REG - ZIGUP PLC - Completion of debt refinancing programme

ZIGUPAnnouncement

10/04/2025 07:00

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RNS Number : 4115E  ZIGUP PLC  10 April 2025

ZIGUP PLC

("ZIGUP" or the "Group" or the "Company")

10 April 2025

Completion of debt refinancing programme

ZIGUP (LSE:ZIG), today announces the successful completion of the final phase
of its debt refinancing programme, which in three transactions over the past
six months has extended the Group's debt maturity out to beyond 2030 and
increased liquidity by £285m providing further flexibility, with total
available debt facilities now at £1.1bn.

The programme has seen strong demand from a broad range of lenders attracted
to the Group's business model, strong cash generation and financial profile.
This has allowed for refinancing on an investment grade basis with improved
commercial terms.

The programme comprised:

·    £500m - Revolving Credit Facility (RCF), April 2025:  This facility
replaces the existing £475m RCF and was raised with existing and new lenders
on investment grade terms, further diversifying the lending group. Pricing
terms were improved from the current facility which was due to mature in
November 2026, together with extending the tenor out 5 years to April 2030 and
options to extend for a further two years (subject to approvals).

·    €190m - US Private Placement (USPP), October 2024: Raising of notes
provided by existing USPP investors on investment grade terms at an average
fixed rate of 4.4%. The new notes have tenors of 7 and 10 years, extending our
maturity profile out to 2034 and now with an average funding cost of 2.4% on a
total of €565m notes.

·    £100m - Vehicle Funding Facility (VFF), December 2024:  Arrangement
of VFF provided on a 1-year rolling commitment, further diversifying the
funding base of the Group. Drawn balances will amortise over a 40-month
period, at favourable pricing and secured on the vehicles funded.

 

Martin Ward, ZIGUP's CEO commented:

'The success of this refinancing demonstrates the strong support from our
lenders for our business model and our robust balance sheet. 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.'

 

For further information contact:

Ross Hawley, Head of Investor
Relations
+44 (0) 1325 467558

 

Burson
Buchanan

Chris Lane/Jamie Hooper/Verity
Parker
+44 (0) 207 466 5000

Notes to Editors:

ZIGUP is the leading integrated mobility solutions provider, with a platform
providing services across the vehicle lifecycle to help people keep on the
move, smarter. The Group offers mobility solutions to businesses, fleet
operators, insurers, OEMs and other customers across a broad range of areas
from vehicle rental and fleet management to accident management, vehicle
repairs, service and maintenance.

The mobility landscape is changing, becoming ever more connected and ZIGUP
uses its knowledge and expertise to guide customers through the
transformation, whether that is more digitally connected solutions or
supporting the transition to lower carbon mobility through providing EVs,
charging solutions and consultancy.

The Group's core purpose is to keep its customers mobile, smarter - through
meeting their regular mobility needs or by servicing and supporting them when
unforeseen events occur. With our considerable scale and reach, ZIGUP's
mission is to offer an imaginative, market-leading customer proposition and
drive enhanced returns for shareholders by creating value through sustainable
compounding growth. The Group seeks to achieve this through the delivery of
its new strategic framework of Enable, Deliver and Grow.

ZIGUP supports its customers through a network and diversified fleet of over
130,000 owned and leased vehicles, supporting over 1 million managed vehicles,
with over 180 branches across the UK, Ireland and Spain and a specialist team
of over 7,500 employees. We are a trusted partner to many of the leading
insurance and leasing companies, blue chip corporates and a broad range of
businesses across a diverse range of sectors. Our strength comes not only from
our breadth of our award-winning solutions, but from our extensive network
reach, our wealth of experience and continual focus on delivering an
exceptional customer experience. Further information regarding ZIGUP plc can
be found on the Company's website: www.zigup.com (http://www.zigup.com)

 

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