Hogan Lovells advises LeasePlan on its first Belgian public STS securitisation
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| 15
October
2021
Brussels, 15 October 2021 – International law firm Hogan Lovells advised LeasePlan, one of the world’s leading leasing companies, on a landmark EUR 675 million STS securitisation transaction involving its Belgian leasing fleet. The transaction is the first ever Belgian public securitisation of auto lease and residual value receivables and the first Belgian STS compliant securitisation involving a Belgian issuer.
LeasePlan has 1.9 million vehicles in over 30 countries, and manages the entire life cycle of the vehicles, from purchase and maintenance to the sale of returned lease vehicles. With over 50 years of experience, the company is a reliable partner for large companies, SMEs and private individuals.
LeasePlan Corporation N.V. acted as Arranger, with BNP Paribas and ING Bank N.V. acting jointly as Joint Lead Managers.
The class A notes, in an amount of 500,000,000 euros, and the class B notes, in an amount of 32,500,000 euros, were issued by Bumper BE NV/SA, an institutional company for investment in receivables organised as a public limited liability company (naamloze vennootschap/société anonyme) under Belgian law (institutionele vennootschap voor belegging in schuldvorderingen naar Belgisch recht/société d’investissement en créances institutionnelle de droit belge), acting through its compartment No. 1 and were officially listed and admitted to trading on the regulated market of the Luxembourg Stock Exchange. The notes are rated, respectively, AAA (sf) and AA (sf) by DBRS and Aaa (sf) and Aa1 (sf) by Moody's.
The transaction allows LeasePlan to further build on its strategy aimed at diversification of funding sources.
The Hogan Lovells team acted as originator legal counsel and was led by Paris-based structured finance counsel Laura Asbati, Amsterdam-based structured finance partner Robert Masman, Brussels-based structured finance head Ivan Peeters, with support from senior associate Ailsa Davies, and associate Frederik Stappers.
The Joint Lead Managers were advised by Stibbe.
Commenting, Robert Masman, Partner, Hogan Lovells International LLP, said: “We are delighted to have advised leading player LeasePlan on this landmark Belgium securitization transaction. “
Ivan Peeters added: “ It is great once again to be at the forefront of market developments in the Belgian structured finance space.”
LeasePlan Corporation N.V. acted as Arranger, with BNP Paribas and ING Bank N.V. acting jointly as Joint Lead Managers.
The class A notes, in an amount of 500,000,000 euros, and the class B notes, in an amount of 32,500,000 euros, were issued by Bumper BE NV/SA, an institutional company for investment in receivables organised as a public limited liability company (naamloze vennootschap/société anonyme) under Belgian law (institutionele vennootschap voor belegging in schuldvorderingen naar Belgisch recht/société d’investissement en créances institutionnelle de droit belge), acting through its compartment No. 1 and were officially listed and admitted to trading on the regulated market of the Luxembourg Stock Exchange. The notes are rated, respectively, AAA (sf) and AA (sf) by DBRS and Aaa (sf) and Aa1 (sf) by Moody's.
The transaction allows LeasePlan to further build on its strategy aimed at diversification of funding sources.
The Hogan Lovells team acted as originator legal counsel and was led by Paris-based structured finance counsel Laura Asbati, Amsterdam-based structured finance partner Robert Masman, Brussels-based structured finance head Ivan Peeters, with support from senior associate Ailsa Davies, and associate Frederik Stappers.
The Joint Lead Managers were advised by Stibbe.
Commenting, Robert Masman, Partner, Hogan Lovells International LLP, said: “We are delighted to have advised leading player LeasePlan on this landmark Belgium securitization transaction. “
Ivan Peeters added: “ It is great once again to be at the forefront of market developments in the Belgian structured finance space.”
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