LECAP advises on securitisation of receivables arising from services agreement

LECAP advised on securitisation of receivables arising from the services rendered under a long-term locomotive maintenance services agreement between the originator (TMH Service LLC) and its customer.

The deal is the first Russian law regulated securitisation of receivables due from a single debtor, and besides, with a very special class of underlying asset. The deal involved issue of RUB 4.373 billion Russian structured bonds by a Russian SPV, an SFO, – “SFO Locoservice finance” LLC.

LECAP team advised on deal structuring and provided full legal support, including liaising with a Russian rating agency and all key parties to the deal, as well as drafting deal and issue documentation.

LECAP project team included Elizaveta Turbina, partner, Michael Malinovskiy, partner, and Anna Gorelova, associate.