Sixt SE redeems loan concluded with the participation of KfW and concludes new syndicated credit line of EUR 750 million with renowned bank consortium
- Mobility service provider strengthens its financial flexibility to expand its vehicle fleet at attractive conditions once the corona crisis has ended.
- Previously undrawn syndicated loan with the participation of KfW to now be replaced by the new credit line that will serve as an additional financing instrument.
- Alexander Sixt, Chief Strategy Officer of Sixt SE: “Thanks to its strong management of the crisis and the rapid adjustment of its cost base, SIXT has weathered the corona crisis in an extraordinarily stable manner so far and is in excellent health. By taking out the new syndicated loan without KfW’s participation, we are financially equipping ourselves for an increase in demand for mobility services after corona.
Pullach, 01 March 2021 – Sixt SE has signed a long-term syndicated loan agreement in the amount of EUR 750 million with a renowned bank consortium. The new revolving credit line completely replaces the previously unused syndicated loan concluded at the beginning of May 2020 with the participation of Kreditanstalt für Wiederaufbau (KfW). This credit facility had already been significantly reduced in advance following the successful bond issue in December 2020 and through other reductions.
With the new credit line, the international mobility service provider is the necessary financial scope to flexibly finance the expansion of its operating business and rental fleet. SIXT expects to see a gradual pick-up in international travel following an easing of the current travel restrictions and contact bans due to the COVID-19 pandemic.
The term of the new revolving credit facility is three years and can be extended twice by one year each, so that the maximum term comprises five years. The credit facility can be drawn in various currencies. Commerzbank Aktiengesellschaft, DZ BANK AG, Deutsche Zentral-Genossenschaftsbank and UniCredit Bank AG are the lead arrangers and bookrunners of the credit line. Other lead arrangers and lenders are Crédit Agricole Corporate and Investment Bank, Deutsche Bank and SEB Deutschland. UniCredit Bank AG is the agent.
Alexander Sixt, Chief Strategy Officer of Sixt SE: “Thanks to its strong management of the crisis and the rapid adjustment of its cost base, SIXT has weathered the corona crisis in an extraordinarily stable manner so far and is in excellent health. By taking out the new syndicated loan without KfW’s participation, we are financially equipping ourselves for an increase in demand for mobility services after corona. This will include the flexible expansion of our fleet, in particular. The future development will depend largely on further government measures and the situation with regard to vaccinations. Together with the successful bond issue of EUR 300 million in December 2020 and other financing options, SIXT is in a position to act quickly, flexibly and with great flexibility to further drive its growth strategy.”
Jörg Bremer, Chief Financial Officer of Sixt SE: “Despite the high level of uncertainty in the market environment for mobility and the tourism industry, we have succeeded in arranging a large-volume syndicated loan on attractive terms. This once again demonstrates SIXT’s excellent standing in the capital and financing markets. The agreement enables us to fully replace the transitional loan we arranged in May 2020 with the participation of Kreditanstalt für Wiederaufbau with long-term financing.”
Sixt SE with its registered office in Pullach near Munich, is a leading international provider of high-quality mobility services. With its products SIXT rent, SIXT share, SIXT ride and SIXT+ the company offers a uniquely integrated mobility service across the fields of vehicle and commercial vehicle rental, car sharing, chauffeur services and car subscriptions. The products can be booked through one single app, which also integrates the services of its renowned mobility partners. SIXT has a presence in around 110 countries around the globe. The company is characterized by consistent customer orientation, a lived culture of innovation with strong technological expertise, the high share of premium vehicles in its fleet and an attractive price-performance ratio. The SIXT Group generated revenue of EUR 3.31 billion in 2019 and ranks as one of the most profitable mobility companies worldwide. Sixt SE is the parent company of the Group and has been listed on the Frankfurt stock exchange since 1986 (ISIN ordinary share: DE0007231326, ISIN preference share: DE0007231334).
Kathrin Greven / Stefanie Seidlitz
Sixt Central Press Office
Tel.: +49 – (0)89 – 74444 6700
Mail: [email protected]