Akin Advises KLIM and KKR in $750 Million Structured Financing Agreement with Optio
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(London) - Akin has advised Kennedy Lewis Investment Management (KLIM) and KKR in relation to a multi-year, multi-jurisdiction auto asset financing arrangement with innovative credit platform, Optio Investment Partners (Optio). Optio entered into a partnership with Volvo Car Corporation (Volvo Cars) in 2021 to ensure growth.
KLIM and KKR’s Credit business alongside senior funders will provide an initial asset-based funding commitment of up to $750 million to support the Optio Auto Evolution leasing and subscription strategy for retail and business customers across the U.K. The agreement extends funding to other European jurisdictions to support Optio and Volvo Cars’ rollout across the European market, with an ambition for substantial growth in financed volumes over the next four years.
The relationship will support Optio and their partners’ ambition to create a scalable multibillion USD solution their subscription business across Europe, providing flexible and competitive car subscription solutions for customers and a diversified product range with an increasing number of electric vehicles.
KKR will fund the transaction through credit funds, vehicles and accounts managed or advised by it under its Asset-Based Finance strategy.
The Akin team was led by co-head of projects & energy transition, Alex Harrison and structured finance partner, Dasha Sobornova, with support from corporate & finance counsel, George O’Malley, structured credit associate, Tim Kennedy, tax partner, Serena Lee and tax associate, Aaron Jenman.
More details on the transaction can be found here.
Akin is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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