Investment of EUR 37 million in senior notes under securitisation structure in Greece issued by Cronus Finance Designated Activity Company (the "Issuer"). The structure is backed by a portfolio of performing auto leases, originated and sold by Olympic Commercial and Tourist Enterprises S.A. (the "Company" or "Olympic") to the Issuer for the purpose of securitisation.
The proceeds of the securitisation will be used by Olympic to diversify its funding base, reduce its diesel footprint by replacing existing fleet with electric and hybrid vehicles, as well as to extend new leases to existing and new corporate and SME clients.
ETI score: 61
The Bank's investment will facilitate the expansion of Olympic's leasing portfolio and contribute to better matching assets and liabilities in terms of maturity. The transaction will also contribute to capital market development, deepening the investor base by attracting for the first time a private investor to a non-banking institution securitisation. Furthermore, this is the first securitisation transaction in Greece that part of the proceeds will be used for green investments, supporting Olympic to reduce its environmental footprint.
CRONUS FINANCE DESIGNATED ACTIVITY COMPANY ABS
Issuer: Cronus Finance Designated Activity Company is a special purpose vehicle established in Ireland for the purposes of the true sale, revolving securitisation of auto leases originated by Olympic.
Originator: Olympic is the leading car rental company in Greece and the master franchisee of Avis Budget Group, holding a market share of around 30 per cent. With a fleet of more than 38,000 vehicles, the company is active both in the car rental and leasing segments, as well as in sales of used cars.
EBRD Finance Summary
Investment of EUR 37 million in senior notes
Total Project Cost
Additionality sources comprise i) Financing Structure i EBRD offers financing that is not available in the market from commercial sources on reasonable terms and conditions. Such financing is necessary to structure the project, and ii) Knowledge, innovation and capacity building i EBRD provides expertise, innovation, knowledge and/or capabilities that are material to the timely realisation of the project's objectives, including support to strengthen the capacity of the client.
Environmental and Social Summary
Categorised FI (ESP 2014). The Company will be required to continue to comply with the EBRD's Performance Requirements 2, 4 and 9, implement the EBRD's E&S Risk Management Procedures for Leasing companies and submit Annual Environmental and Social Reports to the Bank.
Technical Cooperation and Grant Financing
Company Contact Information
+30 210 6879800
50A, Vasileos Georgiou, Chalandri 15233, Greece
PSD last updated
08 Oct 2020
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