All articles by Claire Hack
Claire Hack
Ryder System buys BIT Leasing
Transportation and management supply chain company Ryder System has acquired the lease, rental and maintenance portfolio of BIT Leasing Inc. The Miami-headquartered company completed the acquisition in two phases the first in August 2010 and the second in March this year. Ryder is expected to gain about $9m (6.35m) in annual operating revenue to its fleet management solutions business segment.
Cutbacks create opportunities
The leasing market for specialist wheeled assets remains dominated by the demands of the public sector. This means the segment is subject, more than most, to changes in government, as well as additional requirements during the tendering stage, and deals tend to be on an operating lease basis.
Econocom cuts debt
Econocom and its banking partners have finalised an agreement to reorganise the financing scheme put in place for the purpose of acquiring former Socit Gnrale subsidiary ECS Group in October 2010 The agreement speeds up Econocom Groups debt reduction and allows for an early repayment of a 40m bridge loan, thereby cancelling a capital increase plan The repayment of this bridge loan comes after Econocom made an early repayment of 40m on a 132m syndicated loan at the end of March 2011
Angel Trains issues £400m long-term bond
Rolling stock lessor Angel Trains Group has issued a £400m (452.6m) long-term amortising bond as part of its debt refinancing programme, through its subsidiary The Great Rolling Stock Company. The proceeds from the issuance will be used to refinance partially the existing senior bank debt, providing Angel Trains with a stable, long-term financial base
Duo convicted in UK mega fraud
Two men have been convicted at a UK court of using misrepresentation to induce people to sign lengthy and expensive leasing agreements for telephone equipment.
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Aldermore SME funding up 206%
Asset finance has been cited as one of the strongest areas of growth in terms of funding SMEs at UK bank Aldermore. Lending to SMEs via the banks leasing unit rose 206% to £69.8m (79.2m) as of 31 December 2010, from £22.m the year before. Aldermore has increased deposits by more than 176% to £633.6m at the end of 2010, rising from £229.6m at the end of 2009.
White Clarke joins Eurofinas
Software provider White Clarke Group has become the first associate member of the European Federation of Finance House Associations (Eurofinas). White Clarke global sales and marketing director Brendan Gleeson said: “We are delighted to be the first associate member of the Eurofinas programme.”
GE Capital 4Com deal
GE Capital has signed a vendor finance agreement with 4Com Capital, a UK provider of business telephone systems. The agreement is aimed at fuelling growth in 4Coms sales to UK SMEs through GE Capitals iManage Leasing extranet platform. The platform will provide the company with access to near real-time credit decisions on more than 90% of all equipment leasing applications.
LeasePlan UK hires remarketing head
Fleet management company LeasePlan UK has appointed James Hopkins as head of remarketing, as well as establishing two new departments Hopkins most recently worked at Mazda as fleet and remarketing director, and later as director of European fleet operations
Fleet Logistics restructures Nordic management team
Donnelly, who has been with Fleet Logistics for the last four years, will be responsible for operations and commercial activities in Norway, Sweden, Denmark and Finland, and will be based at the companys regional head office in Malmo, Sweden.