Clifford Chance

Clifford Chance advises Rexel on an ambitious securitisation programme of commercial receivables

On 14 December 2011, Rexel entered into a new securitisation programme arranged by BNP Paribas, Royal Bank of Scotland and Société Générale. This Euro 500 million transaction involves several of Rexel's subsidiaries located in France, the UK and Australia. New subsidiaries of the group are due to accede to the programme in the medium term.

Despite the credit crunch instigated by the current financial crisis, Rexel has concluded an ambitious and innovative transaction. The legal structure of the transaction, designed as a flexible platform fully independent from the arrangers, enables Rexel to add or dismiss the banks and even temporarily replace a defaulting bank.

The Clifford Chance team advising Rexel included Frédérick Lacroix (Partner), Julien Rocherieux (Counsel) and Auriane Bijon on French aspects as well as Jonathan Lewis (Partner) and Jennifer Mitchell) on UK law aspects.