International law firm Simmons & Simmons acted as transaction counsel in relation to an Italian securitisation transaction, collateralised by receivables arising from loans to be reimbursed through salary and/or pension assignment granted by Pitagora S.p.A., as Originator, to its clients.

The transaction has been structured by Banca IMI S.p.A. as Sole Arranger and it has been carried out by an Italian Law 130 securitisation company, through the issuance of two classes of asset-backed securities on a partly paid basis for an amount of €318,000,000. Both classes of Notes have been initially subscribed by the Originator.

Simmons & Simmons advised on Italian and English law aspects of the deal. Partners Vinicio Trombetti, Michele Citarella and Michael Dodson led the team, which included senior associates Giulia Arenaccio and Luisella Quadrelli and Francesca Naccarato.

Pitagora S.p.A. is a financial intermediary incorporated under the laws of the Republic of Italy as a joint stock company (società per azioni) which operates in the field of personal loans granted by the assignment of one fifth of the salary or pension (cessione del quinto dello stipendio o della pensione) and, as of 31 December 2012, is the fourth operator in Italy (Source Assofin – The Italian Association for Consumer Credit). The company, founded in 1995, has its registered office in Turin and has a network of about 180 financial agents working in 63 branches located in Italy.

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