Slaughter and May advised NewDay Cards - debt issue under credit card, store card and instalment credit securitisation

Slaughter and May advised NewDay Cards Ltd (NewDay Cards) and its affiliates in relation to a  public debt issue under its credit card, store card and instalment credit securitisation.

The transaction involved the issuance, through a master trust structure, of £244.25 million of Series 2015-1 Floating Rate Asset Backed Notes (the Series 2015-1 Notes) by NewDay Partnership Funding 2015-1 Plc.

The Series 2015-1 Notes are ultimately backed by income from a portfolio of credit card, store card and instalment credit receivables beneficially owned by NewDay Partnership Receivables Trustee Ltd (the Receivables Trustee).

The Series 2015-1 Notes have been listed on the London Stock Exchange and comprise £185.25 million Class A Notes (rated S&P:AAA(sf)/Fitch:AAAsf), £22.5 million Class B Notes (rated AA(sf)/AAsf), £14 million Class C Notes (rated A+(sf)/A-sf), £10.125 million Class D Notes (rated BBB+(sf)/BBBsf), £6.875 million Class E Notes (rated BBB+(sf)/BBsf) and £5.5 million Class F Notes (rated BB(sf)/Bsf). The Class A, Class B, Class C, Class D, Class E and Class F Notes were all publicly sold, with Citigroup Global Markets Limited, Deutsche Bank AG, The Royal Bank of Scotland plc and Santander Global Banking & Markets acting as joint lead managers.

Under the securitisation structure, the Receivables Trustee has appointed NewDay Cards as servicer in respect of the portfolio. Legal title to the receivables within the portfolio remains with NewDay Ltd, which is an authorised payment institution and a wholly-owned subsidiary of NewDay Cards.

The transaction was co-arranged by Santander Global Banking & Markets and NewDay Cards.

Clifford Chance LLP provided English law advice to the joint lead managers and the co-arrangers.