Ashurst has advised senior warehouse financiers and mezzanine warehouse financiers on the A$6 billion-plus warehouse securitisation of GE assets, acquired by a consortium (Consortium).

The securitisation was complex and innovative with the securitised assets spanning more than three million customers in Australia and New Zealand in areas including secured and unsecured personal loans, auto loans, credit cards and sales finance provided.  A separate securitisation trust was created to hold receivables in a particular asset class and depending on location.

Complex escrow arrangements were implemented given the large number of senior and mezzanine warehouse financiers providing funding from offshore and domestically.

Ashurst partner Paul Jenkins advised the group of offshore and Australian senior warehouse securitisation financiers on this deal.

Ashurst partners Jennifer Schlosser and Jamie Ng advised the group of offshore and Australian mezzanine warehouse securitisation financiers on this deal and also advised an investor in a structured equity instrument issued by the Consortium group.

The Ashurst team also included senior foreign associate Caroline Smart, senior associates Stanley Mok and Eugene Ng (Finance); with partner Ian Kellock, consultant Ian Javes and senior associate Bronwyn Kirkwood (Tax).