Ashurst advised Smart Lenders Asset Management SAS on the refinancing of an asset-backed financing for Mobile Club SAS, a fintech company specializing in the rental of refurbished mobile devices and laptops. This transaction took the form of a bond issuance by Mobile Club's SPV, which holds the financed assets and the associated lease contracts. The amount raised also enables the financing of Next Mobiles' devices as part of the merger between the two companies.
The SPV is financed by bonds subscribed by a fund managed by Smart Lenders Asset Management SAS and nine co-investors, benefiting from senior ranking and secured by a security package including notably a fiduciary transfer (fiducie) over the SPV's shares and an assignment of receivables as security. The SPV also benefits from a subordinated intra-group loan from Mobile Club SAS.
The Ashurst team was led by Agathe Motte (partner), assisted by Aurélien Fournier (counsel) in Global Markets, and Gaspard Bastien-Thiry (counsel) in corporate, in Paris.
