Cleary Gottlieb represented Goodyear in the renewal, amendment, and restatement of its pan-European securitization.
This program was established in December 2004 with Cleary’s assistance. The program, arranged by Crédit Agricole CIB and Natixis, provides for the sale by Goodyear affiliates in France, Germany, Italy, Spain, and the United Kingdom of trade receivables to securitization vehicles incorporated in France (with respect to non-Italian sellers) and Italy (with respect to the Italian seller).
The amendments made to the program include a six-year maturity extension, revised eligibility criteria, and various technical amendments to ensure the benefit of preferential capital treatment for investments in simple, transparent, and standardized (STS) securitizations under the EU Securitization Regulation.