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Weil Advises Guggenheim on Unique Securitization of Rough and Polished Diamond Inventory

Weil advised Guggenheim Securities, as sole bookrunner, in a $155 million ABS bond offering by Diarough Group, a Belgium-based diamond dealer that supplies marquee jewelry chains including Tiffany and Cartier. The transaction, Four Seas 2017-1, is Diarough’s first rated term 144A ABS offering and is backed primarily by the Company’s inventory of polished and uncut diamonds and the consignment sales revenue related thereto. The transaction is multi-jurisdictional and involves diamonds located in the United States, Europe, Dubai and Hong Kong.

The Weil team advising Guggenheim was led by Frank Nocco, Co-Head of the Firm’s Global Structured Finance & Derivatives practice, and included Tax partner Larry Gelbfish, Structured Finance associates Jeffrey Dawidowicz and Georgina Draper (London), and Trainee Associate Emily Firmston (London) (all in New York unless otherwise specified).