Equipment service provider, TIP Trailer Services, has refinanced its Asset Backed Securitisation (ABS) program, which will now run until March 2020.
The pan-European program was originally established in 2014 and was refinanced once in 2017.
“Combined with our recent successful five-year RCF refinancing, the ABS program provides us with additional support for our long-term growth plans, continuing to support our customers,” said TIP Trailer Services CEO, Bob Fast.
TIP Trailer Services CFO, Malachy McEnroe, is delighted to refinance its senior facility of €100 million with Rabobank, and existing provider, and one of its key partner banks.
“We have extended the current program, which provides us with 12 months to develop a revised program under the Basel III regulations for capital requirements on securitisations, and/or look at alternative funding options,” he said.
Headquartered in Amsterdam, the Netherlands, TIP Trailer Services is one of Europe and Canada’s leading equipment service providers, specialising in trailer leasing, rental, maintenance and repair, as well as other value added services and provides these to transportation and logistics customers across Europe and Canada. TIP services customers from 100+ locations spread over 17 countries in Europe and Canada.