Hogan Lovells has advised arrangers and joint lead managers Credit Agricole Corporate & Investment Bank and StormHarbour Securities LLP on the securitization of a portfolio of lease receivables worth PLN 2.2 billion, originated by Europejski Fundusz Leasingowy S.A., a Polish leasing company owned by Credit Agricole S.A. DLA Piper was legal advisor of EFL S.A., and Clifford Chance advised the European Investment Bank and European Investment Fund.
The structure of the transaction stipulates a three-year revolving period during which the repaid lease receivables are replaced by new ones on an on-going basis. Hogan Lovells describes it as "one of the largest publicly rated securitization transactions in terms of value carried out so far by an originator from Poland."
According to Hogan Lovells, "in accordance with the terms of the transaction, EFL Lease ABS 2017-1 Designated Activity Company, acting as the issuer (SPV), issued notes with a total nominal value of PLN 1.8 billion, secured by lease receivables of PLN 2.2 billion, purchased from Europejski Fundusz Leasingowy S.A. A sizable portion of the issued notes were acquired by domestic and international financial institutions, including the European Investment Bank. Furthermore, the European Investment Fund has provided a guarantee for those notes purchased by private investors. These notes have obtained the following ratings: 'A+ sf', granted by Fitch Ratings, and 'AAASF' granted by Scope Ratings."
The Hogan Lovells team was led and supervised by Partners Piotr Zawislak and Julian Craughan. The firm's transaction team consisted of Warsaw-based lawyers Artur Bilski and Jakub Matusielanski, London-based Senior Associate Fadzai Mandaza, and London-based Associate Victoria Hewitson. Partner Andrzej Debiec and Counsel Zbigniew Marczyk provided tax advice on the transaction. A separate Hogan Lovells team led by Partner Andrew Carey, supported by Associate Megan James, advised Citicorp Trustee Company Limited as Note Trustee and Security Trustee, and in its various agency capacities for the transaction.
Clifford Chance's Warsaw team was led by Of Counsel Jan Zdzienicki and consisted of Senior Associate Mateusz Chrusciak and Associate Paweł Zagorski. The firm's team in Paris consisted of Partner Jonathan Lewis and Senior Associate Sara Somogyi.
