16:12 uur 12-12-2022

TIP Group haalt extra liquiditeit op onder zijn Borrowing Base Facilities (BBF) en richt een nieuwe duurzame gekoppelde “groene” subfaciliteit op

AMSTERDAM–(BUSINESS WIRE)– Op 8 december 2022 heeft TIP Group, een portefeuillebedrijf van I Squared Capital, met succes aanvullende financiering opgehaald om het bedrijf verder te laten groeien en versterken en de strategische planning te implementeren.

De bestaande financieringsarrangementen (bestaande uit revolving en term debt) (BBF) werden verhoogd van € 1.197 miljoen naar € 1.391 miljoen. De prijsstelling, teneur en structuur bleven ongewijzigd. De BBF vervalt in december 2025, maar profiteert van een verlengingsoptie van 2 jaar.

TIP haalde ook nog eens € 75 miljoen aan liquiditeit op door een nieuwe “groene” doorlopende leningbasisfaciliteit te creëren. Deze subfaciliteit is specifiek gekoppeld aan duurzaamheid, een weerspiegeling van de intenties van TIP Group om haar duurzaamheidsambities waar te maken en haar klanten te voorzien van hoogwaardige activa met een lage uitstoot. De opbrengst van deze “groene” subfaciliteit mag alleen worden gebruikt voor de financiering van “groene activa” in overeenstemming met de Green Loan Principles gepubliceerd door de Loan Market Association.

TIP Group Raising Additional Liquidity Under its Borrowing Base Facilities (BBF) and Establishes a New Sustainable Linked “Green” Sub-Facility

AMSTERDAM–(BUSINESS WIRE)– On 8 December 2022, TIP Group, a portfolio company of I Squared Capital, has successfully raised additional funding to further grow and strengthen the business and implement its strategic planning.

The existing borrowing base financing arrangements (consisting of revolving and term debt) (BBF) were increased from €1,197 million to €1,391 million. The pricing, tenor and structure remained unchanged. The BBF matures in December 2025 but benefits from a 2 year extension option.

TIP also raised an additional €75 million in liquidity by creating a new “green” revolving borrowing base facility. This sub-facility is specifically sustainability linked, a reflection of TIP Group’s intentions to meeting its sustainability ambitions and providing its customers with high quality low emission assets. The proceeds of this “green” sub-facility may only be used to finance “green assets” in line with the Green Loan Principles published by the Loan Market Association.

Bob Fast, President and CEO, explains: “The increase of our existing BBF and a new sustainability linked “green” sub-facility provides flexibility to grow further, both organically and non-organically and broaden our geographical presence. The additional funds from existing and new financing partners reflect the trust in our business underpinned by our growth in the past seven years and provides a strong platform to continue along that path.”

Hans van Lierop, CFO, continues: “We originally structured and funded our RCF for EUR 300 million with three banks in 2014, and increased those financing arrangements to EUR 1,197m of borrowing based linked revolving and term debt by 2021 with 11 banks and non-banks in the syndicate. Further increase in the liquidity by EUR 269 million, including commitments from 2 new banks, this year adds to the robustness of our balance sheet. There was a strong interest in the loan market driven by our business growth and performance over the last seven years which had proven resilient in challenging market environments. We are closing 2022 with a strong balance sheet and liquidity position to support our long-term vision.”

The additional funding will support capital investments and future acquisitions to strengthen further the businesses leading market position and contributes to our sustainability ambitions and goals.

Rabobank and ABN AMRO Bank acted as joint coordinators, active book runners and joint sustainability coordinators to the TIP Group on the transaction. DLA Piper, Amsterdam supported the TIP Group as legal advisors, and Freshfields Bruckhaus Deringer acted as legal advisors to the financiers.

About TIP Group

Headquartered in Amsterdam, the Netherlands, TIP is a leading provider of equipment and services within Europe and Canada. Located in 18 countries, and offering over 138 service locations, TIP specializes in providing the transportation and logistics sector with leasing, rental, maintenance, and repairs through a wide selection of trailer equipment. For more information, please visit: https://www.tip-group.com

About I Squared Capital

I Squared Capital is an independent global infrastructure investment manager with over $36 billion in assets under management focusing on energy, utilities, digital infrastructure, environmental infrastructure, transport and social infrastructure in North America, Europe, and select high growth economies in Asia and Latin America. Headquartered in Miami, the firm also has offices in London, New Delhi, Singapore, Hong Kong, Taipei, and Sydney.


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@tip-group.com

Rogier Laan

VP Sales and Marketing

M +31 622 948474

E Rogier.laan@tip-group.com

Check out our twitter: @NewsNovumpr