DLL UK Equipment Finance 2019-1: 29 March 2019
The issuer will make payments on the notes from a portfolio comprising of receivables originated by De Lage Landen Leasing Limited as sole originator.
De Lage Landen Leasing Limited (DLL UK) is a private limited company incorporated in England and Wales. DLLL is a 100% owned subsidiary of DLL International BV, a corporate entity formed under the laws of the Netherlands. DLL BV is a 100% owned subsidiary of Coöperatieve Rabobank UA, a Dutch multinational banking and financial services company. DLL is a global vendor finance company with more than EUR 30 billion in assets, and provides asset-based financial solutions in the Agriculture, Food, Healthcare, Clean Technology, Construction, Transportation, Industrial, Document Imaging and Technology industries.
At the cut-off date (28 February 2019) the portfolio consisted of 18,510 contracts, advanced to 15,117 obligors. The average outstanding balance was £18,893. Contract type (by number of contracts / current balances): hire purchase 16,412/84.76%, finance lease 1,471/11.88% and operating lease 627/3.36%. Business sector: retail 18,077/90.03%, corporate 410/9.65% and SME 23/0.32%. Asset type: new 14,429/79.83%, used 3,875/18.60%, other 206/1.57%. Business unit: Food & Agri 11,563/46.73%, Construction, Transportation & Industrial 5,293/43.16% and Healthcare 1,654/10.10%. Obligor concentration: top 1 – 0.8%, top 5 – 3.6%, top 50 – 11.3%. The WA seasoning is 17.92 months.
Significant investor: DLL will, on the Closing Date, purchase 100% of the Class B Notes.
EU Risk Retention: DLL will, for the life of the Transaction, retain, as an "originator", a material net economic interest of not less than 5% in the securitisation in accordance with Article 6 of Regulation (EU) No 2017/2402 (the Securitisation Regulation). As at the Closing Date, such retention will be comprised of an interest in the Class B Notes.
US Risk Retention: The Seller intends to rely on an exemption provided for in Section 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions that meet certain requirements.
Volker Ruling: The Issue was structured so as not to constitute a "covered fund" for purposes of the regulations adopted to implement Section 619 of the Dodd-Frank Act.
Compare/contrast: St James's Oncology Financing, Temese Funding 2 plc (Refinancing)