illimity Bank S.p.A. structures complex inventory financing securitization with Tamac S.r.l. and Officine Tecnosider S.r.l.

Client(s) illimity Bank S.p.A.

Jones Day advised illimity Bank S.p.A., as arranger, sponsor, and senior investor, in the context of a complex inventory financing securitization with Tamac S.r.l. and Officine Tecnosider S.r.l. (both belonging to the Trasteel Group).

The overall transaction was completed through four separate securitization transactions, including two so-called “direct lending” securitizations implemented through the disbursement by the relevant securitization vehicles of revolving loans in favor of the relevant borrowers which are assisted by a number of guarantees and security interest, including a revolving and non-possessory pledge over raw materials and completed products owned by the borrowers.

This is one of the first inventory financing transaction implemented in Italy through a direct lending securitization scheme and the first Italian financing transaction secured by the revolving and non-possessory pledge provided under the new Italian legislation enacted in June 2023.