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RAMS Home Loans
Extendable commercial paper conduit
Mayne Wetherell acted in relation to the establishment of a conduit, Securitised Term Assets Corporation Limited (STAC) which jointly and severally with its US vehicle, RAMS Funding LLC, issues extendable commercial paper into the USCP market. STAC uses the issuance proceeds to purchase Australian residential mortgage-backed securities (RMBS) issued by RAMS Mortgage Securities Pty Limited as trustee for the RAMS Mortgage Securities Trust. The transaction is particularly notable as STAC and RAMS Funding LLC are the first issuers of extendable commercial paper funding Australian based assets in the US market and the first non-bank supported conduit operating in the Australasian markets. This transaction has been awarded the Australasian Legal Business Award for the Securitisation Deal of the Year 2006.
Mayne Wetherell acted for RAMS Home Loans in relation to its restructures of the extendable commercial paper programme in 2006 and 2007. |
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