DGAP-News: AUTO1 Group SE
/ Key word(s): Financing
AUTO1 Group SE: AUTO1 Group increases ABS financing programme to EUR 1 billion
- Increase of inventory ABS programme from EUR 485 million to EUR 1,000 million
- Enables further expansion of retail and wholesale car selection
As the major funders in the programme, the existing senior note holders have doubled their financing commitments to EUR 800 million, demonstrating the strong support in the capital markets AUTO1 enjoys. As part of the extension AUTO1 also improved the terms of the ABS programme.
Markus Boser, CFO of AUTO1 Group: "Our multi-jurisdictional, rated non-recourse ABS programme gives AUTO1 a unique ability to scale inventory across Europe at a very low cost of capital. This major expansion will allow us to continue to grow our business massively and provide our customers with the largest and broadest selection of used cars across Europe. We are very pleased with the strong confidence that our banking partners have placed in us. Being able to access the capital market and double our inventory financing in the current macro-environment demonstrates the depth of the ABS market and confirms our original decision to establish an Inventory ABS. This unique financing structure clearly sets us apart in our industry and marks yet another major step forward on our way to building the best platform for buying and selling used cars online."
Credit Agricole CIB acted as lead arranger for the facility. AUTO1 Group was advised by Freshfields Bruckhaus Deringer. Hogan Lovells advised the senior lenders.
For more information please visit www.auto1-group.com
AUTO1 Group SE | Bergmannstrasse 72 | 10961 Berlin | Germany
01.03.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||AUTO1 Group SE|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Tradegate Exchange|
|EQS News ID:||1290591|
|End of News||DGAP News Service|