Press Release AUTO1 Group commences € 0.5bn ABS programme to finance inventory Berlin, 8 February 2021 - In accordance with its previously announced plans, on 29 January, AUTO1 Group, Europe's leading digital platform for buying and selling used cars online, initially utilized its €485m asset-backed security (ABS) financing. The company plans to use the proceeds from the notes issued under this programme to fund its inventory across Europe to improve its already vast car selection for wholesale and retail customers. The ABS programme comprises a €400mm senior note tranche, which received an 'A(sf)' investment grade rating, a €35mm mezzanine note tranche with a split 'BBB(sf)' / 'BB(sf)' rating as well as a €50mm junior-ranking risk retention tranche, with a blended cost of interest of less than 2%. Markus Boser, CFO of AUTO1 Group: "This innovative ABS programme will allow us to quickly expand our inventory, making it possible to offer our customers even more choice across more than 80 car brands and all relevant price points. We are proud to have received an investment grade rating for the senior tranche from two leading rating agencies, which reflects the strength and stability of our digital platform for buying and selling cars online. This financing structure shows the strong support AUTO1 has from our banking partners as well as the capital markets." Crédit Agricole Corporate and Investment Bank acted as lead arranger for the facility, while Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, HSBC, Intermediate Capital Group, and Royal Bank of Canada joined as noteholders. AUTO1 Group was advised by Freshfields Bruckhaus Deringer Rechtsanwälte Steuerberater PartGmbB. Hogan Lovells advised the senior lenders. About AUTO1 Group
AUTO1 Group SE | Bergmannstraße 72 | 10961 Berlin | Germany DISCLAIMER The Company expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this release, whether as a result of new information, future developments or otherwise. End of Media Release Issuer: AUTO1 Group SE Key word(s): Finance
08.02.2021 Dissemination of a Press Release, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | AUTO1 Group SE |
Bergmannstraße 72 | |
10961 Berlin | |
Germany | |
Internet: | https://www.auto1-group.com/de/ |
ISIN: | DE000A2LQ884 |
WKN: | A2LQ88 |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Tradegate Exchange |
EQS News ID: | 1166469 |
End of News | DGAP Media |