22 October 2007 - Gide Loyrette Nouel (London and Paris) advised Dexia Crédit Local on the launch of FCC SURF:

On 14 August 2007, Dexia Crédit Local launched FCC SURF, a French mutual debt fund (fonds commun de créances) acting by and through Eurotitrisation as management company and Bred Banque Populaire as custodian.

FCC SURF was set up for the acquisition of loans receivables originated by Dexia Crédit Local pursuant to a French law governed loans facility agreement dated 24 July 2007, pursuant to which Dexia Crédit Local and BNP Paribas grant loans to SANEF and SAPN in an aggregate principal amount of €1,500,000,000. Such loans receivables are guaranteed by FSA and MBIA.

In order to fund the transfer of the loans receivables, FCC SURF has issued four series of floating rate partly paid notes for an aggregate amount of €750,000,000. The notes issued by FCC SURF are governed by English law. Besides its innovative refinancing structure, another particularity of FCC SURF is that it is one of the first transactions for the securitisation of fully wrapped infrastructure financing in France.

The Gide Loyrette Nouel team which advised Dexia Crédit Local, in its capacity as arranger, on the French and English law aspects of the transaction was coordinated by Grégory Benteux (senior associate), led by partners Colin Mercer and Patrice Doat (partner), with William Oliver, Karine Imbrosciano, Zolika Bouabdallah and Phung Pham (associates).