Athlon Car Lease Nederland plans to securitize 713 million ($793 million) worth of car leases made to Dutch based corporate and small business borrowers.
Highway 2015-1 BV will offer investors a series of Aaa’, Moody’s Investors Service rated notes that are supported by an unrated B tranche. The notes benefit from total credit enhancement of 31.75%.
Athlon, which is indirectly owned by Rabobank, was last in the market in 2012.
The issuer’s current transaction includes back up servicer facilitator, which was not featured in the 2012 deal. De Lage Landen International, another Rabobank subsidiary, acts as the back-up servicer. However a back up servicer facilitator will be appointed in case DLL will not be able to fulfill its duties as back-up servicer.
A pool of 41,702 leases backs Highway 2015-1. All of the leases finance new cars and borrowers have paid monthly installment for 1.7 years with a remaining term if 2.6 years.
Rabobank together with Bank of America Merrill Lynch are the lead managers.