TIP announces the increase of its RCF facility and new raise term debt

On 21 November 2019, TIP, a portfolio company of I Squared Capital, announced that it had successfully:

  • increased its existing Revolving Credit Facility (RCF) from €967 million to €1,150.5 million with no change in pricing or structure.
  • raised €274.5 million in the private placement term debt markets for the first time. The term loan tenor is seven years.

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.

About TIP

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.

Questions or additional information, please contact:

Kapil Sharma
Treasury and Investor Relations Director
T +31 20 504 1677
M +31 621 105358
E kapil.sharma@tipeurope.com

Ana Perez Latorre
Senior Investor Relations Manager
T +31 20 504 2241
M +31 650 855133
E ana.perezlatorre@tipeurope.com




Deel dit nieuwsartikel

Maandelijks magazine

Wil je meer weten hoe je wagenpark met je bedrijf meegroeit of hoe je deze zo efficiënt mogelijk inzet? Schrijf je dan in voor ons maandelijks magazine.

Schrijf je in voor ons maandelijks magazine. Wij leren dagelijks veel van onze klanten en willen deze ervaringen graag met je delen.

Door dit formulier in te dienen, ga ik ermee akkoord dat tip mijn klantgegevens verwerkt in overeenstemming met de privacyverklaring van TIP.

Gerelateerd nieuws

"TIP steunt wederom Alpe d’HuZes met inzet van trailer"

Na twee coronajaren, vindt op donderdag 2 juni Alpe d’HuZes weer plaats. Tijdens dit evenement fietsen ...


"TIP breidt vloot uit met double deck trailers"

Recentelijk heeft TIP de huidige trailervloot uitgebreid met een nieuw type trailer, double deck trailers...


" Finale Mechanic Competition – een interview met Melvin en Fred"

Op 10 mei vindt in Valencia de finale plaats van de Mechanic Competition. De Benelux wordt hierbij verteg...