"Redbridge / Accola has played an essential role in this long-lasting project. Redbridge / Accola helped us close a high-quality transaction that was optimized in all financial respects. They provided a highly professional service and are a partner we intend to count on in the future."

Augustin Huyghues Despointes
Interim Group CFO

Engagement overview

  • Support Fraikin in renewing their securitization program, ensuring sustainable financing for their vehicle fleet, which would allow for growth in France, the UK, and Spain


  • Increase funding capacities
  • Reduce funding costs
  • Simplify structure
  • Improve risk measurement processes


  • Current securitization program enhanced through issuance of a junior (« BB » equivalent) note
  • Cost of investment grade funding reduced by 20% compared to current securitization
  • Structure streamlined and simplified, and made easier to read for investors
  • Improvement of data collection process


  • Pool selection (review of new asset classes/ geographies) with originators
  • Drafting of Request for Proposals, assistance in the selection of arrangers and the negotiation of funding terms with bank lenders
  • Support in the negotiation of arranger mandate
  • Technical assistance with understanding pool credit risk (definition of default, cohort analysis, calculation of default rate, portfolio loss profile, definition of portfolio triggers, S&P rating methodology)
  • Negotiation of business terms (term sheet, documentation)

Value added by Redbridge

  • Dedicated team of securitization and regulatory experts
  • Methodology and negotiation capabilities helped maintain the project’s focus and pace against a volatile backdrop (covid, Ukraine)
  • Exhaustive knowledge of players’ ability to propose accurate longlists and shortlists of potential new arrangers
  • Optimization of the structuring: analysis of factors including asset base, rating and tax
  • Improvement of documentation: simpler and more flexible and scalable
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