Linklaters has advised BNP Paribas (BNPP) as arranger and senior lender in the structuring of the first car fleet securitisation of Virtuo in France, Spain and Germany.

The Virtuo group, created in 2016 by Thibault Chassagne and Karim Kaddoura, is carrying on its development both in France and internationally in line with its business model consisting in offering alternative mobility solutions to private cars to both individuals and companies. The competitive advantage of the Virtuo group is to revolutionise car rental thanks to its smartphone application allowing cars to be unlocked without any physical key or need for a counter.

The senior facility is granted by BNPP to a French financing holding company specially created for the purpose of the transaction and whose shares have been transferred to a trust (fiducie) under French law. This financing is then securitized to senior, mezzanine and junior investors via a fonds commun de titrisation.

Securitised vehicles are acquired from manufacturers and dealers by subsidiaries of the financing holding company, also created especially for the purpose of the transaction in France, Spain and Germany. These vehicles are then leased by these subsidiaries to the various operational companies of the Virtuo group.

The Linklaters Structured Finance team in Paris was led by Patrice Doat (Partner) and involved Sophie Weiss and Ivona Prisuta (Associates). The team was assisted by Linklaters’ Frankfurt Capital Markets team, formed by Barbara Lauer (Partner), Jordis Heckt-Harbeck (Counsel) and Katharina Schuster (Associate) and Linklaters’ Madrid Capital Markets team, formed by Juan Maria Lamo (Counsel) and Hector Garrido and Daniel Pardeza (Associates).