Citigate Dewe Rogerson advising on the sale of the English Student Loan Book
HM Government is being advised by Citigate Dewe Rogerson on the communications for the sale of the English Student Loan Book. As set out in the 2016 Autumn Statement, the sale is expected to be the first in a series of sales of “pre-2012” English student loans targeting £12 billion of total proceeds by the end of financial year 2020-21.
The sale will comprise the future repayments on the outstanding balances on a selection of English Income Contingent Repayment (“ICR”) student loans which became eligible for repayment between 2002 and 2006. For the first time, Government is structuring a sale of student loans as a securitisation comprising five tranches of notes of varying seniority and maturity from senior, investment grade rated tranches to an unrated tranche.
UK Government Investments Limited (UKGI) is leading the sale on behalf of the Government. Barclays is acting as Sole Arranger for the sale. The Secretary of State for Education has mandated Barclays, Credit Suisse, Lloyds and JP Morgan to act as Joint Lead Managers and Joint Bookrunners for the sale. Rothschild is acting as independent adviser to the Government for the sale.
The CDR team working on the deal comprises Directors Andrew Hey, Chris Barrie, Toby Moore and Jos Bieneman.