Cohen & Company arranges EUR 500m Spanish trade receivables-backed funding programme for Valencia-based Gedesco Group
Cohen & Company has successfully placed the first EUR 50,000,000 of a EUR 500,000,000 receivables backed note programme for fast-growing Spanish discounter Gedesco Group. A Luxembourg vehicle, Gedesco Funding No. 1 SA, is the issuing entity. The first EUR 50 million note issuance has been placed with a major, global institutional investor. The programme is backed by short-term trade receivables and facilitates Gedesco’s continued growth. Cohen & Company is the sole arranger and placement agent.
Cohen & Company successfully closed the sale of the UK mortgage company Basinghall Finance PLC to a Macquarie/Bluestone consortium earlier this month. Cohen & Company acted as advisors to Erste Abwicklungsanstalt (EAA), the German wind down agency managing the legacy assets of the former West LB and conducted on its behalf a broad and extensive marketing effort.
FCA approval was received on 12 December which concluded a sale process that commenced in January of this year. EAA, which owned 100% of the equity and provided a lending facility sought to dispose of all its interests in Basinghall which had exposure to approximately £500m of first-ranking residential mortgages.
Edward Cahill from Cohen and Company said: “The UK mortgage space has been an interesting space to be involved in as of late. We were delighted to be able to exceed EAA’s economic targets as well as achieve what we believe was a great result for all stakeholders. We wish the employees who will transfer across and the Bluestone management team well as they leverage the platform to commence mortgage lending.”
German ‘bad bank’ Erste Abwicklungsanstalt (EAA) has put UK mortgage lender and servicer Basinghall Finance PLC (Basinghall) up for sale via a process led by Cohen & Company.
EAA, which owns 100% of the equity in Basinghall, wants to dispose of all its interests in Basinghall, either by way of a share sale or disposal of assets, which comprise c.STG 550m (face value) of first-ranking residential mortgages in England and Wales.
EAA was established in December 2009 to take over and wind up WestLB’s assets and risk exposures. EAA took over its first portfolio with a face value of EUR 77.5bn in 2009/10 and a second with a face value of approx. EUR 100bn in August 2012 as part of the restructuring of WestLB ordered by the EU Commission. As a result of that restructuring WestLB AG ceased to be a bank in July 2012 and has since operated as a global provider of portfolio management services under the name of Portigon AG.
Parties wishing to submit an expression of interest for the Basinghall portfolio must register it, along with details of secured financing, ability to conclude the transaction and regulatory/ competition approvals, with:
Cohen & Company Financial Limited
Telephone: +44 (0)203 540 6000
EAA will assess the expressions of interest and those parties invited to participate in the sale process will then be asked to sign a NDA to receive further information on Basinghall, which will be made available from 6 February. Initial indications of interest are due 5 March 2014.
Cohen & Company Financial Limited is pleased to announce the appointment of Edward Cahill. Edward has joined the firm as a Managing Director – responsible for the European Structured effort at Cohen & Company. Edward has extensive experience within Structured Credit. Prior to joining Cohen & Company, Edward was a partner at the Seaport Group in Europe. He previously ran the CDO business at Barclays Capital in London, after heading the ABS and CDO trading desk at JPMorgan in London. Edward will be based in London.
Daniel Cohen, Chairman and CEO of Cohen & Company Financial Limited said, “We are excited about benefiting from Edward’s extensive structured credit expertise as we continue to grow our European business.”