Avis Greece securitisation (EBRD-51243)

Countries
  • Greece
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
May 6, 2020
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
CRONUS FINANCE DESIGNATED ACTIVITY COMPANY ABS
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 39.96 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported 37
Converted using 2020-05-06 exchange rate.
Loan Amount (USD)
$ 39.96 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 201.29 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported 186.4
Converted using 2020-05-06 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Dec 13, 2020

Disclosed by Bank Oct 8, 2020


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Project Description

The proceeds of the securitisation will be used by Olympic to diversify its funding base, reduce its diesel footprint by replacing existing fleet with electric and hybrid vehicles, as well as to extend new leases to existing and new corporate and SME clients. 

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors
Private Actors Description

Issuer: Cronus Finance Designated Activity Company is a special purpose vehicle established in Ireland for the purposes of the true sale, revolving securitisation of auto leases originated by Olympic.

Originator: Olympic is the leading car rental company in Greece and the master franchisee of Avis Budget Group, holding a market share of around 30 per cent. With a fleet of more than 38,000 vehicles, the company is active both in the car rental and leasing segments, as well as in sales of used cars.

Contact Information

Vaggelis Atherinos
contact@avis.gr
+30 210 6879800
www.myavis.gr
50A, Vasileos Georgiou, Chalandri 15233, Greece

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html