Hogan Lovells advises LeasePlan on its new French public STS securitisation

Hogan Lovells advises LeasePlan on its new French public STS securitisation

Press releases | 08 April 2022

Hogan Lovells advised LeasePlan, one of the world’s leading leasing companies, on its new public 'simple, transparent and standardised' (STS) securitisation of auto lease and related residual value receivables originated by its French subsidiary, LeasePlan France.

After Bumper 10, this is the second public transaction originated from France. The transaction, with a volume of EUR 675,000,000, securitised over 38,000 auto lease contracts originated in France. The EUR 500,000,000 Class A note proceeds obtained with this transaction, which closed on 7 April 2022, will enable LeasePlan to further support its clients in their transition to a more sustainable fleet, though funds are not specifically earmarked for this purpose.

LeasePlan has 1.8 million vehicles in 29 countries, and manages the entire life cycle of the vehicles, from purchase and maintenance to the sale of returned lease vehicles. With close to 60 years of experience, the company is a reliable partner for large companies, SMEs and private individuals.

LeasePlan France is a leading actor in the French domestic multi-brand vehicle leasing market. LeasePlan has already set up similar Bumper transactions in other jurisdictions including the United Kingdom, Belgium, Germany and The Netherlands.

LeasePlan Corporation N.V. acted as Arranger, with Société Générale and ABN AMRO Bank N.V. acting jointly as Joint Lead Managers.

The EUR 500,000,000 class A notes and the EUR 32,500,000 class B notes were issued by the securitisation fund (fonds commun de titrisation) "Bumper FR 2022-1" 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 (high) (sf) by DBRS and Aaa (sf) and Aa2 (sf) by Moody's. Bumper FR 2022-1 also issued EUR 142,499,700 class C notes.

The Hogan Lovells team acted as originator lead counsel and was led by Laura Asbati (partner) with key support from Julie Toux (associate); Sharon Lewis (partner, Head of Financial Institutions Sector Industry Group), Ailsa Davies (senior associate) and Joanna Veitch (associate) handled swap aspects; Ludovic Geneston (partner) and Maryll Pizzetta (associate) handled tax aspects; Robert Masman (partner, Amsterdam) assisted by Jasmijn Touber (paralegal, Amsterdam) handled Dutch law aspects; Dennis Dillon (partner, London) handled aspects of U.S. law.

The Joint Lead Managers were advised by Linklaters.