Investor Relations

TIP Group raising additional liquidity under its Borrowing Base Facilities (BBF) and Asset Backed Securitisation Arrangements (ABS)

December 20, 2023 08:00 AM Eastern Standard Time

AMSTERDAM--(BUSINESS WIRE)--On 18 December 2023, TIP Group, a portfolio company of I Squared Capital, successfully raised additional funding to further grow and strengthen the business as well as support the implementation of its strategic planning.

The existing borrowing base financing arrangements (consisting of revolving and term debt) (BBF) were increased by €425 million totalling to €2,298,250,000. The pricing, tenor and structure remained unchanged. The BBF matures in December 2025 but benefits from a 2 year extension option. TIP welcomes 8 new lenders and is grateful to its existing lender group for their continued support and additional liquidity.

On 01 December 2023, the TIP Group also raised an additional €65 million via its asset backed securitisation arrangement (the ABS) with existing lenders, increasing the total capacity under that program to €265 million. The program matures in December 2025.

Bob Fast, President and CEO, explains: “The increase of our existing BBF and ABS allows us to grow the TIP Group further, both organically and non-organically, and to broaden our geographical presence. The additional funds from existing and new financing partners reflect the trust in our business which is underpinned by our growth in the past years and accordingly provides a strong platform to continue along that path.”

Hans van Lierop, CFO, continues: “The additional increase in our available liquidity by €425 million this year, including the commitments from 8 new banks, adds to the robustness of our balance sheet. There was a strong interest in the loan market driven by our business growth and performance over the last few years which had proven resilient in challenging market environments. We are closing 2023 with a strong balance sheet and liquidity position to support our long-term vision.”

The additional funding will support capital investments and future acquisitions to strengthen further the businesses leading market position.

ABN AMRO, ING Bank and Rabobank acted as joint coordinators and active book runners to the TIP Group on the BBF transaction. DLA Piper supported the TIP Group as legal advisors, and Freshfields Bruckhaus Deringer acted as legal advisors to the financiers, each for the BBF and the ABS transactions.

About TIP Group

Headquartered in Amsterdam, the Netherlands, TIP is a leading provider of equipment and services within Europe and Canada. Located in 18 countries, and offering over 140 service locations, TIP specializes in providing the transportation and logistics sector with leasing, rental, maintenance, and repairs through a wide selection of trailer equipment. For more information, please visit: https://www.tip-group.com

About I Squared Capital

I Squared Capital is an independent global infrastructure investment manager with over $36 billion in assets under management focusing on energy, utilities, digital infrastructure, environmental infrastructure, transport and social infrastructure in North America, Europe, and select high growth economies in Asia and Latin America. Headquartered in Miami, the firm also has offices in London, New Delhi, Singapore, Hong Kong, Taipei, and Sydney.

TIP Group is leading the industry in sustainability

AMSTERDAM--(BUSINESS WIRE)--On September 19, 2022, TIP Group is ranked number 1 out of 355 companies in its inaugural ESG rating, within the transportation industry as rated by Sustainalytics, a leading independent ESG analytics firm.

Bob Fast, President and CEO of TIP Group: “It fills us with pride to say that TIP Group is now an externally verified industry leader in sustainability. This outstanding result bears testament to our successful approach to sustainability for generations to come.

To achieve this ranking we started by identifying areas in which we can make the biggest impact like offering zero and low emission vehicles to our customers or utilizing telematics data to enable our customers to run their fleets more efficiently.

This was followed by executing on our targets such as becoming a carbon neutral organization according to international goals.

Our ambition is to leverage our position as an industry leader to enable our partners to turn the green transition into a success.”

The key results of the Sustainalytics rating in a nutshell are:

• TIP Group was awarded an overall score of 7.2 which corresponds to the lowest risk categorized as “negligible risk”
• We ranked #1 out of 355 companies within our Transportation industry
• We ranked 37 among all 14,656 assessed companies globally

Only a few weeks after publication of TIP Group’s first ever sustainability report and having successfully linked sustainability KPIs to its revolving credit facility earlier this year, this rating constitutes another milestone in its EHS ambitions

TIP Group is still in an early phase of its sustainability journey and will continue to play our part in being a leading driver of sustainability in the transport industry.

About Sustainalytics

Sustainalytics provides high-quality, analytical environmental, social and governance (ESG) research, ratings and data to institutional investors and companies. Sustainalytics has a robust research process - led by over 500 research analysts - that is data-driven and encourages issuer feedback.

Sustainalytics covers more than 20,000 companies in 172 countries with its ESG risk ratings.

 

TIP Signs Deal to Acquire the Trailer Leasing and Maintenance Business of Ryder Ltd

AMSTERDAM--(BUSINESS WIRE)--On April 13, 2022 TIP Trailer Services, a portfolio company of I Squared Capital and one of the leading trailer leasing, rental, maintenance and repair providers across Europe and Canada, today signed a deal to acquire the trailer leasing and maintenance business of Ryder Ltd. Ryder Ltd is a leading provider of commercial vehicle rental, contract hire, maintenance, and dedicated delivery solutions in the UK.

TIP will integrate Ryder assets and contracts from their mobile maintenance services division into our existing business in the UK, enriching its fleet with around 3,550 additional trailers and expanding the number of workshops in the UK to eighteen which will now include a site in Lichfield and two parking locations in Shepshed and Manchester. The completion of the transaction is expected to take place in June 2022.

Announcing details of this latest acquisition, Bob Fast, TIP President and CEO, said, “Acquiring the trailer leasing and maintenance business of Ryder Ltd is another key milestone in our growth path. It increases our UK & Ireland footprint, allowing us to improve service offering and infrastructure in areas where we have gaps today. It will increase our service offering to customers, expand and diversify our customer base in the UK.”

David Hunt, Vice President & Managing Director - FMS Europe, Ryder Ltd adds: “With TIP we have found a great partner to guarantee a successful future for the mobile maintenance services part of our business. The acquisition will ensure continuation of the business, no disruption to customers and business partners along with providing 133 Ryder UK employees with continuity of employment.”

“Over the next months, both companies will work on the fleet integration to manage a smooth transition with customers and suppliers,” says Michael Furnival, TIP Vice President UK and Ireland Region. “A significant portion of the Ryder Ltd mobile maintenance services employee base are mobile technicians which will be a great addition to TIP’s maintenance and repair business. We are delighted to welcome the mobile maintenance services staff of Ryder UK into the TIP family.”

 

TIP Group Raising Additional Liquidity Under its Borrowing Base Facilities (BBF) and Establishes a New Sustainable Linked "Green" Sub-Facility

AMSTERDAM--(BUSINESS WIRE)--On 8 December 2022, TIP Group, a portfolio company of I Squared Capital, has successfully raised additional funding to further grow and strengthen the business and implement its strategic planning.

The existing borrowing base financing arrangements (consisting of revolving and term debt) (BBF) were increased from €1,197 million to €1,391 million. The pricing, tenor and structure remained unchanged. The BBF matures in December 2025 but benefits from a 2 year extension option.

TIP also raised an additional €75 million in liquidity by creating a new "green" revolving borrowing base facility. This sub-facility is specifically sustainability linked, a reflection of TIP Group's intentions to meeting its sustainability ambitions and providing its customers with high quality low emission assets. The proceeds of this "green" sub-facility may only be used to finance "green assets" in line with the Green Loan Principles published by the Loan Market Association.

Bob Fast, President and CEO, explains: “The increase of our existing BBF and a new sustainability linked "green" sub-facility provides flexibility to grow further, both organically and non-organically and broaden our geographical presence. The additional funds from existing and new financing partners reflect the trust in our business underpinned by our growth in the past seven years and provides a strong platform to continue along that path.”

Hans van Lierop, CFO, continues: “We originally structured and funded our RCF for EUR 300 million with three banks in 2014, and increased those financing arrangements to EUR 1,197m of borrowing based linked revolving and term debt by 2021 with 11 banks and non-banks in the syndicate. Further increase in the liquidity by EUR 269 million, including commitments from 2 new banks, this year adds to the robustness of our balance sheet. There was a strong interest in the loan market driven by our business growth and performance over the last seven years which had proven resilient in challenging market environments. We are closing 2022 with a strong balance sheet and liquidity position to support our long-term vision.”

The additional funding will support capital investments and future acquisitions to strengthen further the businesses leading market position and contributes to our sustainability ambitions and goals.

Rabobank and ABN AMRO Bank acted as joint coordinators, active book runners and joint sustainability coordinators to the TIP Group on the transaction. DLA Piper, Amsterdam supported the TIP Group as legal advisors, and Freshfields Bruckhaus Deringer acted as legal advisors to the financiers.

About TIP Group

Headquartered in Amsterdam, the Netherlands, TIP is a leading provider of equipment and services within Europe and Canada. Located in 18 countries, and offering over 138 service locations, TIP specializes in providing the transportation and logistics sector with leasing, rental, maintenance, and repairs through a wide selection of trailer equipment. For more information, please visit: https://www.tip-group.com

About I Squared Capital

I Squared Capital is an independent global infrastructure investment manager with over $36 billion in assets under management focusing on energy, utilities, digital infrastructure, environmental infrastructure, transport and social infrastructure in North America, Europe, and select high growth economies in Asia and Latin America. Headquartered in Miami, the firm also has offices in London, New Delhi, Singapore, Hong Kong, Taipei, and Sydney.

 

TIP releases Annual Report 2021 - “Planet, People, Productivity”

AMSTERDAM--(BUSINESS WIRE)--In his letter to stakeholders, Bob Fast, President and CEO, emphasizes a year of productivity and sustainability in which TIP managed to leverage its scale to improve EBITDA, operating profit and launched TIP’s ESG platform:

“Despite economic uncertainty, we had an excellent year, achieving an all-time high Units on Rent at 105k units capitalising on strong market demand. Revenue grew by 4% to €955m, EBITDA margin was 45% compared to 43% in 2020 and the business achieved a solid operating profit performance.

This year we focused on our sustainability vision, green innovations, and laid stepping stones for our ESG platform to contribute to sustainable development in coming years.

Finally, during 2021 we successfully refinanced our major funding facilities with our existing financing partners, reflecting trust in our business underpinned by our growth, and further improving our liquidity position to support our long-term vision.”

The full TIP annual report is available at:

TIP Annual Report 2021

 

TIP announces successful new Asset Backed Securitization (ABS) facility

AMSTERDAM--(BUSINESS WIRE)--On 10 December 2021, TIP, a portfolio company of I Squared Capital, has successfully established a new pan-European Asset Backed Securitization (ABS) facility for its operational lease portfolio. The Senior Facility amounts to €200 million with a 2-year tenor and is provided by Rabobank and Commerzbank. It has achieved Simple, Transparent and Standardized (STS) quality mark under the EU regulation framework for Securitization.

The existing ABS Senior Facility for €100 million was established in 2014 under a Dutch law Securitisation structure for operating leases. This facility will be replaced by the new ABS.

Bob Fast, CEO, explains: “Combined with our recent successful RCF re-financing in July 2021, the new ABS programme provides us with additional support for our long-term growth plans, continuing to support our customers.”

Hans van Lierop, CFO, continues: “We are delighted to have a new ABS programme comprising of a senior loan facility of €200 million with our 2 key partner banks – Rabobank and Commerzbank, adding robustness to our balance sheet. We are closing 2021 with a strong balance sheet and liquidity position to support our long-term vision.”

Rabobank and Commerzbank acted as joint arrangers and senior lenders to TIP and I Squared Capital on the transaction.

 

TIP Announces Amendment and Extension of its Revolving Credit Facility (RCF) and Raises Additional Money

AMSTERDAM--(BUSINESS WIRE)--On 29 July 2021, TIP, a portfolio company of I Squared Capital, has successfully amended and extended its existing Revolving Credit Facility (RCF) and additionally raised funding to strengthen the business.

The existing Revolving Credit Facility (RCF) was increased from €1,150.5 million to €1,196.75 million with no change in pricing or structure and extends the maturity by 2 years. The RCF facility was initially established in 2014 for five years with three banks in the syndicate and a total amount of €300 million. The facility was refinanced in December 2018 maturing in December 2023. The facility has now been increased to €1,196.75 million maturing December 2025.

TIP also raised additional €150 million in the private placement term debt market for a 5-year tenor. The term debt was raised for the first time in November 2019 for €274.5 million for a 7-year tenor

Bob Fast, CEO, explains: “The increase of our RCF and term loans provides flexibility to grow further, both organically and in-organically and broaden our geographical presence. We are excited about adding performance metrics to the facility on Environmental, Social and Governance (ESG) to contribute to sustainable development in coming years. The additional funds from existing financing partners reflects the trust in our business underpinned by our growth in the past five years and provides a strong platform to continue along that path”

Hans van Lierop, CFO, continues: “We originally structured and funded our RCF with three banks in 2014. We diversified the portfolio in November 2019 by adding private placement institutional term debt providers for the first time. This year, we increased both RCF and term loan facilities as well as extending maturity of the RCF facility. Thus, adding to the robustness of our balance sheet. There was strong demand from the market for both offerings, driven by our business growth and performance over the last five years. We are closing 2021 with a strong balance sheet and liquidity position to support our long-term vision”

The funding round was oversubscribed and will support capital investments and future acquisitions to strengthen further the businesses leading market position.

Rabobank and ABN AMRO acted as joint coordinators and physical book runners to TIP and I Squared Capital on the transaction.

About TIP

Headquartered in Amsterdam, the Netherlands, TIP is one of Europe and Canada’s leading equipment service providers, specialising in trailer leasing, rental, maintenance and repair, as well as other value-added services and provides these to transportation and logistics customers across Europe and Canada. TIP services customers from 102+ locations spread over 17 countries in Europe and Canada.

 

Extension of TIP Revolving Credit Facility (RCF) and Raising Additional Money

The existing Revolving Credit Facility (RCF) was increased from €1,150.5 million to €1,196.75 million with no change in pricing or structure and extends the maturity by 2 years. The RCF facility was initially established in 2014 for five years with three banks in the syndicate and a total amount of €300 million. The facility was refinanced in December 2018 maturing in December 2023. The facility has now been increased to €1,196.75 million maturing December 2025.

TIP also raised additional €150 million in the private placement term debt market for a 5-year tenor. The term debt was raised for the first time in November 2019 for €274.5 million for a 7-year tenor.

 

TIP Appoints Arjen Kraaij as Deputy CEO

Arjen Kraaij, appointed Deputy CEO of TIP Trailer Services (Photo: Business Wire)

AMSTERDAM--(BUSINESS WIRE)--TIP, a portfolio company of I Squared Capital and one of the leading truck and trailer leasing, rental, maintenance and repair providers across Europe and Canada appoints Arjen Kraaij as Deputy CEO. This follows the successful acquisition and integration of two large industry leasing companies in Europe and Canada and will position TIP well for the future.

 

Arjen has been successful in the role of Chief Commercial Officer for TIP Trailer Services since 2017. Having been with the business for 23 years in positions of increasing responsibility, he brings a wealth of knowledge from across the full scope of the business.

“Arjen has been instrumental in TIP’s success over the past years and I am proud to announce his promotion to Deputy CEO and I am confident he will be very successful working with me to drive TIP on its future growth path.” Bob Fast, President and CEO TIP Trailer Services said.

Arjen’s experience working with all the regions in addition to his relationships with both suppliers and customers, provides him with a solid foundation upon which to take on the day-to-day leadership of business operations.

“I am honoured and excited to take on this new role and work closely with all regional VPs to strongly drive the business forward.” says Arjen Kraaij.

Arjen holds a MBA from Erasmus University, has been a member of the European Transport Board since 2006, and will continue to be based at the TIP Group Headquarters, located in Amsterdam, Netherlands.

Arjen’s new appointment is in effect as of January 1st, 2021.

 

TIP Trailer Services Announces Appointment of New CFO

Hans van Lierop, appointed CFO of TIP Trailer Services (Photo: Business Wire)

AMSTERDAM--(BUSINESS WIRE)--TIP Trailer Services, a portfolio company of I Squared Capital, has appointed Hans van Lierop as Chief Financial Officer and management board member. Hans started as CFO for TIP from Monday, 18th of May 2020 and is based in TIP’s international headquarters in Amsterdam, the Netherlands.

 

“I am looking forward to joining TIP’s senior leadership team and leading its Finance organisation and look forward to contributing to TIPs future success. ” Hans van Lierop commented.

Hans van Lierop joins TIP with broad international experience from different industries in Europe and Africa. He has held financial leadership roles in Diageo, Airtel and Massmart Walmart. Most recently, Hans Van Lierop was CFO of Massmart Walmart, a South African retail and wholesale distributor with a turnover of US$ 7 billion. As Group CFO he led a finance and real estate management team of 500 staff across 4 divisions and multiple countries in Africa.

Bob Fast, President and CEO of TIP, said: “Hans brings more than 25 years of experience in Finance, with 13 years as end responsible CFO. He has successfully led, steered and transformed complex global finance organisations. His expertise in all areas of finance as well as his leadership capabilities will help TIP achieve its 2020 targets and steer our future success.”. 

 

Following the appointment of Hans van Lierop, interim CFO Simon Glass will be leaving TIP at the end of May. We thank Simon for his contributions in the past months.

 

TIP Trailer Services Announces the Successful Refinancing of Its ABS Programme

AMSTERDAM--(BUSINESS WIRE)--On 9 March 2020, TIP Trailer Services, a portfolio company of I Squared Capital, successfully refinanced its Asset Backed Securitization (ABS) programme. The Pan-European programme was originally established in 2014 and will now run until March 2021. As part of the refinancing, the credit rating of the securitization programme has also been upgraded to AA from A (bank internal rating), reflecting the strength of the underlying assets.

Bob Fast, CEO, TIP Trailer Services

“We are delighted to announce the re-financing of our €100m senior facility with Rabobank, our existing provider, and one of our key partner banks. The extension of the program provides us with support for achieving our long term growth plans and enables us to serve our customers effectively. The improved credit rating demonstrates the attractiveness of the facility, and has allowed us to maintain competitive financing costs for the overall portfolio.”

About TIP Trailer Services

Headquartered in Amsterdam, the Netherlands, TIP Trailer Services is one of Europe and Canada’s leading equipment service providers, specializing in trailer leasing, rental, maintenance and repair, as well as other value-added services and provides these to transportation and logistics customers. TIP services customers from 102+ locations spread across 17 countries. For more information, please visit: www.tip-group.com

About I Squared Capital

I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, telecommunications and transport in the Americas, Europe and Asia. The firm has offices in Hong Kong, Houston, London, Miami, New Delhi, New York and Singapore.

 

TIP Trailer Services Releases its 2020 Annual Report

AMSTERDAM--(BUSINESS WIRE)--In his letter to stakeholders, Bob Fast, CEO, emphasizes a year of transformation and integration in which we managed to leverage our scale to improve EBITDA and strong operating profit.

“2020 was a year of extraordinary circumstances. As the corona virus continued to take hold on societies across the globe, our employees, our families, and our communities faced unprecedented challenges and changes.

Despite these unparalleled times, we grew together as a TIP family and forged even stronger relationships with our customers and suppliers. At the end of 2019, we invited PEMA and Trailer Wizards to join our journey, and consequently 2020 turned into the year of transformation and integration.

In this unique environment, we grew our revenue by 46% to €914m. In addition, we successfully leveraged our scale to improve our EBITDA margin from 30% in 2014 to 43% in 2020, and achieved a strong operating profit.”

The full TIP annual report is available at:

TIP Annual Report 2020

TIP Annual Report 2019 Confirms Successful Year

AMSTERDAM--(BUSINESS WIRE)--In his letter to stakeholders, Bob Fast, CEO, emphasizes another year of strong underlying trading performance and the successful completion of 2 transformational acquisitions:

“Despite increased economic uncertainties, we had another good year, growing revenue by 11% to €626m. We have successfully leveraged our scale to improve our EBITDA margin from 30% in 2014 to 39% in 2019 and achieved a strong operating profit in a challenging environment. With our shareholder support, we announced and closed two strategic acquisitions, PEMA in Europe and Trailer Wizards in Canada. These acquisitions will create an even stronger TIP and enable us to further diversify our geographic footprint and strengthen our position in Europe and Canada.”

From a commercial point of view, Arjen Kraaij, CCO, focused on the TIP 2020 growth strategy:

“Our commercial strategy aims at focused growth, both organically and through acquisitions, allowing us the scale to provide the most compelling and comprehensive offering to our customers, delivering long-term sustainable value for all stakeholders. Through the acquisitions of PEMA and Trailer Wizards, we accomplished very strong growth as well as asset and geographical diversification, fully aligned with our commercial strategy.”

The full TIP annual report is available at:

TIP Annual Report 2019

 

TIP Announces the Increase of Its RCF Facility and New Raise Term Debt

AMSTERDAM--(BUSINESS WIRE)--On 21 November 2019, TIP, a portfolio company of I Squared Capital, announced that it had successfully:

1. increased its existing Revolving Credit Facility (RCF) from €967 million to €1,150.5 million with no change in pricing or structure.
2. raised €274.5 million in the private placement term debt markets for the first time. The term loan tenor is seven years.

The RCF facility was initially established in 2014 for five years with three banks in the syndicate and a total amount of €300m. The facility was refinanced in December 2018 to €967 million maturing in December 2023.

The funding round was substantially oversubscribed and will partially support the recently announced PEMA acquisition in Europe, other capital investments and future acquisitions to strengthen further the businesses leading market position.

Bob Fast, CEO, explains: “The increase of our RCF and the introduction of new term loans provide liquidity to close our PEMA acquisition while providing flexibility to grow further both organically and in-organically and broaden our geographical presence. The addition of new financing partners reflects the trust in our business underpinned by our growth in the past five years and provides a strong platform to continue along that path.”

Malachy Mc Enroe, CFO continues: “We originally structured and funded our RCF with three banks five years ago and now are delighted to have twelve leading banks in the syndicate. We have further diversified our sources of liquidity by successfully entering the private placement institutional term debt market for the first time and are pleased to have five leading institutional investors in our term loan syndicate. Through this funding round, we have also further flexed the durations of our debt products, adding to the robustness of our balance sheet. There was strong demand from the market for both offerings, driven by our business growth and performance over the last five years. We are closing 2019 with a strong balance sheet and liquidity position to support our long-term vision.”

Rabobank acted as sole lead arranger and advisor to TIP and I Squared Capital on the transactions.

 

TIP Trailer Services Successfully Refinances its ABS Programme

AMSTERDAM, 13 March 2019 – On 8 March 2019, TIP Trailer Services, a portfolio company of I Squared Capital, successfully refinanced its Asset Backed Securitisation (ABS) programme. The Pan-European programme was originally established in 2014 and refinanced once in 2017. The new programme will now run until March 2020.

 

TIP Trailer Services Refinances Its Revolving Credit Facility

AMSTERDAM, 5 February 2019: TIP Trailer Services, a portfolio company of I Squared Capital, has successfully refinanced its existing Revolving Credit Facility (RCF), increasing it from €700 million to €967 million while obtaining reduced margins and extra flexibility. The funding round was substantially oversubscribed, and the facility is now a syndication of ten leading banks and a maturity of five years with optional extensions of one to two years.

 

TIP Trailer Services Releases its 2018 Annual Report

AMSTERDAM, 2018 (BUSINESS WIRE)--In his letter to stakeholders, Bob Fast, CEO, drew attention to strong underlying trading performance in growing markets: “We had another year of strong execution, growing revenue by 9% to €565m. We continue to retain and attract new customers while improving our operational delivery. 

 

I Squared Capital Finalized Acquisition TIP Trailer Services

AMSTERDAM, 7 August 2018: I Squared Capital (ISQ), an independent global infrastructure investment manager, has finalized the acquisition through its ISQ Global Infrastructure Fund II, and acquired 100 percent interest in TIP Trailer Services, one of the leading pan-European and Canadian trailer leasing and services company, from HNA Group (International) Company Limited.

 

I Squared Capital to Acquire TIP Trailer Services

LONDON, 9 May 2018: I Squared Capital, an independent global infrastructure investment manager, has signed an agreement through its ISQ Global Infrastructure Fund II, to acquire a 100 percent interest in TIP Trailer Services, a leading pan-European and Canadian trailer leasing and services company, from HNA Group (International) Company Limited.

 

TIP Trailer Services Releases Its 2017 Annual Report

AMSTERDAM, 9 March 2018 (BUSINESS WIRE): On 9 March 2018, TIP Trailer Services releases its 2017 annual report. In his letter to stakeholders, Bob Fast, CEO, drew attention to strong underlying trading performance in growing markets, as well as to the business’s 50 year anniversary.

 

TIP Trailer Services Announces the Successful Refinancing of its ABS program

AMSTERDAM, 21 September 2017 (BUSINESS WIRE): On 21 September 2017, TIP Trailer Services announced that it had successfully refinanced its Asset Backed Securitisation (ABS) program. The Pan-European program was originally established in 2014 and is a securitisation structure common under Dutch law for operating leases. The new program will run until March 2019.

 

Kapil Sharma

Treasury and Investor Relations Director

Email: Kapil.sharma@tip-group.com

Telefoonnummer: +31 (0)20 504 1677

Vasilis (Bill) Patselis

Investor Relations & Reporting Associate

 

Email: Vasilis.Patselis@tip-group.com 

Telefoonnummer: +31 (0)20 5042344