Europcar Groupe SA
06/30/2020
|
EBITDA Multiple
|
|||||
---|---|---|---|---|---|---|
(EUR in Millions)
|
Amount
|
Maturity
|
Rate
|
Book
|
||
|
||||||
€500M EC Finance SSN's due 2022 1
|
500.0
|
Nov-15-2022
|
2.375%
|
|||
€1.7B Senior Secured Asset Revolving Facility (SARF) due 2022 2
|
589.0
|
Jan-2022
|
E + 1.300%
|
|||
FCT Notes, Capitalized Fees, Accrued Interest, and Other
|
307.0
|
|
|
|||
Other Fleet Financing Facilities
|
1,222.0
|
|
|
|||
Total Fleet Debt - Structurally Senior
|
2,618.0
|
3.1x
|
||||
€670M Senior Secured RCF & €450M Commercial Paper Program 3
|
632.0
|
|
|
|||
€600M SSN's due 2024 4
|
600.0
|
Nov-02-2024
|
4.125%
|
|||
€450M SSN's due 2026 5
|
450.0
|
Apr-30-2026
|
4.000%
|
|||
Total Corporate Debt - 2nd Lien
|
1,682.0
|
5.1x
|
||||
State Guaranteed Loans 6
|
281.0
|
|
|
|||
€50M Unsecured Credit Suisse Facility
|
50.0
|
|
|
|||
Total Unsecured Corporate Debt
|
331.0
|
5.5x
|
||||
IFRS 16 Lease Liabilities
|
399.5
|
|
|
|||
Fleet Operating Lease Liabilities
|
84.0
|
|
|
|||
Total Lease Liabilities
|
483.5
|
6.1x
|
||||
Total Debt
|
5,114.5
|
6.1x
|
||||
Less: Cash and Equivalents
|
(404.7)
|
|||||
Less: Other Net Debt Adjustments
|
(311.0)
|
|||||
Net Debt
|
4,398.8
|
5.3x
|
||||
Plus: Market Capitalization
|
244.0
|
|||||
Enterprise Value
|
4,642.8
|
5.6x
|
||||
Operating Metrics
|
||||||
LTM Reported EBITDA
|
835.7
|
|||||
|
||||||
Liquidity
|
||||||
RCF Commitments
|
2,400.0
|
|||||
Less: Drawn
|
(1,271.0)
|
|||||
Less: Letters of Credit
|
(150.0)
|
|||||
Plus: Cash and Equivalents
|
404.7
|
|||||
Total Liquidity
|
1,383.7
|
|||||
Credit Metrics
|
||||||
Gross Leverage
|
6.1x
|
|||||
Net Leverage
|
5.3x
|
|||||
Notes: Capital structure is post IFRS-16. Market data as of July 28. LTM EBITDA is the company's adjusted consolidated EBITDA. Cash is as reported on the balance sheet. Other net debt adjustments include FCT junior notes, accrued interest not yet due, capitalised financing costs and others. Liquidity excludes amounts undrawn from €101M Spanish financing facilities as undrawn amounts are unknown. RCF Commitments comprise the €50M Credit Suisse Facility (fully drawn), the €1.7B Asset Revolving Facility and the €650M Cap under the NEU CP Program and the RCF, whereby total amount outstanding under the NEU CP Program and the RCF cannot exceed a total commitment of €650M. 1. Guaranteed by each of the company and ECI. Guarantees are unsecured obligations. The EC Finance Notes, are secured by the Security Fleet Security interests and since May 14, 2018 by the Gold fleet Security. 2. Guaranteed by each of the company and ECI. Guarantees are unsecured obligations.The EC Finance Notes, are secured by the Security Fleet Security interests and since May 14, 2018 by the Gold Fleet Security. 3. Comprised of a €650M secured facility and €450M NEU CP. The €650M facility has an interest rate at EURIBOR + 250bps, due 2022. €150M under the facility is for letters of credit. €650M RCF upsized to €670M provided by French banks which have obtained a guarantee from Eurazeo through a sub-risk participation. As of FY'19, total amounts under the NEU CP and RCF cannot exceed €650M. 4. Pledged on ECI shares held by Europcar Mobility Group S.A. 5. Pedged on ECI shares held by Europcar Mobility Group S.A. (Secured by certain subsidiaries). 6. Includes the €220M Term Loan, 90% guaranteed by the French State and a €101M facility which has a 70% guarantee from the Spanish State. Assumed to be unsecured. |
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