Paul Hastings Advises On US$300 Million Securitisation For Samsung Card
Paul, Hastings, Janofsky & Walker (Paul Hastings) has represented Standard Chartered Bank as arranger, lead manager and swap provider and HSBC as note trustee in relation to a US$300 million credit card receivables securitisation for Samsung Card Co., Ltd (Samsung Card) in Korea. The transaction, which was completed on 18 November 2005, was Samsung Cards 7th cross-border securitisation. A special purpose vehicle incorporated in the Cayman Islands, Frontier VII Limited, issued two classes of notes which mature in August 2009. A team of English qualified lawyers from Paul Hastings Securitisation and Structured Finance Group in Hong Kong, led by partners Neil Campbell and Michelle Taylor, worked on the transaction. Neil Campbell, partner and head of the Paul Hastings Securitisation and Structured Finance Group, commented: We are very pleased to have acted on this latest securitisation for Samsung Card and Standard Chartered Bank. The deal was completed in a very short time-frame which illustrates how a repeat issuer like Samsung Card can benefit from the increasing sophistication of the Korean securitisation market. Paul, Hastings, Janofsky & Walker, founded in 1951, is a global law firm with 1,000 lawyers located in 17 offices in Asia, Europe and the United States. Paul Hastings has one of Asias largest global legal practices, with a team of over 130 lawyers located in Hong Kong, Beijing, Shanghai and Tokyo. The firms Securitisation and Structured Finance Group has won a number of awards for recent innovative transactions.