Zigup in 'strong position' after debt refinancing
By Benjamin Chiou
Date: Thursday 10 Apr 2025
(Sharecast News) - Vehicle rental provider Zigup has completed the final phase of its debt-refinancing programme which it said will provide further flexibility for the business.
In three transactions over the past six months, the company has extended its debt maturity out to beyond 2030 and increased liquidity by £285m, with total available debt facilities now at £1.1bn.
Zigup said the debt refinancing - which includes a £500m revolving credit facility, a €190m US private placement and a £100m vehicle funding facility - saw strong demand from lenders, leading to improved commercial terms.
"The success of this refinancing demonstrates the strong support from our lenders for our business model and our robust balance sheet," said chief executive Martin Ward.
"With average debt maturity extended out beyond 2030 and a current drawn debt funding cost of 3.3%, this places ZIGUP in a strong position for sustainable growth."
Zigup shares were up 5.7% at 289p in early deals on Thursday.
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