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Hogan Lovells advises LeasePlan on its first French public securitisation

16 February 2018

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Clémence Sauger

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+33 1 5367 1878

Hogan Lovells advised LeasePlan Corporation N.V. on the setting up of the first public securitisation of lease and related residual value receivables originated by its French subsidiary, LeasePlan France, for a total of 653,000,000 euros. 

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

LeasePlan Corporation N.V. acted as Arranger, with BNP Paribas and Société Générale acting jointly as Joint Lead Managers.

The class A notes, in an amount of 483,200,000 euros, and the class B notes, in an amount of 40,800,000 euros, were issued by the securitisation fund (fonds commun de titrisation) "Bumper 10" set up on this occasion 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 Aa3 (sf) by Moody's. Bumper 10 also issued class C notes in an amount of 128,999,700 euros.

The Hogan Lovells' team in charge of the transaction was led from Paris by Baptiste Gelpi (partner) and Laura Asbati (counsel) assisted by Ailsa Davies (senior associate) and Gabrielle Lawrence, Sharon Lewis (partner, Global Head - Finance Practice Group) handled aspects of the swap operations, Bruno Knadjian (partner) and Pierre Denizot-Heller (associate) handled aspects of tax law; Dennis Dillon (partner, London) handled aspects of U.S. law; Robert Masman (partner, Amsterdam) assisted by his team handled aspects of Dutch law.

The Joint Lead Managers were advised by Linklaters.


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