Bernitsas Law advises Avis Greece on €186.4m trade receivables securitisation

Bernitsas Law advised Citigroup and Piraeus Bank as mandated lead arrangers in connection with a securitisation of car lease receivables originated by Olympic Commercial and Tourist Enterprises Single Member SA, a company owned by Avis Greece. This is the largest securitisation of trade receivables in the Greek market, involving Class A and Class B Notes, listed BBB+ by S&P and Fitch and listed on Euronext, Dublin.

The Avis Group is an operating division of Avis Budget Group, the leading car rental company in USA, Europe, Africa, the Middle East and Asia, with more than 50 years’ experience in the car rental industry.

Piraeus Bank is the largest of the four Greek systemic banks and listed on the Athens Exchange.

Athanasia Tsene led the Bernitsas Law team.

Avis 184m Securitisation

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