Vedder Thinking | News Vedder Price Represents DLL in $1B+ Securitization
December 5, 2018
Vedder Price is pleased to announce that it advised DLL in its closing of DLL 2018-2, an equipment securitization transaction involving the issuance of more than $1 billion of asset-backed notes. This is one of the largest equipment securitization transactions in the recent history of the U.S. market.
According to DLL’s press release, the notes are backed by a pool of loans, leases and other financing solutions with respect to copiers, printers, networking and office equipment originated by De Lage Landen Financial Services in the U.S. The transaction includes four senior classes of $225.0 million class A1 notes, $349.0 million class A2 notes, $349.0 million class A3 notes, and $100.610 million class A4 notes rated P-1/A-1+ and Aaa/AAA by Moody’s Investors Service and Standard & Poor’s Ratings Services, respectively, and three subordinated classes, which were also rated by the same rating agencies and retained by DLL.
Global Transportation Finance Shareholder Edward K. Gross, Capital Markets Shareholder Marc L. Klyman and Tax Shareholder Matthew P. Larvick led the team from Vedder Price. The team also included associates Melissa W. Kopit, Erich P. Dylus and Jonathan M. Rauch.
“We were pleased to partner with DLL again on such a monumental securitization transaction,” said Mr. Gross. “The success of their inaugural U.S. securitization in 2017 secured their place in the market, and this deal further demonstrates their commitment to growth. We are proud to represent them now and as they pursue further transactions in the future.”
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