February 10, 2020
Weil advised Guggenheim Securities, LLC, as placement agent and initial purchaser, in connection with a $100 million ABS bond offering by PG Receivables Finance LP, a special purpose vehicle sponsored by the Pluczenik Group. The offering and placement consisted of Class A-1 Notes, Class B Notes and Class C Notes, for which Guggenheim acted as initial purchaser, and Class A-2 Notes, for which Guggenheim acted as placement agent. The ABS bonds are backed by diamond trade receivables originated by members of the Pluczenik Group in multiple foreign jurisdictions. The transaction, which closed on January 29, 2020, was the first ever 144a securitization of diamond trade receivables.
The Weil team that advised Guggenheim was led by Global Structured Finance & Derivatives Co-Head Frank P. Nocco and included Structured Finance & Derivatives partner Alexander Martin, Tax partner Larry Gelbfish and Structured Finance & Derivatives associates Jeffrey Dawidowicz and Taymour Keen. Litigation counsel Adam Safwat also advised on matters relating to AML and KYC matters.