Andersen alongside Adalis SPV in the securitisation of receivables from the public sector

Andersen advised Adalis SPV S.r.l. in a securitisation transaction involving receivables owed by certain Italian public administrations. The receivables derive, among other things, from “depositary” services provided on behalf of Prefectures and the Italian State Property Agency (Agenzia del Demanio).

This is an innovative transaction in terms of the type of assets securitised, structured on a revolving basis through the issuance of partly paid notes, which will allow the purchase of subsequent portfolios of receivables meeting investment criteria agreed with the investors.

Andersen, through its Banking & Finance team led by partner Umberto Mauro and supported by senior associates Mario Alcaro Falchi Delitala and Antonio Muscarà, provided legal advice on the transaction structure and the negotiation of contractual documentation, confirming its established expertise in securitisations and structured transactions involving public receivables.

The transaction involved a leading Italian bank as the senior investor. The junior investor and sub-servicer role was held by Officine CST – partly owned by the Cerberus fund – through the FOCI fund. SBG Recovery acted as second sub-servicer alongside Officine CST, while Holding AS participated as a third junior investor.

Andersen’s team has assisted Officine CST in various transactions over the years in the public receivables sector.