Europcar Mobility Group secured 307€m new financing facilities to ensure liquidity facing the current COVID-19 crisis & pre...
03 Mai 2020 - 7:00PM
Business Wire
- € 220m new term loan, 90% guaranteed by the French State.
- € 67m new financing facilities, 70% guaranteed by the Spanish
State; previously announced[1].
- € 20m Incremental RCF, guaranteed by Eurazeo through a risk
sub-participation.
Regulatory News:
Europcar Mobility Group (Paris:EUCAR):
As part of the continuation of its cost-saving
and cash preservation plan published on March 23rd, the Group
announces today the completion of a financing scheme, aiming at
securing its liquidity to face the COVID-19 crisis and meeting
anticipated fleet and corporate financing needs to swiftly restart
operations.
- A € 220m term loan, signed with the Group’s main French and
international banks, benefiting from a 90% guarantee from the
French State via Bpifrance (“Prêt Garanti par l’Etat”).
- This facility will have an initial maturity of 1 year, with an
up to 5-year extension option decided by Europcar (up to May 2026),
subject to customary mandatory repayment provisions. Differed
amortization for 1 year with a contemplated progressive
amortization thereafter.
- Condition: no dividend payments in 2020 and 2021 and subject to
a x3 net corporate leverage thereafter.
- New financing facilities for the Group’s Spanish subsidiaries
(Europcar Spain and Goldcar Spain), totalling € 67.25m, signed over
the last 2 weeks with Bankia and BBVA benefiting from a 70%
guarantee from the Spanish State. These new facilities will have a
3-year maturity and proceeds are expected to fund both fleet &
corporate needs.
- A € 20m Incremental RCF tranche (to increase the facility from
€ 650m to € 670m) - provided by French banks which have obtained a
guarantee from Eurazeo through a sub-risk participation.
All these new financing facilities, together with its existing
financing framework, have been structured with regard to the
current pandemic situation to allow the Group to face the
significant business impacts resulting from lockdowns and travel
restrictions everywhere it operates, while allowing to
progressively resume its activities post COVID-19 crisis.
The Group remains in negotiation in other corporate countries on
potential State Guarantee loans to reinforce its liquidity within
the global financing framework.
Caroline Parot, Chairwoman of Europcar Mobility Group Management
Board, declared:
“First of all, I would like to thank the Minister Bruno Le
Maire, the Secretary of State Agnès Pannier-Runacher, the French
State and our banks, for being supportive of Europcar Mobility
Group and for allowing a constructive dialogue, at an early stage
of the COVID-19 crisis. Our Group is also grateful for all the
positive interactions and support our Country Managing Directors
have received from their respective States and banking groups all
across Europe. Finally, we are also thankful to Eurazeo for its
renewed support in these difficult times.
These new financing lines will allow us to secure and
progressively resume our activities once local economies restart
and begin to recover. Our group is actively preparing for this
restart, taking into account the new standards and customer
expectations that will most likely stem from the crisis.
Over the coming months, given the uncertainties remaining ahead
of us, we will actively continue our efforts to streamline our cost
base and adapt our capital and debt structure to the evolutions of
the business environment, with agility and flexibility.
French-born and European leader, our group has a 70-year history
of customer services, to retail customers as well as local and
international companies. As a mobility service company, our shared
mobility solutions – car rental, car-sharing - represent a key
alternative to vehicle ownership and a natural complement to public
transportation.
We are ready to serve our customers and to help communities and
businesses move safely in tomorrow's world, building on our
expertise, leadership and the extraordinary dedication of our
employees, and relying on our purpose: offering attractive
alternative solutions to vehicle ownership, in a responsible and
sustainable way".
Bank of America Merrill Lynch International, Banque Européenne
du Crédit Mutuel, BNP Paribas, Crédit Agricole Corporate and
Investment Bank, Crédit du Nord, Crédit Industriel et Commercial,
Deutsche Bank Luxembourg S.A., Goldman Sachs Bank Europe SE, HSBC
France, ING Bank N.V. (French branch), Natixis and Société Générale
acted as lending banks.
Rothschild & Co, Darrois Villey Maillot Brochier and Gide
acted as advisors to Europcar Mobility Group, White and Case as
advisors to the banking partners.
The Company plans to file its Universal Registration Document on
6 May 2020.
About Europcar Mobility Group
Europcar Mobility Group is a major player in mobility markets
and listed on Euronext Paris. The mission of Europcar Mobility
Group is to be the preferred “Mobility Service Company” by offering
attractive alternatives to vehicle ownership, with a wide range of
mobility-related services and solutions: car rental and light
commercial vehicle rental, chauffeur services, car-sharing,
scooter-sharing and private hire vehicle (PHV – rental to “Uber
like” chauffeurs).
Customers’ satisfaction is at the heart of the Group’s mission
and all of its employees and this commitment fuels the continuous
development of new services. Europcar Mobility Group operates
through a diversified portfolio of brands meeting every customer
specific needs and use cases, be it for 1 hour, 1 day, 1 week or
longer ; its 4 major brands being: Europcar® - the European leader
of car rental and light commercial vehicle rental, Goldcar® - the
low-cost car-rental Leader in Europe, InterRent® – ‘mid-tier’ car
rental and Ubeeqo® – one of the European leaders of round-trip
car-sharing (BtoB, BtoC).
Europcar Mobility Group delivers its mobility solutions
worldwide solutions through an extensive network in over 140
countries (including wholly owned subsidiaries – 18 in Europe, 1 in
the USA, 2 in Australia and New Zealand – completed by franchises
and partners).
Further details available at:
www.europcar-mobility-group.com
1 See 15 April press release « Update on Europcar Mobility
Group’s cost-saving and cash preservation plan » and 28 April press
release « Update on Europcar Mobility Group’s cash preservation
plan, announced on March 23rd » -
www.europcar-mobility-group.com
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200503005044/en/
Press Relations Valérie Sauteret –
valerie.sauteret@europcar.com +33 6 72 93 31 05 Vincent Vevaud –
vincent.vevaud@europcar.com +33 6 43 64 21 49
Publicis Consultants
camille.madec@publicisconsultants.com +33 7 86 42 95 15
Investor Relations Caroline Cohen –
caroline.cohen@europcar.com +33 1 80 20 90 37 | +33 6 82 75 96
39