Simmons & Simmons Advises Bayerische Landesbank Munich on €70m Securitisation

International law firm Simmons & Simmons has advised Bayerische Landesbank Munich (BLB), as arranger, on the structuring of an Italian securitisation transaction. The deal was collateralised by healthcare receivables originated in Italy and owned by Italian public healthcare authorities and/or public hospitals and/or equivalent entities in the public sector located in various Italian Regions in relation to Farmafactoring.

Simmons & Simmons advised on Italian and English law aspects of the deal. Partners Vinicio Trombetti, Michele Citarella and Michael Dodson led the team advising BLB. The team included senior associates Giulia Arenaccio and Luisella Quadrelli, and associate Riccardo Franceschelli.

The transaction was carried out by an Italian securitisation company through the issuance of a security for €70m. The transaction satisfies BayernLB’s "connectivity" requirements because the majority of the receivables originated from German pharmaceutical companies.

Farmafactoring, founded more than 25 years ago, has offices in Milan, Rome and since 2010, Madrid, through its subsidiary Farmafactoring España. It works as a leader in the market of healthcare receivables in Italy and in the management of credits towards local healthcare authorities and hospitals. It provides services of management and recovery of claims, accounting of revenues, without recourse financing to the major multinational pharmaceutical and biomedical companies, suppliers of the Italian National Healthcare System (Servizio Sanitario Nazionale).

Italian law firm Santa Maria advised Farmafactoring as originator, sub-servicer and subordinated loan provider, with a team led by partner Alessio Gerhart Ruvolo and which includes the senior associates Caterina Napoli and Nicoletta Bellettini, and Dante Campiverdi.

http://www.simmons-simmons.com/en/News/2013/04-Apr/Bayerische-Landesban…