TIP Announces the Increase of Its RCF Facility and New Raise Term Debt
AMSTERDAM--(BUSINESS WIRE)--Nov 22, 2019--
On 21 November 2019, TIP, a portfolio company of I Squared Capital, announced that it had successfully:
The RCF facility was initially established in 2014 for five years with three banks in the syndicate and a total amount of €300m. The facility was refinanced in December 2018 to €967 million maturing in December 2023.
The funding round was substantially oversubscribed and will partially support the recently announced PEMA acquisition in Europe, other capital investments and future acquisitions to strengthen further the businesses leading market position.
Bob Fast, CEO, explains: “The increase of our RCF and the introduction of new term loans provide liquidity to close our PEMA acquisition while providing flexibility to grow further both organically and in-organically and broaden our geographical presence. The addition of new financing partners reflects the trust in our business underpinned by our growth in the past five years and provides a strong platform to continue along that path.”
Malachy Mc Enroe, CFO continues: “We originally structured and funded our RCF with three banks five years ago and now are delighted to have twelve leading banks in the syndicate. We have further diversified our sources of liquidity by successfully entering the private placement institutional term debt market for the first time and are pleased to have five leading institutional investors in our term loan syndicate. Through this funding round, we have also further flexed the durations of our debt products, adding to the robustness of our balance sheet. There was strong demand from the market for both offerings, driven by our business growth and performance over the last five years. We are closing 2019 with a strong balance sheet and liquidity position to support our long-term vision.”
Rabobank acted as sole lead arranger and advisor to TIP and I Squared Capital on the transactions.
End of press release
Headquartered in Amsterdam, the Netherlands, TIP is one of Europe and Canada’s leading equipment service providers, specialising in trailer leasing, rental, maintenance and repair, as well as other value-added services and provides these to transportation and logistics customers across Europe and Canada. TIP services customers from 102+ locations spread over 17 countries in Europe and Canada.
More info: https://www.tipeurope.com
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PUB: 11/22/2019 04:00 AM/DISC: 11/22/2019 04:01 AM