COLOMBES, France, March 23, 2016 /PRNewswire/ --
Today Fraikin has signed the extension of its securitisation program for the financing of its European fleet (France, UK and Spain).
The new program, which includes an increased drawing facility of up to €1.2bn and a maturity extended to March 2021, brings together Fraikin's historical lenders (CACIB, Lloyds, Natixis) as well as new financial partners (BNP Paribas, Banco Santander, ING).
Financial terms including total amount, maturity and interest rate are significantly improved compared to the previous program and reflect the successful turnaround in Fraikin's financial performance initiated in 2015:
- +2% annual increase in revenue reaching €656 million;
- +34% annual increase in new fleet investment;
- Net contract additions significantly increased to c.1,400 in 2015;
- 5 new countries (Germany, Italy, Netherlands, Russia and Saudi Arabia) added to our footprint, reinforcing our European leadership;
Pierre Louis Colin, CEO, stated that:" As part of the Plan Rebond initiated in the summer of 2015 we pushed a limited number of key initiatives aiming at increasing operational efficiency and re-focusing on the key fundamentals of our business. This translated into positive growth in 2015. The momentum is even accelerating in 2016 with a February year to date turnover increase of 3%. The successful signing of this renewed and improved financing program is a clear evidence of the continued trust from our Lenders"
About Fraikin :
With seventy years of experience, the Fraikin Group is the leading European Contract Hire Company for industrial, utility and commercial vehicles. It has the largest fleet of multi-brand and multi-function vehicles (55,000 vehicles including 49,000 directly owned and 6,000 in fleet management) as well as the largest dedicated and integrated network with 180 agencies across all of Europe (France, Germany, Belgium, Luxembourg, the United Kingdom, Spain, Switzerland, Poland, the Czech Republic, Slovakia, Hungary, the Netherlands, Italy, and Russia) and in Saudi Arabia. Much more than a leasing company, Fraikin, with 2,800 employees, delivers to its customer solutions adapted to each of their needs, thanks to its unique know-how mixing reactivity and flexibility.
For further information: http://www.fraikin.com