9 October 2015
Clifford Chance advises British Business Bank and BIS on establishing ENABLE Funding programme and initial £100 million facility for Hitachi Capital
International law firm Clifford Chance has advised the British Business Bank and the Department for Business, Innovation and Skills (BIS) in connection with the establishment of the British Business Bank's innovative ENABLE Funding programme and its first transaction - a £100 million facility to Hitachi Capital (UK) plc.
The ENABLE Funding programme, which is the first of its kind in the UK, has been established to make it easier for smaller businesses to access asset finance. Existing asset finance providers often lack the scale to access capital markets, so by 'warehousing' asset finance receivables from different originators and ultimately refinancing through securitisation, institutional investors' funds can support UK business investment and growth.
Fifty per cent of the financing provided to Hitachi has been guaranteed by the European Investment Fund, which is also advised by Clifford Chance.
Following the completion of the Hitachi facility, it is anticipated that further mid-market finance providers will make use of the ENABLE Funding programme.
The cross-practice Clifford Chance team was led by London capital markets partner Maggie Zhao, assisted by senior associate Jennifer Mitchell, London tax partner Chris Davies, assisted by senior associate Lisa Barningham. London regulatory senior associate Owen Lysak provided regulatory support.