NICK BRITTAIN has a broad range of experience in general banking and finance law, but practices principally in the area of structured finance and securitization transactions. Nick was involved in one of the first UK CMBS restructurings, acting for a subordinated lender and principal arranger of the restructuring. More recently, Nick has focused on renewable energy, including the structuring and implementation of the first UK solar panel securitization and a subsequent program of renewable energy structured finance transactions. He has also acted for mezzanine lenders in complex mezzanine property finance acquisitions and development financings, for arrangers on life settlement transactions, and has advised on a broad range of servicing, strategic and enforcement issues for CMBS clients.
- Acted on the first UK securitization of feed in tariff income from solar parks. RPI-Linked Secured Notes were listed on the London Stock Exchange. The Notes were secured over a loan that was, in turn, secured over tariffs paid to the owner of two photo-voltaic solar arrays under the UK renewable energy regime.
- Acted on the securitization of feed in tariff income from a group of UK solar panel array generation facilities, involving the issue of a 25-year RPI linked bond, listed on the London Stock Exchange, which is secured over the solar parks and feed in tariff income as part of a program that is capable of financing a broad range of renewables facilities. This was the first UK solar park securitization to be implemented within this program.
- Acted on a complex cross currency, dual jurisdiction, three-tier structure for the financing of the acquisition of a development loan under which secured delayed draw notes were issued to U.S. investors.
- Acted for the mezzanine lender on the financing of an acquisition of a student accommodation portfolio and the subsequent restructuring and refinancing of acquisition debt.
- Acted for the mezzanine lender on the financing of the acquisition of a European headquarters for a mobile phone airtime supplier through development financing.
- Acted for the arranger on the acquisition of a portfolio of life settlements, financed using listed debt as well as the subsequent restructuring of that debt.
Nick is recommended in The Legal 500 UK 2017 for Derivatives & Structured Products and Securitisation. In the 2016 edition, clients described Nick as “approachable, clear and extremely knowledgeable.” Nick has also been recognized by the International Law Office’s 2015 Client Choice Awards for Securitization & Structured Finance. Most recently, he has been listed in Best Lawyers 2022 for Securitisation Law.