This transaction represented a refinancing of the Avon Finance No.1 plc transaction, on which Reed Smith advised in the summer of 2020.
Reed Smith advised Capita on the new RMBS structure including an interim servicing and legal titleholder arrangement under which the legal title to the mortgage portfolio is set to transfer from Co-operative Bank entities to Capita within the next 12 months.
The London-based Reed Smith team advising Capita was led by Financial Industry Group partners, Sarah Caldwell and Nathan Menon, who were supported by Kelly Knight, Alice Powell, Claudia Gwinn, and financial regulatory partner Romin Dabir.
Menon said: “We were delighted to advise on this transaction, which represents a strategic milestone for Capita, and is their first refinancing of a servicing mandate with Barclays and PIMCO.”
Reed Smith’s finance-focused lawyers are experienced in every aspect of the financial sector, having advised banks and financial institutions on finance, lending, investment management, restructuring and insolvency, regulatory, and litigation transactions across the globe.
About Reed Smith
Reed Smith is a dynamic international law firm dedicated to helping clients move their businesses forward. With an inclusive culture and innovative mindset, we deliver smarter, more creative legal services that drive better outcomes for our clients. Our deep industry knowledge, long-standing relationships and collaborative structure make us the go-to partner for complex disputes, transactions and regulatory matters. Our team of 3,000 people (including more than 1,700 lawyers) operate across 31 offices in the United States, Europe, the Middle East and Asia to drive progress for our clients, for ourselves and for our communities.
For more information, please visit reedsmith.com.
