Orrick Advises on First Public Securitization Transaction of TEMsys

November.17.2021

Version Française : Orrick et Allen & Overy sur la première opération publique de titrisation de TEMsys (ALD Automotive France)

Orrick advised Société Générale, the arranger and lead manager, on the first public securitization transaction of TEMsys (ALD Automotive France), the French subsidiary of ALD Automotive Group and a European leader in the financing and management of vehicle fleets.

ALD Automotive Group, 80% owned by Société Générale, manages more than 1.7 million vehicles, including more than 550,000 in France. This inaugural "STS" (Simple, Transparent and Standardized) compliant transaction, involved a portfolio of approximately €468 million, representing almost 95,000 vehicles.

An Orrick team of Olivier Bernard, Laure Seror and Aurélien Parent advised on the finance aspects, while Anne-Sophie Kerfant and Rudy Marouani provided counsel on the tax aspects.