Gattai Minoli Agostinelli & Partners, with a team composed by the head of the structured finance department Emanuela Campari Bernacchi (equity partner) and by Salvatore Graziadei and Giacomo Muratore, advised Credimi in the restructuring of the fintech securitisation transaction completed on December 2016 through the special purpose vehicle Lumen SPV s.r.l. (formerly Merlino Securitisation s.r.l.).
Such securitisation represents the first securitisation transaction in the Italian fintech industry, in the context of which Credimi, the Italian leading on-line platform for the digital invoice financing, acts as seller – on a revolving basis – of various portfolios of trade receivables.
The restructuring was aimed to, among others, extend the revolving period and provide for the possibility to sell further portfolios of trade receivables and make further installment payments in relation to the asset-backed securities originally subscribed by institutional investors.