BRDS - Bird amends its apollo vehicle financing credit facility
- Bird Global ( NYSE: BRDS ) has announced that its subsidiary, Bird R ides has amended its existing $150 million vehicle financing credit facility with MidCap Financial Investment Corporation and MidCap Financial Trust.
- Bird Global is a leader in eco-friendly electric transportation and the Company will pay down $45 million of the current facility loan balance using its restricted cash, which will significantly reduce future interest and amortization payments.
- Apollo has been a supportive, long-standing partner, helping us structure a first-of-its kind micro mobility vehicle financing facility to cover substantially all of our global vehicle capital expenditures.
- The amendment provides the Company meaningful financial and operational flexibility, along with cash management benefits,” said Ben Lu, chief financial officer of Bird Global.
- Company are pleased to continue to support Bird through an amendment of the credit facility.
- Our long-standing relationship has expanded over time, and we remain confident in Bird’s ability to continue to execute and deliver against their plans,” said Aaron Kless, MidCap Managing Director.
- Source: Press Release
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Bird amends its apollo vehicle financing credit facility