Global law firm White & Case LLP has advised the European Investment Fund (EIF), in its capacity as Guarantor, on a synthetic securitisation in Poland originated by the leasing company Europejski Fundusz Leasingowy (EFL), a member of the Crédit Agricole Group.
The transaction is guaranteed by the European Fund for Strategic Investments, which is the financial pillar of the Juncker Plan. StormHarbour acted as arranger for EFL and Crédit Agricole CIB advised Crédit Agricole Group.
The EIF has provided EFL with a guarantee covering both the senior and mezzanine tranches of an approximately €490 million SME portfolio. The mezzanine tranche of €73 million benefits from the support of the Juncker Plan under the EIF’s mandate with the European Commission. The risks relating to the senior tranche of €410 million are covered by the EIF under its own funds.
The transaction supports new financing to SMEs, mid-caps and micro-enterprises in Poland. Additionally, the capital relief achieved on the mezzanine tranche supported by the Juncker Plan will promote female entrepreneurship in Poland. A target of 33 percent. of the new financing made available by EFL under the guarantee on the mezzanine tranche will be dedicated to women entrepreneurs and women-led businesses.
The White & Case team which advised on the transaction was led by partners Ingrid York (London), Dennis Heuer, Thomas Flatten (both Frankfurt) and Tomasz Ostrowski (Warsaw), with support from associates Phillan Amin (London), Claire-Marie Mallad, Alexander Kreibich (both Frankfurt) and Sylwia Opiatowska (Warsaw).
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