September 2024
Context
Renewal and expansion of Elior’s securitisation program
Objectives
- Programme size expansion (new sellers, new jurisdictions, new asset classes)
- Increase in quantum of deconsolidating funding
- Addition of new lenders
- Funding of statistically estimated unbilled receivables
- Cost optimisation
- STS qualification
Methodology
- Asset portfolio review
- RFP launched with Elior’s banking partners
- Negotiation with shortlisted banks aiming at optimising the structure and the financial terms of the transaction
- Funding of unbilled receivables on a statistical basis: modelling, documentation, STS labelling, deconsolidation
- Documentation review, notably calculation annexes, triggers, dilution risk treatment
Results
- Programme size expanded from EUR360m to EUR800m
- Deconsolidating funding increased
- Three new lenders added to the transaction
- Funding of statistically estimated unbilled receivables up to 20% of programme size.
- Cost optimisation through credit premium squeeze
- STS qualification obtained