DLL Closes Third Securitization Transaction
exceeding $1 Billion

Nov 26, 2018

Leading global vendor finance company, DLL, announces the closing of DLL 2018-2 ABS (Asset Backed Securities) securitization transaction in the United States exceeding $1 Billion. This is the largest equipment deal in the recent history in US markets.

The transaction follows two successful DLL securitizations of November 2017 ($501.5 million) and May 2018 ($824.4 million). “We are pleased with the strong execution and expanded investor participation in our largest transaction to date”, said Matthew Goldenberg, DLL Vice President, US Capital Markets. “This successful transaction is an endorsement by investors and rating agencies of the strong and consistent results of our portfolios.”

The notes are backed by a pool of loans, leases and other financing solutions with respect to copiers, printers, networking, and office equipment originated by De Lage Landen Financial Services, Inc. in the US. The transaction includes four Senior classes of $225.0 million class A1 notes, $349.0 million class A2 notes, $349.0 million class A3 notes, and $100.610 million class A4 notes rated P-1/A-1 and Aaa/AAA by Moody’s Investors Services and S&P Global Ratings respectively and three Subordinated classes, which were also rated by the same rating agencies and retained by DLL.

“Our securitization transactions continue to be a part of DLL’s long-term growth strategy to diversify our funding base and liquidity risk,” said Marc Dierckx, DLL Chief Financial Officer and member of the Executive Board. “Going forward, we intend to pursue further transactions and will look at other opportunities to complement our primary source of funding, which continues to be our parent, Rabobank.”