Global law firm White & Case has provided legal counsel to Goldman Sachs International on a warehouse securitisation worth up to USD150 million. The transaction involved buy now, pay later (BNPL) receivables originating from Nakhla for Information Technology Systems (Tamara) in Saudi Arabia.
The latest round brings Tamara’s total funding in equity and debt up to USD366 million. The deal will enable Tamara to access financing for additional receivables, which will aid in the expansion of its BNPL business in Saudi Arabia. The transaction structure offers a unique means for businesses in the region to monetise receivables and represents a positive trend toward more sophisticated structured solutions for raising finance in the Gulf Cooperation Council.
The White & Case team which advised on the transaction was led by partner Debashis Dey (Dubai & London, pictured right), and included local partner Greg Pospodinis (Dubai), counsel Raheel Butt (Dubai) and associates Salvia Matonyte, Eren Ayanlar, Ola Sanni, Gabrielle Lowe (all Dubai), Nezar Al-Abbas (Riyadh) and Yuning Zhou (Hong Kong).
Latham & Watkins and the Law Firm of Salman M. Al-Sudairi has advised Tamara in the transaction. The Latham team was led by London partner Tom Cochran and Dubai partner Eyad Latif (pictured left), with Dubai partner Christian Adams, counsel Omar Maayeh, and London associate Leah Morgan.
The Law Firm of Salman M. Al-Sudairi team was led by counsel Peter Norris, with associates Talal Abdul and Sumaya Bamakhrama.