As part of the continuation of its cost-saving and cash preservation Europcar Mobility Group today announced the completion of a financing scheme, which aims to secure liquidity to face the COVID-19 crisis and meet anticipated fleet and corporate financing needs to swiftly restart operations.

Europcar will receive:

• A 220 million eruo term loan, signed with Europcar's main French and international banks, benefiting from a 90% guarantee from the French State. It will have an initial maturity of one year, with an up to five-year extension option decided by Europcar, subject to customary mandatory repayment provisions.

• New financing facilities for Europcar's Spanish subsidiaries, totalling 67.25 million euros, signed over the last two weeks with Bankia and BBVA benefiting from a 70% guarantee from the Spanish State. They have a three-year maturity and proceeds are expected to fund both fleet and corporate needs. 

• A 20 milliong incremental RCF tranche (to increase the facility from 650 million euros to 670 million euros) — provided by French banks which have obtained a guarantee from Eurazeo through a sub-risk participation.

These new financing options, together with its existing financing framework, have been structured with regard to the current pandemic situation to allow Europcar to face the significant business impacts resulting from lockdowns and travel restrictions everywhere it operates, while allowing to progressively resume its activities post COVID-19 crisis. The Group remains in negotiation with other corporate countries on potential State Guarantee loans to reinforce its liquidity within the global financing framework.