BLP advises consortium on £3.8 billion acquisition of GE Home lending portfolio

International law firm Berwin Leighton Paisner (BLP) has advised an investment consortium made up of opportunistic funds managed by Blackstone, TPG Special Situations Partners (TSSP) and CarVal Investors (CarVal)  on the acquisition of a portfolio of first lien mortgage loans from GE’s UK Home lending business.  The loans have a face value of £3.8 billion (US$5.9 billion).

Involving a complex financing package of two new senior debt facilities provided by HSBC and a syndicate of Citibank, Deutsche Bank and Bank of America Merrill Lynch, the transaction was structured, negotiated and signed in only nine days and completed on Friday 4 December 2015.

This is the second such acquisition that BLP has completed for Blackstone and TSSP this year, having advised on a similar large mortgage portfolio purchase from GE Home Lending in August 2015.

Prashanth Satyadeva, Structured Debt and Capital Markets Partner, BLP commented: “We are delighted to have worked for the consortium on such a complex deal which required a large cross-practice team to ensure that it was completed within the very tight and challenging timescales.”

The BLP team was co-led by Structured Debt and Capital Markets Partners Paul Severs and Prashanth Satyadeva, supported by a Partner team including Nick Myatt (Corporate Finance); Nick Butler (Structured Debt and Capital Markets); Jayne Black and Derek Hrydziuszko (Banking) and Michael Wistow (Tax). Further support was provided from BLP’s Structured Debt & Capital Markets, Asset Finance, Projects, Banking, Corporate Finance, Real Estate Finance, Real Estate and Tax departments with specialist advice from the Firm’s Employment, Antitrust & Competition and Regulatory teams.

Allen & Overy acted for GE Capital, Freshfields acted for HSBC and Clifford Chance advised the Citibank/Deutsche Bank/BAML syndicate. Freshfields separately advised on the equity structuring of the Blackstone/TPG/CarVal consortium. Luxembourg law advice was provided by Elvinger, Hoss & Prussen and Florida law advice by K&L Gates.

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