Sixt AG successfully places borrower´s note loan of EUR 125 million

  • Demand from domestic and international institutional investors exceeds expectations
  • Mobility service provider uses borrower´s note loan to cover a major proportion of its 2012 refinancing needs early and at very attractive conditions

Sixt AG has successfully placed a borrower´s note loan valued at EUR 125 million with institutional investors. In doing so, the volume that was originally on offer was exceeded – thanks to huge demand both domestically and internationally. The emission is comprised of multiple tranches with terms ranging from five to seven years.

The international mobility service provider has already been able to cover a major proportion of its annual refinancing needs at the beginning of 2012 thanks to the offering, coordinated by BayernLB. At the same time, the maturity profile on the liabilities has also been further optimised. Margins of between 140 and 160 basis points will contribute to an aspired long-term effective reduction of capital costs.

In refinancing its rental and lease fleets, the group typically relies on a wide range of financial instruments, including bonds, borrower´s note loans, finance leases and liabilities to banks. Furthermore, Sixt boasts a capital base that is above average for its industry, with equity of more than EUR 580 million and an equity ratio of more than 25 per cent (all figures are valid as of 30 September 2011).

Dr. Julian zu Putlitz, Chief Financial Officer of Sixt AG:

The new borrower´s note loan is a further step towards guaranteeing long-term financing for our group. The high demand of investors, both domestically and internationally, and the conditions we achieved once again prove our financial strength and the solidity of Sixt’s balance sheet.

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