortgages to each of Southern Pacific Securities 06-1 plc and Southern Pacific Financing 06-A plc, newly established special purposes vehicles. Each of the two vehicles funded their purchase from Southern Pacific Mortgages Limited through a multi-tranche issue of Notes, rated by Moody’s, Fitch and Standard & Poor’s, amounting to a value of approximately £431,788,000 and £375,193,700, respectively.
The third residential mortgage backed transaction was a sale of mortgages by Preferred Mortgages Limited to a newly-created special purpose vehicle, Preferred Residential Securities 06-1 plc, which funded such purchase through a multi-tranche issue of Notes, again rated by Moody’s, Fitch and Standard & Poor’s, amounting to a value of approximately £444,860,000. The notes issued by Southern Pacific Securities 06-1 plc and Preferred Residential Securities 06-1 plc were in sterling, euro and dollar denominations and certain tranches were issued to qualified investors in the United States. Southern Pacific Financing 06-A plc issued sterling notes to European investors.
All three transactions closed the week of the 20th February 2006.
Partner and head of Securitization, Jacky Kelly, assisted by Pierre Agyeman, Ben Marson, Rupert Wall, Lisa Cooke and Andrew Fox, advised Lehman Bros. as to matters of English law. US advice was provided through Weil Gotshal’s New York and London offices by partners Michael Brady and William Horton, assisted by Martin Sandgren, Aparna Ravi, Edward Kim and Max Goodman. Partner Andrew Norwood provided English law tax advice. Partner Steven Ong provided advice to the Trustee in both Southern Pacific transactions.
These transactions once again demonstrate both the synergy of Weil Gotshal’s New York and London offices in providing US and English law advice to our clients and the market leading position of the Weil Gotshal Securitization group in the field of high value and complex residential mortgage securitizations.
About Weil, Gotshal & Manges
Weil, Gotshal & Manges is an international law firm of over 1,200 lawyers, including 300 partners. Weil, Gotshal is headquartered in New York, with 20 offices in Austin, Boston, Brussels, Budapest, Dallas, Frankfurt, Houston, London, Miami, Munich, New York, Paris, Prague, Providence, Silicon Valley, Singapore, Shanghai, Warsaw, Washington DC and Wilmington.
