TIP Trailer Services Refinances Its Revolving Credit Facility
TIP Trailer Services, a portfolio company of I Squared Capital, has successfully refinanced its existing Revolving Credit Facility (RCF), increasing it from €700 million to €967 million while obtaining reduced margins and extra flexibility. The funding round was substantially oversubscribed, and the facility is now a syndication of ten leading banks and a maturity of five years with optional extensions of one to two years.
The facility was originally established in 2014 for a five-year period with three banks in the syndicate and a total amount of €300 million. The new facility aims to support the long-term growth plan of the business.
“The re-financing of our RCF and the liquidity it provides put us in a
strong position to continue to invest in capex, PP&E, bolt-on
acquisitions and broaden our geographic presence. It will support and
underpin our growth aims over the coming years.”
Bob Fast, CEO, TIP Trailer Services
“We originally structured and funded our RCF with three banks four years
ago and now we are delighted to have ten leading banks in the syndicate.
There was strong demand from the market, driven by our business growth
and performance over the past five years. As well as providing us with
competitive cost of funds, it provides us with a solid and flexible base
to grow, as well as navigate any economic downturn that might arise over
the coming years. We are entering 2019 with a strong balance sheet.”
Malachy Mc Enroe, CFO, TIP Trailer Service
About TIP Trailer Services
Headquartered in Amsterdam, the Netherlands, TIP Trailer Services is one of Europe and Canada’s leading equipment service providers, specialising in trailer leasing, rental, maintenance and repair, as well as other value added services and provides these to transportation and logistics customers across Europe and Canada. TIP services customers from 90+ locations spread over 17 countries in Europe and Canada.
About I Squared Capital
I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, telecommunications and transport in the Americas, Europe and Asia. The firm has offices in Hong Kong, Houston, London, Miami, New Delhi, New York and Singapore.
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