LeasePlan places GBP 582.1 million of securities backed by UK leasing portfolio
Almere, 12 April 2012 – LeasePlan Corporation N.V. has successfully placed GBP 582.1 million of securities backed by the lease assets of its portfolio in the UK. LeasePlan placed the notes in two classes both rated AAA(sf) by Standard & Poor’s and Fitch, a EUR 445.8 million class A1 and a GBP 212.1 million class A2. There was a high level of oversubscription in the euro tranche and books included the highest quality institutional investors.
The transaction, labeled Bumper 5 (UK), has been priced at 1 month euribor +120 basis points for the class A1 euro notes and libor 1 month + 140 basis points for the class A2 sterling notes. The class A notes have a weighted average life of two years. In addition, GBP 46.1 million class B notes rated AA+(sf) with a spread of 1 month libor + 185 basis points were retained by the company.
The transaction is the first transaction to tap sterling investor demand. It is the fifth securitisation transaction under the programme called Bumper, which covers asset backed transactions in Germany, the Netherlands and the UK.
It follows on from Bumper 4 backed by Dutch leasing assets and placed in April 2011. In
addition to these jurisdictions, LeasePlan is also looking to expand the programme further
afield - LeasePlan is examining a number of jurisdictions with the aim to continue providing a
regular supply of asset backed paper.
The Bumper 5 transaction and the responses thereof demonstrate the continued confidence of investors in LeasePlan’s business model and diversified funding strategy.
For further information, please contact Meindert de Vreeze, Director Structured Finance & Securitisation, or call +31 36 529 3432 / +31 6 22944 681.
More information on LeasePlan securitisation programme and documentation for Bumper 5 can be found on http://www.leaseplan.com/pu/en/Securitisation
LeasePlan Corporation N.V.
Communications and Media Advisor
T: +31 (0)36 529 3626
T: + 353 1680 4005
Notes to editors
LeasePlan is a global vehicle leasing and fleet and vehicle management company of Dutch origin. We operate in 30 countries across Europe, North and South America and the Asia-Pacific. Established almost 50 years ago we manage a fleet size of over 1.3 million multi-branded vehicles, making us the world’s largest fleet and vehicle management provider in terms of fleet size. We offer a comprehensive portfolio of fleet management solutions covering vehicle acquisition, leasing, full service fleet management, strategic fleet selection and management advice, fleet funding, ancillary fleet and driver services and car remarketing.
We have a proven track record in enhancing our presence in traditional mature fleet markets, as well as expanding into new markets and growing our business to market leading positions. We are able to capitalise on our global growth presence and international network by providing expertise, savings and opportunities to meet the needs of large and multinational companies, small and medium sized enterprises and public sector entities. We aim to do this by using our expertise to make running a fleet easier for our clients. This is reflected in our universal promise to all our clients: ‘It’s easier to leaseplan’.
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