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Abruzzo 2015 Sme S.R.L

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Abruzzo 2015 Sme S.R.L PROSPECTUS DATED 11 AUGUST 2015 ABRUZZO 2015 SME S.R.L. (incorporated with limited liability under the laws of the Republic of Italy) €322,900,000 Class A Asset Backed Floating Rate Notes due November 2065 Issue Price: 100 per cent This prospectus (the “Prospectus” or the “Offering Circular”) contains information relating to the issue by Abruzzo 2015 SME S.r.l., a limited liability company organised under the laws of the Republic of Italy (the “Issuer”) of the €322,900,000 Class A Asset Backed Floating Rate Notes due November 2065 (the “Class A Notes” or the “Senior Notes”). In connection with the issuance of the Senior Notes, the Issuer will issue two classes of junior notes as follows: €154,920,000 Class J1 Asset Backed Floating Rate and Additional Return Notes due November 2065 (the “Class J1 Notes”) and the €79,205,000 Class J2 Asset Backed Floating Rate and Additional Return Notes due November 2065 (the “Class J2 Notes” and together with the Class J1 Notes, the “Class J Notes” or the “Junior Notes and, together with the Senior Notes, the “Notes”). The Class J Notes are not being offered pursuant to this Prospectus. This Prospectus is issued pursuant to article 2, paragraph 3, of Italian Law number 130 of 30 April 1999 (“Law 130” or also the “Securitisation Law”) in connection with the issuance of the Notes. This Prospectus is a prospectus with regard to Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 (as amended, the “Prospectus Directive”) including any implementing measure in Ireland. This Prospectus has been approved by the Central Bank of Ireland (the “Central Bank”), as competent authority under the Prospectus Directive. The Central Bank only approves this Prospectus as meeting the requirements imposed under Irish and EU law pursuant to the Prospectus Directive. Application has been made to the Irish Stock Exchange for the Senior Notes to be admitted to the Official List and trading on its regulated market. Such approval relates only to the Senior Notes which are to be admitted to trading on the regulated market of the Irish Stock Exchange or other regulated markets for the purposes of Directive 2004/39/EC or which are to be offered to the public in any Member State of the European Economic Area. No application has been made to list the Class J Notes on any stock exchange. The net proceeds of the offering of the Notes will be mainly applied by the Issuer to fund the purchase of two portfolios of monetary claims (the “Portfolios” and the “Claims”, respectively) arising under mortgage loans and unsecured loans originated by Banca Tercas S.p.A. (“Banca Tercas”) and Banca Caripe S.p.A. (“Banca Caripe” and together with Banca Tercas, the “Originators”). The Portfolios have been purchased by the Issuer under the terms of two transfer agreements between the Issuer and each Originator pursuant to the Securitisation Law executed on 27 July 2015 (each a “Transfer Agreement” and collectively the “Transfer Agreements”). The principal source of payment of interest and repayment of principal on the Notes will be collections and recoveries made from or in respect of the Portfolios. By virtue of the operation of article 3 of the Securitisation Law and the Transaction Documents, the Issuer’s right, title and interest in and to the Portfolios and the other Segregated Assets will be segregated from all other assets of the Issuer (including any other portfolios of receivables purchased by the Issuer pursuant to the Securitisation Law) and any cash- flow deriving therefrom (to the extent identifiable) will be available, both prior to and following a winding up of the Issuer, to satisfy the obligations of the Issuer to the Noteholders and to the Other Issuer Creditors or to any other creditors of the Issuer in respect of any costs, fees and expenses in relation to the Securitisation, in priority to the Issuer’s obligations to any other creditors. If the Notes cannot be redeemed in full on the Final Maturity Date following the application of all funds available, as a result of the Issuer having insufficient funds available to it in accordance with the Conditions for application in or towards such redemption, the Issuer will have no other funds available to it to be paid to the Noteholders. If any amounts remain outstanding in respect of the Notes upon expiry of the Final Maturity Date, such amounts (and the obligations to make payments in their respect) will be deemed to be released by the Noteholders and the Notes will be cancelled. The Notes will be subject to mandatory redemption in whole or in part on each Payment Date. Unless previously redeemed in accordance with their applicable terms and conditions (the “Conditions”), the Notes will be redeemed on the Payment Date falling in November 2065 (the “Final Maturity Date”). The Notes of each Class will be redeemed in the manner specified in Condition 6 (Redemption, Purchase and Cancellation). Before the Final Maturity Date, the Notes may be redeemed at the option of the Issuer at their Principal Amount Outstanding together with accrued interest to the date fixed for redemption under Condition 6.2 (Redemption for Taxation) and Condition 6.4 (Optional Redemption). Interest on the Notes will accrue from 12 August 2015 (the “Issue Date”) and will be payable on 30 November 2015 (the “First Payment Date”) and thereafter quarterly in arrear on the last calendar day of February, May, August and November in each year (each a “Payment Date”) or if any such day is not a Business Day (as defined in the Condition), the following Business Day (as defined in the Condition). The Notes will bear interest from (and including) a Payment Date to (but excluding) the next following Payment Date (each an “Interest Period”) provided that the first Interest Period (the “Initial Interest Period”) shall begin on (and include) the Issue Date and end on (but exclude) the First Payment Date. The Notes of each Class shall bear interest at an annual rate equal to the Euro-Zone Inter-bank offered rate for three months deposits in Euro (the “Three Month EURIBOR”) (or in the case of the Initial Interest Period, the linear interpolation between the Euro-Zone Inter-bank offered rate (“Euribor”) for 3 and 6 month deposits in Euro) plus a margin of: 1.00% per annum for the Class A Notes; 2.00% per annum for the Class J1 Notes; 2.00% per annum for the Class J2 Notes. On each Payment Date a Class J1 Notes Additional Return and a Class J2 Notes Additional Return (each as defined below) may or may not be payable, respectively on the Class J1 Notes and the Class J2 Notes, in addition to interest. All payments of principal and interest on the Notes will be made free and clear of any withholding or deduction for Italian withholding taxes, subject to the requirements of Italian Legislative Decree number 239 of 1 April 1996, as amended and supplemented, unless the Issuer is required by any applicable law to make such a withholding or deduction. If any withholding tax is applicable to the Notes, payments of interest on, and principal of the Notes will be made subject to such withholding tax, without the Issuer or any other Person being obliged to pay any additional amounts to any holder of Notes of any Class as a consequence. The Notes will be held in dematerialised form on behalf of the Noteholders as of the Issue Date until redemption or cancellation thereof by Monte Titoli S.p.A. (“Monte Titoli”), for the account of the relevant Monte Titoli Account Holders. The expression “Monte Titoli Account Holders” means any authorised financial intermediary institution entitled to hold accounts on behalf of its customers with Monte Titoli and includes any depository banks appointed by Clearstream Banking S.A. (“Clearstream”) and Euroclear Bank S.A./N.V., as operator of the Euroclear System (“Euroclear”). Monte Titoli shall act as depository for Clearstream and Euroclear. The Notes will at all times be evidenced by book- entries in accordance with the provisions of article 83-bis of Italian Legislative Decree number 58 of 24 February 1998 and with the Regulation jointly issued by Commissione Nazionale per le Società e la Borsa (“CONSOB”) and the Bank of Italy on 22 February 2008, as amended from time to time. Calculations as to the expected average life of the Class A Notes can be made based on certain assumptions as set out in the section “Weighted Average Life of the Class A Notes”, including, but not limited to, the level of the prepayment of the Claims. However, there is no certainty either that the assumptions made will materialise or that the Class A Notes will receive their full principal outstanding and all the interest accrued thereon and ultimately the obligations of the Issuer to pay principal and interest on the Class A Notes could be reduced as a result of losses incurred in respect of the Portfolios. The Senior Notes are expected, on issue, to be rated “Aa2(sf)” by Moody’s Italia S.r.l. and “A(sf)” by DBRS Ratings Limited. A credit rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, revision or withdrawal at any time by the assigning rating organisation. As of the date hereof, Moody’s Italia S.r.l. and DBRS Ratings Limited are established in the European Union and are registered under Regulation (EC) number 1060/2009, as amended by Regulation (EC) number 513/2011 and Regulation (EC) number 462/2013 (the “CRA Regulation”), as it appears from the most updated list published by the European Securities and Markets Authority on the webpage http://www.esma.europa.eu/page/List-registered-and-certified-CRAs.
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