Global law firm White & Case LLP has advised the majority of Revolving Credit Facility (RCF) debtholders, including financial institutions and investment funds, on Europcar Mobility Group's financial restructuring and subsequent accelerated financial safeguard.
The overall financial restructuring led Europcar to benefit from an injection of €250 million through a share capital increase of €225 million, a debt reduction from €2.01 billion to €910 million and a new governance.
The full refinancing of the €670 million RCF was approved by the Paris Commercial Court on February 3, 2021. The refinancing was achieved via the equitzation of €1.1 billion of bonds and the granting to Europcar Mobility Group and other relevant entities within the group of a €170 million RCF and a €500 million term loan facility.
The significant reduction of the group's debt, as well as the injections of new cash and the refinancing of the RCF, will enable Europcar to accelerate the implementation of its strategic roadmap while actively preparing for the progressive recovery of domestic and international travel.
The White & Case team which advised on the transaction was led by partner Saam Golshani (Paris) and included partners Denise Diallo, Alexis Hojabr, Thomas Le Vert (all Paris), Gilles Teerlinck (London) and Brian Pfeiffer (Miami), and associates Alicia Bali, Laure Elbaze, Alice Léonard, Anne-Louise Lorenzo, Yasmine Sefraoui (all Paris), Brian Dearing (London) and Laura Femino (Miami).
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