LeasePlan holding company taps to take out sub notes

Leaseplan logo company press site 230x150
By Owen Sanderson
09 Jan 2020

Lincoln Financing, the holding company of LeasePlan, hass tapped its senior secured 2024s for an extra €500m, looking to pay down payment-in-kind notes and fund its interest reserve. The deal follows last year’s €1.35bn issue, which paid down debt incurred when a sponsor consortium bought the company in 2016.

The deal is rated BB+, BB- and B1, and the bonds are senior secured — though in name only, since they are issued from a holding company with no assets other than LeasePlan shares, and are entirely dependent on dividends upstreamed from the leasing company to pay coupons.

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