AMSTERDAM–(BUSINESS WIRE)–TIP, een portfoliobedrijf van I Squared Capital, heeft op 29 juli 2021 met succes haar bestaande Revolving Credit Facility (RCF) gewijzigd en uitgebreid en daarnaast financiering opgehaald om het bedrijf te versterken.

De bestaande Revolving Credit Facility (RCF) werd verhoogd van €1.150,5 miljoen naar €1.196,75 miljoen zonder wijziging in prijsstelling of structuur en verlengt de looptijd met 2 jaar. De RCF-faciliteit is in 2014 in eerste instantie opgezet voor vijf jaar met drie banken in het syndicaat en een totaalbedrag van € 300 miljoen. De faciliteit is in december 2018 geherfinancierd en loopt af in december 2023. De faciliteit is nu verhoogd tot €1.196,75 miljoen met een looptijd tot december 2025.

TIP heeft ook € 150 miljoen extra opgehaald op de markt voor onderhandse leningen met een looptijd van 5 jaar. De termijnschuld werd in november 2019 voor het eerst opgehaald voor € 274,5 miljoen voor een looptijd van 7 jaar

TIP Announces Amendment and Extension of its Revolving Credit Facility (RCF) and Raises Additional Money

AMSTERDAM–(BUSINESS WIRE)– On 29 July 2021, TIP, a portfolio company of I Squared Capital, has successfully amended and extended its existing Revolving Credit Facility (RCF) and additionally raised funding to strengthen the business.

The existing Revolving Credit Facility (RCF) was increased from €1,150.5 million to €1,196.75 million with no change in pricing or structure and extends the maturity by 2 years. The RCF facility was initially established in 2014 for five years with three banks in the syndicate and a total amount of €300 million. The facility was refinanced in December 2018 maturing in December 2023. The facility has now been increased to €1,196.75 million maturing December 2025.

TIP also raised additional €150 million in the private placement term debt market for a 5-year tenor. The term debt was raised for the first time in November 2019 for €274.5 million for a 7-year tenor

Bob Fast, CEO, explains: “The increase of our RCF and term loans provides flexibility to grow further, both organically and in-organically and broaden our geographical presence. We are excited about adding performance metrics to the facility on Environmental, Social and Governance (ESG) to contribute to sustainable development in coming years. The additional funds from existing 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”

Hans van Lierop, CFO, continues: “We originally structured and funded our RCF with three banks in 2014. We diversified the portfolio in November 2019 by adding private placement institutional term debt providers for the first time. This year, we increased both RCF and term loan facilities as well as extending maturity of the RCF facility. Thus, 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 2021 with a strong balance sheet and liquidity position to support our long-term vision”

The funding round was oversubscribed and will support capital investments and future acquisitions to strengthen further the businesses leading market position.

Rabobank and ABN AMRO acted as joint coordinators and physical book runners to TIP and I Squared Capital on the transaction.

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.

More info: https://www.tipeurope.com

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Contacts

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

Rogier Laan

VP Sales and Marketing

M +31 622 948474

E Rogier.laan@tipeurope.com