TIP Trailer Services successfully refinanced its asset-backed securitization (ABS) program. The Pan-European program was originally established in 2014 and is a securitization structure common under Dutch law for operating leases. The new program will run until March 2019.
“The extra funding and improved conditions will allow us to better support our leasing customers with competitive operating lease solutions in addition to providing them with a full range of maintenance services. It will further support our growth aims over the coming years,” said Bob Fast, CEO of TIP Trailer Services
“We had strong appetite from a number of banks for this program, but were delighted to renew and increase the senior facility to €100 million with Rabobank, our existing provider and one of TIP’s key partner banks. Since we’ve implemented the program in 2014, interest rates have declined and we have been able to re-finance on more attractive terms,” said Malachy Mc Enroe, CFO of TIP Trailer Services
“We originally structured this Pan-European program together with TIP Trailer Services in 2014. It was the first such program in the trailer leasing industry. We are delighted to continue to support TIP through this expanded ABS program,” said Sven Bax, managing director of Rabobank Wholesale.
TIP Trailer Services is a Canadian and European equipment service provider that specializes in trailer leasing, rental, maintenance and repair.
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