The Authority, on behalf of the Client, The Department of Business Innovation and Skills (“BIS”) is inviting proposals for the provision of Legal advice to BIS on a proposed monetisation (the “Proposed Monetisation”) of the Student Loan Company's (“SLC”) “Income Contingent Repayment” Student loans portfolio. At the end of the 2012/13 financial year, the face value of the Pre-Browne ICR Loan Portfolio was approximately GBP 45 billion. Following write-offs and other deductions, the approximate carrying value of the Pre-Browne ICR Loan Portfolio in the BIS accounts is approximately GBP 30 billion.The precise structure of the Proposed Monetisation is still being considered. However, it is envisaged that the Proposed Monetisation will be effected by way of the loan sale to the private sector or a securitisation process.

The successful bidder will be expected to demonstrate proven capacity to handle a complex, cross-Government assignment of this kind and show strength in-depth in the following areas: experience and knowledge of working on a transaction of comparable novelty, complexity and importance

(experience of bringing a new class of asset to market would be particularly useful),ability to lead all of the legal aspects of the transaction from preparation to completion ,a strong cross-practice team with top level capabilities in general corporate/M&A, DCM and securitisation, with proven capabilities in the UK, EU and US (Reg S and S. 144A), experience of working with HMG and in managing projects involving multiple delivery partners; and ability to lead the legal aspects of a dual-track process to progress both the sale and securitisation options.