"Accola’s and Redbridge’s expertise enabled us to double the size of our securitisation program and optimise its pricing."
Engagement overview
Provide support with the renewal and extension of the Spie Batignolles group’s securitisation program
Objectives
- Reach a target volume of at least €300m by:
- Extending the program to unbilled receivables
- Adding new sellers
- Managing the impact of seasonality on financing
- Optimising the pricing and tenor of the program’s liquidity line
Results
- Program size increased to €400m by adding unbilled receivables and five new sellers
- Financing smoothed by adjusting the stress factors applied to the reserve calculation
- Cost of financing reduced by 20%
- Added a new banking partner
Methodology
- Phase 1 – Drafting a request for proposal (RFP)
- Analysis and description of the existing program
- Estimated the additional financeable volumes
Phase 2 – Consulting the target banks
- Selection of the arranger and lenders
- Negotiation of the mandates and Term Sheet
Phase 3 – Support during transaction execution
- Review of audits and documentation
Value added by Redbridge
- Expertise in securitisation (including methodology and documentation)
- In-depth knowledge of market participants, including banks, specialist auditors and legal counsel
- End-to-end project management in collaboration with Spie Batignolles
- Ensuring the process followed the set schedule