ALTIUS Nominated for IFLR's Europe Awards

The Europe Awards are organised by the International Financial Law Review, winners will be awarded at a ceremony in London on March 18. Together with renowned UK law firms Lovells and McCann Fitzgerald, ALTIUS has been nominated in the category 'Structured Finance Deal of the Year' in connection with the firms’ involvement in the Delta Spark transaction.

The Delta Spark transaction is a repackaging of the credit rights related to the ex‐ante electricity tariff deficit incurred in Spain during 2007 and the first quarter of 2008. Two banks, Dexia Bank Belgium SA and DEPFA ACS Bank recently acquired the right to compensation for EUR1.3bn of the 2007 Ex-ante Tariff Deficit in an auction. Dexia and DEPFA are now repackaging this right to compensation via Delta SPARK Limited 2008‐1.

In this transaction, Delta SPARK issued one tranche of bonds and used the proceeds to buy the entire outstanding amount of the compensation rights held by Dexia and DEPFA (currently EUR 1,289.499m). The assignment of the compensation rights to Delta SPARK will be notified to the Comision Nacional de Energia (‘CNE’ the Spanish energy regulator) in accordance with Spanish regulations, following which the CNE will make payments directly to Delta SPARK. Fitch Ratings has assigned a final rating of ‘AAA’ to the notes to be issued by Delta SPARK.