Frankfurt—Global law firm Dentons advised S-Kreditpartner GmbH, a credit institution in Berlin, on the refinancing of a consumer loan portfolio worth over €500 million via Societas Aurifex UG (haftungsbeschränkt), a special purpose entity incorporated for the purposes of this transaction. Societas Aurifex acquired the portfolio and financed the purchase via an untranched certificated loan (Schuldscheindarlehen) arranged by Landesbank Baden-Württemberg (LBBW). The special purpose entity was established via the TSI platform of True Sale International.

Following the first refinancing last year, the transaction is now the second of its kind for S-Kreditpartner. Financing transactions through German certificated loans enables borrowers to target specialized investors outside of the classic capital markets. Such investors typically hold the instruments to maturity.

A Dentons team, led by structured finance Partner Dr. Arne Klüwer, advised S-Kreditpartner as transaction counsel on the structuring and documentation of the transaction.

Advisors S-Kreditpartner GmbH (Transaction Counsel – structuring and documentation):

Dentons (Frankfurt): Dr. Arne Klüwer (lead Partner), Verena Etzel (counsel), Philippa Münnich-Winter (senior associate), all Banking and Capital Markets

Dentons (Berlin): Dr. Stephan Busch (Partner), Holger Hölkemeier (senior associate), both Tax

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