Europcar - May 2006

Ben Robins and Howard O’ Toole acted with corporate investment bank Calyon and law firms Gide Loyrette Nouel and Clifford Chance, Paris on the acquisition by the French private equity group Eurazeo of 100 per cent of the share capital of Europcar from Volkswagen AG, for over €3 billion.

The acquisition was primarily funded by the re-financing, through a bridging loan facility, of a pan-European fleet securitisation programme established by Calyon for Europcar in 2004. The bridging loan facility is expected to be securitised later this year.

The fleet securitisation programme involves the acquisition and rental of automobiles and light trucks by special purpose vehicles to various corporate entities on an arm’s length basis, with the rental payments ensuring the repayment of the securitisation funding.

Ongoing administration and trustee services for the securitisation programme in Jersey and corporate directorship for a French SPV are provided by Mourant’s multi-jurisdictional corporate trustees services provider Mourant International Finance Administration.