Ashurst advised the car subscription company FINN on its second ABS financing program (Asset-backed Security) with a volume of up to EUR 1 billion. The transaction constitutes a fully-fledged securitisation and is funded by, amongst others, Citi and Jefferies. In addition, Avellinia Capital has extended its of risk retention financing in connection with FINN’s fleet financing.
The proceeds of this transaction are intended to further expand FINN's fleet and grow more efficiently in its home market Germany and across Europe.
Based in Munich, FINN is an independent platform for car subscriptions from over 30 brands. It offers a carefree service and handles insurance, financing, registration, taxes and maintenance. FINN also funds climate action by supporting certified climate protection projects and thus offsets the carbon footprint of every vehicle of all drive types – from production to every mile driven. FINN was founded in 2019 with the mission, to have a positive impact on people, organizations and the planet through frictionless mobility.
The Ashurst team, led by partner Dr Martin Kaiser and counsel Dr Sahra Demirbilek, included counsel Dr Ivan Zlatanov, Senior Associate Stephan Lehnen and transaction counsel Andrej Gerasimov (all Global Markets, Frankfurt), as well as partner Karsten Raupach and Associate Charlotte Strohofer (Insolvency Law, Munich). In addition, the team has been supported by partner Katia Fettes (Global Loans, Luxembourg) and tax-related advice has been provided by partner Alexandra Clouté and senior associate Adnand Sulejmani (both Tax, Luxembourg).
Ashurst's securitisation team, led by Dr Martin Kaiser, specialises in true sale transactions and advises primarily on the securitisation of auto loans, auto leases, auto receivables and trade receivables. The team advises in particular originators, arrangers, investors and trustees on all aspects of asset-backed securities and asset-backed securities (ABS).
