Hogan Lovells in the securitisation of Italian SMEs' trade receivables carried out through the Fintech Platform "CrescItalia Lab"

MILAN, 22 May 2020 – International law firm Hogan Lovells has advised CrescItalia Holding S.r.l. and Zenith Service S.p.A., as co-arrangers, in connection with a securitisation of trade receivables arising from supply of goods and services rendered by Italian small and medium enterprises. Operating in various economic sectors, the securitisation of trade receivables was transferred without recourse (pro-soluto) through the Fintech platform "CrescItalia Lab".

The transaction has been carried out in accordance with the Italian securitisation (Law 130/99) through the special purpose vehicle CrescITA SPV S.r.l., as purchaser of the receivables, and the issue by the latter of asset-backed notes for an amount of €26 million, for funding the purchase of the receivables. The notes have been issued in a single class and privately placed to an institutional investor. 

The Hogan Lovells team was coordinated by counsel Giulia Arenaccio and partner Federico Del Monte, as well as associates Alessandro Azzolini and Matteo Scuriatti. Senior counsel Fulvia Astolfi e and senior associate Maria Cristina Conte advised on tax aspects of the transaction.

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