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Europcar Mobility announces 307 million of new financing facilities
By Sarah Lizee
Olympia, Wash., May 4 Europcar Mobility Group announced 307 million of new financing facilities, including a 220 million new term loan that is 90% guaranteed by the French State, 67 million of new financing facilities 70% guaranteed by the Spanish State and a 20 million incremental revolver guaranteed by Eurazeo through a risk sub-participation.
The company said the financing scheme is aimed at securing its liquidity to face the Covid-19 crisis and meeting anticipated fleet and corporate financing needs to swiftly restart operations.
The 220 million facility will have an initial maturity of one year, with an up to five-year extension option decided by Europcar, subject to customary mandatory repayment provisions. The facility will have differed amortization for one year with a contemplated progressive amortization onwards.
There are no dividend payments in 2020 and 2021, subject to a 3x net corporate leverage onwards.
The groups Spanish subsidiaries, Europcar Spain and Goldcar Spain, are the borrowers for the 67.25 million of facilities signed over the last two weeks with Bankia and BBVA. These new facilities will have a three-year maturity, and proceeds are expected to fund both fleet and corporate needs.
The 20 million incremental revolving tranche, which is to increase the facility to 670 million from 650 million, is provided by French banks that have obtained a guarantee from Eurazeo through a sub-risk participation.
Bank of America Merrill Lynch International, Banque Europeenne du Credit Mutuel, BNP Paribas, Credit Agricole CIB, Credit du Nord, Credit Industriel et Commercial, Deutsche Bank Luxembourg SA, Goldman Sachs Bank Europe SE, HSBC France, ING Bank NV (French branch), Natixis and Societe Generale acted as lending banks.
Europcar is a Paris-based car rental company.
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