Fraikin secures a 5-year revolving trucks fleet financing in France, UK and Spain by entering into a new pan-European Securitisation for a maximum amount of € 1,011 million

Fraikin, the major European Trucks Operating Lessor, entered into a new pan-European Securitisation for a maximum amount of € 1,011million arranged by Crédit Agricole CIB, as Lead Arranger, and Natixis, as Co-Lead Arranger. As part of the transaction, the FCT Eurotruck Lease II will issue Senior Notes and Junior Notes.

The transaction is backed by long term lease receivables and related truck’s residual value relating to a fleet of 49,000 trucks in France, UK and Spain managed by Fraikin.

At closing, the FCT Eurotruck Lease II issued € 577 million of Senior Notes rated A (sf) by Standard & Poor’s and € 42 million of Junior Notes rated BBB (sf) by Standard & Poor’s.

The purpose of this transaction is:

• to fully refinance the existing French fleet securitisation, which revolving period comes to an end in February 2013, and the borrowing base facility which is maturing in February 2013;
• to provide committed funding in view of financing new trucks purchase for the next 5 years.

With this transaction, Fraikin has achieved its target of securing 5-Year funding for its fleet in France, Spain and the UK, optimising the conditions and providing means for its future development.