News & Events

The Firm recently represented the underwriters, led by Citigroup Global Markets Inc. and Barclays Capital Inc., in connection with the asset backed notes offering by Mercedes-Benz Auto Receivables Trust 2010-1 (“MBART”), the issuing entity, of $280,000,000 principal amount of Class A-1 0.30912% Asset Backed Notes, $220,000,000 principal amount of Class A-2 0.70% Asset Backed Notes, $425,000,000 principal amount of Class A-3 1.42% Asset Backed Notes and $67,820,000 principal amount of Class A-4 2.14% Asset Backed Notes. The depositor, Daimler Retail Receivables LLC, will use the net proceeds from the offering to (1) purchase the receivables from the sponsor and servicer, DCFS USA LLC, (2) deposit an amount into the reserve fund and (3) pay for certain expenses incurred in connection with the issuance and sale of the notes. The receivables consist of motor vehicle installment sales contracts and installment loans purchased by DCFS USA LLC from dealers or originated by DCFS USA LLC in connection with the purchase by lessees of leased Mercedes-Benz automobiles and sport utility vehicles and smart fortwo microcars, and secured by security interests in the motor vehicles financed by those contracts or loans.

The Simpson Thacher team for the transaction included Laura Palma, Ana Navia and Shih-Chi Pan (Capital Markets), Moshe Schwerd (Tax) and Jeanne M Annarumma (Executive Compensation and Employee Benefits). Paralegal Matthew Glasser provided valuable assistance.