DLL has closed a 2018-2 ABS (Asset Backed Securities) securitisation transaction in the United States in excess of $1bn (€880m). This is the largest equipment finance securitisation in recent history in US markets.
The transaction follows two successful DLL securitisations in November 2017 for $501.5m and in May 2018 for $824.4m. Matthew Goldenberg, DLL vice president of US capital markets, said: “We are pleased with the strong execution and expanded investor participation in our largest transaction to date. This successful transaction is an endorsement by investors and rating agencies of the strong and consistent results of our portfolios.”
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The notes are backed by a pool of loans, leases and other financing solutions with respect to copiers, printers, networking, and office equipment originated by De Lage Landen Financial Services in the US. The transaction includes four Senior classes of $225.0m class A1 notes, $349.0m class A2 notes, $349.0m class A3 notes, and $100m class A4 notes rated P-1/A-1 and Aaa/AAA by Moody’s Investors Services and S&P Global Ratings respectively.
“Our securitisation transactions continue to be a part of DLL’s long-term growth strategy to diversify our funding base and liquidity risk,” said Marc Dierckx, DLL chief financial officer and member of the executive board. “Going forward, we intend to pursue further transactions and will look at other opportunities to complement our primary source of funding, which continues to be our parent, Rabobank.”
Back across the Atlantic in September the European Investment Bank signed an agreement with DLL establishing support for Dutch and Belgian SMEs.
The credit facility includes €100m (£89m) and is intended to enable Dutch and Belgian companies engaged in ‘sustainable and circular business’ to benefit from a lower interest rate. The funding can also apply to mid-cap companies in region with less than 3,000 employees. Through this EIB funding facility approximately 200 businesses will be able to benefit from a decreased interest rate.
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