Hogan Lovells advises on the securitisation of lease receivables worth PLN 2.2 billion

Press releases | 10 November 2021

In one of the largest Polish transactions of it’s kind, the Warsaw and London offices of Hogan Lovells advised the arrangers, Crédit Agricole Corporate & Investment Bank SA and StormHarbour Securities LLP, on the securitisation of a portfolio of lease receivables worth PLN 2.2 billion, originated by Europejski Fundusz Leasingowy S.A (EFL).

In accordance with the terms of the transaction, EFL Lease ABS 2021-1 DAC, acting as the issuer (SPV), issued notes with a total nominal value of PLN 1.7 billion, secured by lease receivables of PLN 2.2 billion, purchased from Europejski Fundusz Leasingowy S.A.

The programme included leasing agreements for new and used fixed assets – cars, trucks, and equipment and machines. The European Investment Bank, which is the leading investor, acquired issued notes in the amount of PLN 0.9 billion. The remaining notes were covered by a guarantee granted by the European Investment Fund and purchased by ING Bank Śląski S.A.

This builds on the firm’s work on a number of previous transactions of this type in the Polish market including advising on EFL’s previous lease receivables securitisations carried out in 2017.

Piotr Zawiślak (partner, Warsaw) and Tauhid Ijaz (partner, London) led and supervised the transaction. The transaction team consisted of Mateusz Dereszyński (senior associate, Warsaw), Andrea Salsi (senior associate, London) and Deborah Giurgola (associate, London). Andrzej Dębiec (partner, head of the Warsaw tax team), and Zbigniew Marczyk (Counsel, tax, Warsaw) provided tax advice in relation to the transaction.