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09/09/2010 / ITALY / DEBT & CREDIT MARKETS
Crédit Agricole CIB alongside Acea for its securitisation transaction
In March 2010, Crédit Agricole CIB successfully set up an IFRS revolving securitisation of trade receivables for Acea. The transaction can reach a maximum amount of EUR 250 million.
Two sellers are involved in the deal:
- Acea Electrabel – receivables arisen from electricity supplier contract towards private debtors,
- Ato2 (100% Acea) – billed receivables arisen from water supplier contract towards private debtors. The transaction is renewable by Acea and Crédit Agricole CIB every 4 months, up to 5 years of maximum extension.
Acea acts in the field of utility services. The city of Roma owns 51% of the water and energy specialised company.
