In February 2007, CVC Capital Partners bought Fraikin, a company specialized in the rental of industrial vehicles, for a total of EUR 1.4 billion.
Calyon, acting as lead arranger, has just finalized the refinancing as well as an increase in the initial securitization of the Fraikin fleet. The arranging of the first Fraikin securitization in the LBO with Eurazeo in 2004 was a Calyon innovation.
Calyon succeeded in implementing a new securitization program of a maximum of EUR 800 million in a very difficult market. EUR 670 million were due at closing with EUR 440 million of the initial securitization already having been used.
Calyon is lead arranger for securitization as well as liquidity provider and hedging manager. This operation is innovative because it is one of the few "whole-business securitizations" ever completed in continental Europe. The related structure allows for a particularly high advance rate relative to the value of the fleet.
Calyon's commitment to this operation was greatly appreciated by CVC and Fraikin.