Macfarlanes advises USS on majority stake purchase of middle-market fund financing facilities from Credit Suisse
The portfolio is valued at $3.1bn and is secured by an underlying portfolio of loans to medium-sized European companies.
This is the first time that a UK pension fund has collaborated with an investment bank to provide senior portfolio financing to the middle-market sub-sector on this scale.
As part of the transaction, Credit Suisse will perform a range of services in relation to the existing portfolio. This includes on-going risk management and origination services.
The large Macfarlanes team was led by banking and finance partner Richard Fletcher alongside tax partner Damien Crossley, derivatives and trading partner William Sykes, employment partner Hayley Robinson and financial services partner Michelle Kirschner. Further expertise was provided by commercial partner Rupert Casey, investment management partner Alex Amos, corporate and M&A partner Alex Edmondson and pensions partner Camilla Barry.
The partners were assisted on this matter by banking and finance solicitors Triona Ryan, John Donnelly and Pooja Jain, tax senior counsel Hilary Barclay, derivatives and trading solicitor Edward Swainston, employment solicitor Helen Noel and financial services solicitor Romin Dabir.