IFLR1000

Project Lansdowne - Cerberus £2 billion acquisition of CHL mortgage lending platform

31/7/2015
RMBS, Securitisation, Loan portfolio sale
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£ 2 billion

$ 2.437 billion

Completed

31/7/2015

Overview:

  • Cerberus has acquired the CHL mortgage lending platform from Permanent TSB.
  • The transaction is known as Project Lansdowne.
  • The funding structure involves both a public RMBS of CHL mortgages and a private warehouse backed by the same pool of assets.
  • Credit Suisse acted as arranger with JPMorgan, Lloyds and Morgan Stanley acting as joint lead managers.

Sam Duke - Editor

Jurisdiction:

United Kingdom

Deal types:

RMBS
Securitisation
Loan portfolio sale

Practice areas:

Capital markets : Structured finance and securitisation
M&A

Industry sectors:

Banking
Financial services

Firms:
Clifford Chance

Party: Credit Suisse (Arranger)

Party: JPMorgan Chase (Lead manager)

Party: Lloyds Banking Group (Lead manager)

Party: Morgan Stanley (Lead manager)

Party: TSB Banking Group (Seller)

Lawyers: Andrew Forryan, Hilary Evenett, Maggie Zhao

Linklaters

Party: Cerberus (Acquirer, Borrower)

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