Kyndal Spirits Ltd., a Glasgow, Scotland-based distillery, is in the pre-marketing phase of its securitization of whisky stock through WestLB. The £130 million deal has been in the works for some time and WestLB is hoping to price it over the next few weeks, says Grant Gazdig, the banker on the deal. It could not be learned for what the proceeds of the deal will be used.
Inventory deals are quite uncommon in Europe. There was a E100 million term securitization of diamonds in 2001 for Rosy Blue, a Belgium-based diamond wholesaler. There have also been securitizations of wool and champagne inventories. In addition, last year, Glencore, a Swiss commodities company, completed a $750 million securitization of commodity inventories through a commercial paper conduit (BW, 11/10).
