- € 220m new term loan, 90% guaranteed by the French State;
- € 67m new financing facilities, 70% guaranteed by the Spanish State;
- € 20m Incremental RCF, guaranteed by Eurazeo through a risk sub-participation.
Europcar completed 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.
This includes 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.
Financing facilities for the Europcar Spain
New financing facilities for the Europcar 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 Europcar 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.