Zenith completes new vehicle securitisation funding facility
A new vehicle securitisation funding structure has been devised between Zenith and HSBC in what has been hailed as an industry first.
The independent leasing and fleet management specialists believe the completion of the new facility will unlock asset funding that will in turn aid the company’s growth.
Zenith’s funding independence is viewed as a vital element of enabling the company to deliver top quality intelligent fleet outsourced services for mid to large UK and International companies.
Andrew Cope, Chairman of Zenith, said they have boast a compelling proposition for UK corporates having invested heavily in service delivery infrastructure.
He explained: “The quality of our customer base is second to none and allows us to develop differentiated funding structures for our clients.
“The size of the new funding facility is substantial and highly scalable and will be sufficient to fund all of our anticipated growth plans.”
Challenging and exciting
Zenith’s Chief Financial Officer Mark Phillips, who played a big part in the facility’s fruition, admitted it was a challenging project.
“Whilst other forms of securitisation have been used in our industry before, the structure we have developed is genuinely unique in a number of ways,” he said.
“During times of market stress and restricted supplies of credit, there is a flight to quality. We deal with some of the world’s strongest businesses and as a result have been able to demonstrate very clearly to investors that our asset base is of extremely high quality.
“There is a pool of capital out there that is keen to invest money securely in top quality assets.”
CEO Tim Buchan concluded saying that the new funding structure would allow Zenith to assist innovation and investment in its systems for the benefit of its customers.
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