Sixt SE signs syndicated loan agreement with bank consortium including KfW
Pullach, 6 May 2020 – Today, Sixt SE signed a syndicated loan with a consortium of banks consisting of Bayerische Landesbank, Commerzbank Aktiengesellschaft, DZ BANK AG and UniCredit Bank AG as well as the German state-owned “Kreditanstalt für Wiederaufbau” (KfW Bank). It is a revolving credit line of up to EUR 1.5 billion, concluded at market conditions and with a term up to two years. One of the conditions of this syndicated loan is a waiver by Sixt SE of dividend payments during the term of the loan, with the exception of the annual minimum dividend of EUR 0.05 paid for preference shares.
The syndicated loan serves to secure the financial flexibility, especially for financing Sixt Group’s rental fleet. Under normal market conditions, financing would be raised to a considerable extent on the capital market. However, the capital market is currently not accessible for Sixt SE due to the COVID-19 pandemic.
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