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.
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 continues the work of Hogan Lovells on a number of previous transactions of this type on the Polish market (Hogan Lovells specialises in, among other things, legal and tax advisory services in the field of securitisation). Hogan Lovells, as a legal and tax advisor, was also involved in EFL’s previous lease receivables securitisations carried out in 2017.
Piotr Zawiślak (Partner, Hogan Lovells Warsaw office) and Tauhid Ijaz (Partner, Hogan Lovells London office) led and supervised the transaction.
The transaction team consisted of Mateusz Dereszyński (Senior Associate, Hogan Lovells Warsaw office), Andrea Salsi (Senior Associate, Hogan Lovells London office) and Deborah Giurgola (Associate, Hogan Lovells London office).
Andrzej Dębiec (Partner, Head of the Tax Department at the Hogan Lovells Warsaw office), and Zbigniew Marczyk (Counsel, Tax Department at the Hogan Lovells Warsaw office) were involved in providing tax advice in relation to the transaction.