Mallesons has advised Pepper Money Limited (Pepper Money) on its appointment as servicing partner in connection with the financing of HSBC’s A$36 billion Australian home loan portfolio.
Under the arrangements, a Blackstone led consortium of financiers will provide financing in relation to the portfolio, with Pepper Money appointed as servicing partner.
A separate Mallesons team advised the Blackstone-led consortium on the financing arrangements, with the firm’s work spanning both the financing and servicing aspects of the transaction.
Pepper Money is one of Australia’s largest non-bank lenders and has more than 20 years’ experience originating and servicing loans for its own account and on behalf of third parties.
The Mallesons team was led by Partners, Anne-Marie Neagle, Joseph Muraca, Kirsten Bowe, Kirsty Faichen and Kathryn Tomasic supported by Senior Associate Emma Bowman, Solicitor Georgia Tucker, Special Counsel Karen Litherland and Senior Associate Courtney Logue.
Commenting on the deal, Anne-Marie Neagle said:
“This transaction brings together institutional capital and Pepper Money’s specialist servicing capability, while supporting continuity for Australian borrowers.
Together with our work supporting Pepper Money on the recent acquisition of the RAMS mortgage portfolio, it builds on our long track record of delivering innovative solutions to help Pepper Money grow its operational scale and diversify its business offering.”
Joe Muraca said:
“It’s been great to work with the Pepper Money team once again on such a landmark transaction and to support its growth strategy. The transaction is another example of our role in helping bring to life complex portfolio transactions that continue to reshape the market.”
The matter follows Mallesons’ recent role advising Pepper Money and its consortium partners on the acquisition of the RAMS mortgage portfolio, reinforcing the firm’s experience on major Australian mortgage portfolio transactions.
