FRAIKIN announces closing of EUR 1,45 billion securitisation

Implementation of a new fleet financing programme on the French, English and Spanish markets

FRAIKIN, the European leader in commercial vehicle leasing, announces that its fleet financing securitisation programme, was successfully refinanced last December for a period of 3 years and a total commitment amount of EUR 1.45 billion.

This is the fifth securitisation issued by the group, after those in 2004, 2008, 2012 and 2016.

Under the terms of this new transaction, the Eurotruck Lease FCT (“Fonds Commun de Titrisation”) provides funding to FRAIKIN ASSETS, a wholly owned subsidiary of the group, through the issuance of several Senior and Mezzanine tranches.

This new programme confirms the relevance of Fraikin’s financing strategy, consisting in funding its assets via a securitisation programme by allowing the group to integrate and refinance the fleet of its subsidiary Via Location, acquired in October 2020.

We are very satisfied with this transaction which is a key enabler to accelerate our growth in Europe and continue to improve our financial performances. Also, it demonstrates the trust in Fraikin’s strategy to become the leading full-service fleet operator providing our customers with efficient and sustainable mobility solutions for commercial and industrial vehicles.”

Yves Pétin, CEO of FRAIKIN.

Compared to our last EUR 1.2 billion programme, the entry of new banks and investors provided additional liquidity and permitted to raise an additional EUR 250 million of financing, bringing the total commitment to EUR 1.45 billion. This programme was structured to ensure greater visibility and to respond to market and regulatory constraints.”

Augustin Huyghues Despointes, Interim Group CFO.

With this transaction, FRAIKIN intends to ensure a sustainable financing of its fleet and its growth in France, the UK and Spain.

The transaction has been co-arranged by Bank of America and Barclays. Equitis Gestion (a member of IQ-EQ) was entrusted with setting up and managing the new FCT and also acts as fiduciary. Société Générale Securities Services was appointed custodian of the transaction.

FRAIKIN was advised in this project by:

  • Accola / Redbridge DTA, financial advisor
  • Orrick, Herrington & Sutcliffe LLP,
  • Deloitte Société d’Avocats,
  • Uria Menendez.