Freshfields Bruckhaus Deringer has advised AUTO1 Group Operations on the amendment and upsizing of its asset-backed securitization in eight European jurisdictions. Wardynski & Partners reportedly also advised AUTO1.
According to Freshfields, “as part of the amendment, the volume of the financing was increased to EUR 1.035 billion, and the term was extended by a further year. In addition, AUTO1 improved its financing terms. AUTO1 will use the extended facility to expand its vehicle offering for retail and private customers.”
Founded in 2012, AUTO1 Group is a technology company, providing a platform for buying and selling cars online.
“This major expansion will allow us to continue to grow our business massively and provide our customers with the largest and broadest selection of used cars across Europe,” AUTO1 Group CFO Markus Boser commented. “Being able to access the capital market and double our inventory financing in the current macro-environment demonstrates the depth of the ABS market and confirms our original decision to establish an Inventory ABS.”
The Freshfields team included Vienna-based Partner Florian Klimscha and Associates Franz Nikolaus Tengg and Christian Oberkersch, and Frankfurt-based Partner Mario Huther, Principal Associate Jessica McBride, and Associate Laura Korndoerfer.