BES receives $834m corporate loan in repackage deal

BES crisis 230x150
By Tom Porter
24 Jul 2014

Banco Espirito Santo has used a Luxembourg special purpose vehicle to repackage two classes of dollar notes into a corporate loan that bears no interest but repays fixed amounts on various payment dates.

Oak Finance Luxembourg was set up for the purpose of the transaction and issued two classes of dollar denominated notes on July 3, according to a rating note from Moody’s.

The SPV issued a $484.6m ‘Series 2014-01 Class A1’ fixed rate instalment note due 2016 with a 2.2% ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial