TIP Establishes $226.28MM ABS Facility

TIP, a portfolio company of I Squared Capital, established a new pan-European asset-backed securitization facility for its operational lease portfolio. The senior facility amounts to €200 million ($226.28 million) with a two-year tenor and is provided by Rabobank and Commerzbank. The facility has achieved the simple, transparent and standardized (STS) quality mark under the EU regulation framework for securitization.

TIP’s existing ABS senior facility of €100 million ($113.14 million) was established in 2014 under a Dutch law securitization structure for operating leases. This facility will be replaced by the new ABS.

“Combined with our recent successful RCF re-financing in July 2021, the new ABS program provides us with additional support for our long-term growth plans, continuing to support our customers,” Bob Fast, CEO of TIP, said.

“We are delighted to have a new ABS program comprising of a senior loan facility of €200 million with our two key partner banks, Rabobank and Commerzbank, adding robustness to our balance sheet,” Hans van Lierop, CFO of TIP, said. “We are closing 2021 with a strong balance sheet and liquidity position to support our long-term vision.”

Rabobank and Commerzbank acted as joint arrangers and senior lenders to TIP and I Squared Capital on the transaction.

Headquartered in the Netherlands, TIP is an equipment service provider specializing in trailer leasing, rental, maintenance and repair.

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