Europcar Mobility Group secured 307€m new financing facilities to ensure liquidity facing the current COVID-19 crisis and prepare operations restart
- € 220m new term loan, 90% guaranteed by the French State.
- € 67m new financing facilities, 70% guaranteed by the Spanish State; previously announced.
- € 20m Incremental RCF, guaranteed by Eurazeo through a risk sub-participation.
As part of the continuation of its cost-saving and cash preservation plan published on
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.
- This facility will have an initial maturity of 1 year, with an up to 5-year extension option decided by
- 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.
“First of all, I would like to thank the Minister
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".
Rothschild & Co, Darrois Villey Maillot Brochier and Gide acted as advisors to
The Company plans to file its Universal Registration Document on
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.
Further details available at:
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
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