A new pan-European Asset Backed Securitisation (ABS) facility has been created for TIP’s operational lease portfolio.
The Senior Facility is reported to amount to €200 million with a two-year tenor and is provided by Rabobank and Commerzbank. It has achieved Simple, Transparent and Standardised (STS) quality mark under the EU regulation framework for securitisation.
The existing ABS Senior Facility for €100 million was established in 2014 under a Dutch law Securitisation structure for operating leases. This facility will be replaced by the new ABS.
“Combined with our recent successful RCF re-financing in July 2021, the new ABS program provides us with additional support for our long-term growth plans, continuing to support our customers,” said TIP CEO, Bob Fast.
Hans van Lierop, CFO, added: “We are delighted to have a new ABS program comprising of a senior loan facility of €200 million with our two key partner banks – Rabobank and Commerzbank, adding robustness to our balance sheet. We are closing 2021 with a strong balance sheet and liquidity position to support our long-term vision.”
Rabobank and Commerzbank acted as joint arrangers and senior lenders to TIP and I Squared Capital on the transaction.
Headquartered in Amsterdam, the Netherlands, TIP 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 more than 120 locations spread over 18 countries in Europe and Canada.