In the context of its pan-European securitisation, FRAIKIN is supplementing the revolving loan closed in March 2016 with the issuance of 335 million euros term notes over five years. These notes, rated by Standard & Poor’s, were subscribed by several European insurance companies and banks.
Through the refinancing of its securitisation, FRAIKIN extended its fleet debt duration for five additional years, increased its maximum commitment to 1.2 billion euros, leaving 200 million not yet drawn and therefore available to secure its future investments and European growth. Last but not least, the new securitisation is attractively priced and so contributes to the reduction of Fraikin’s average debt cost. This operation is part of the on-going positive results of the Group, in line with the 2016 budget, highlighted by a steady growth of the turnover over the first half-year period.
Jean-Philippe Grégoire, Group Chief Financial Officer explains: “These term notes are a necessary part of the diversification strategy started in 2015. It enables the Group to become better known amongst bankers and investors, with whom we intend to form lasting relations of confidence.”