Russell McVeagh is pleased to have recently advised SG Fleet Group, the ASX-listed fleet leasing provider, on the financing aspects of its acquisition of LeasePlan New Zealand Limited. The acquisition was part of SG Fleet Group's acquisition of LeasePlan's Australian and New Zealand businesses, to create a combined $2.5 billion company, with a fleet management and leasing offering across Australia and New Zealand and a combined 250,000 vehicles under management.
Russell McVeagh's role consisted of advising on the refinancing of the combined lease portfolio, including implementation of a securitisation warehouse funded by New Zealand and overseas financiers to acquire LeasePlan's receivable assets immediately on completion of the acquisition, as well as advising on New Zealand elements of SG Fleet Group's corporate debt facilities.
The Russell McVeagh team that advised SG Fleet Group was led by partner Deemple Budhia (Finance) and Fred Ward (Tax), along with Jemma Milicich, Simon Mackley, Jesse Fairley and Richelle Go Ocao (Finance) as well as others throughout the firm.
Partner Deemple Budhia said, "It has been a pleasure working with SG Fleet on this transaction which will deliver greater scale across operations, funding and procurement activities for SG Fleet, and additional value for its customers.”
More information on the transaction is available here.