Global law firm White & Case LLP has advised Goldman Sachs, Citi, ATLAS SP Partners (ATLAS) and Apollo on a warehouse securitisation of buy now, pay later receivables originated by Tamara Finance Company (Tamara), a market leading consumer financing fintech platform in Saudi Arabia.
“We have supported Goldman Sachs, Citi, ATLAS and Apollo on successfully refinancing Tamara’s first of its kind Gasoline 1.0 buy now, pay later securitisation in Saudi Arabia, which was originally arranged by Goldman Sachs in 2023 with the help of White & Case,” said White & Case partner Debashis Dey, who led the Firm’s deal team. “The transaction is a milestone for Tamara that will allow it to increase its consumer product bandwidth, for both ATLAS and Apollo for whom it is their largest private credit transaction in Saudi Arabia, and for the wider structured credit market in the GCC, demonstrating signs of increasing sophistication. The deal also continues to demonstrate our market leading expertise in executing highly complex structured finance transactions in the Middle East, including transactions involving Shariah compliant techniques.”
With a commitment that can be scaled to US$ 2.4 billion, the transaction is the largest limited recourse funding in Saudi Arabia for a fintech company in the consumer sector to date. It also includes Murabaha financings, reflecting the regional commitment by Tamara and the associated financial institutions’ commitment to ethical investment practices.
The White & Case team which advised on the transaction was led by partner Debashis Dey (Dubai & London) and included partner Anthony Colegrave (London), local partner Nezar Al Abbas (Riyadh) and associates Salvia Matonyte, Eren Ayanlar, Felix Mueller, Ola Sanni (all Dubai), Yuning Zhou (Hong Kong) and Lara Taylor (London).
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Read the orginal article: https://www.whitecase.com/news/press-release/white-case-advises-goldman-sachs-citi-atlas-and-apollo-us24-billion-warehouse
