Business Wire

TIP Announces the Increase of Its RCF Facility and New Raise Term Debt

Share

On 21 November 2019, TIP, a portfolio company of I Squared Capital, announced that it had successfully:

  1. increased its existing Revolving Credit Facility (RCF) from €967 million to €1,150.5 million with no change in pricing or structure.
  2. raised €274.5 million in the private placement term debt markets for the first time. The term loan tenor is seven years.

The RCF facility was initially established in 2014 for five years with three banks in the syndicate and a total amount of €300m. The facility was refinanced in December 2018 to €967 million maturing in December 2023.

The funding round was substantially oversubscribed and will partially support the recently announced PEMA acquisition in Europe, other capital investments and future acquisitions to strengthen further the businesses leading market position.

Bob Fast, CEO, explains: “The increase of our RCF and the introduction of new term loans provide liquidity to close our PEMA acquisition while providing flexibility to grow further both organically and in-organically and broaden our geographical presence. The addition of new financing partners reflects the trust in our business underpinned by our growth in the past five years and provides a strong platform to continue along that path.”

Malachy Mc Enroe, CFO continues: “We originally structured and funded our RCF with three banks five years ago and now are delighted to have twelve leading banks in the syndicate. We have further diversified our sources of liquidity by successfully entering the private placement institutional term debt market for the first time and are pleased to have five leading institutional investors in our term loan syndicate. Through this funding round, we have also further flexed the durations of our debt products, adding to the robustness of our balance sheet. There was strong demand from the market for both offerings, driven by our business growth and performance over the last five years. We are closing 2019 with a strong balance sheet and liquidity position to support our long-term vision.”

Rabobank acted as sole lead arranger and advisor to TIP and I Squared Capital on the transactions.

End of press release

About TIP

Headquartered in Amsterdam, the Netherlands, TIP 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 102+ locations spread over 17 countries in Europe and Canada.

More info: https://www.tipeurope.com

Contact information

Questions or additional information, please contact:
Kapil Sharma
Treasury and Investor Relations Director
T +31 20 504 1677
M +31 621 105358
E kapil.sharma@tipeurope.com

Ana Perez Latorre
Senior Investor Relations Manager
T +31 20 504 2241
M +31 650 855133
E ana.perezlatorre@tipeurope.com

Marc Aandeweg
VP Sales and Marketing
M +31 613114293
E marc.aandeweg@tipeurope.com

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Kanguru Leaps Over The Competition With A New OS Agnostic Encrypted Fingerprint Access Flash Drive5.12.2019 16:31:00 CETPress release

Kanguru is proud to announce the launch of the world’s first OS Agnostic, Fingerprint Access Hardware Encrypted Flash Drive with remote management capability. This new biometric fingerprint access flash drive supplants the bulky pinpads and fussy combo keypads of leading encrypted devices, making it much more convenient and easy to use. With just a tap of the finger, the new Kanguru Defender Bio-Elite30™ Fingerprint Hardware Encrypted Flash Drive provides quick access to encrypted files. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191205005662/en/ The New Kanguru Defender Bio-Elite30 Fingerprint Hardware Encrypted Flash Drive is OS Agnostic, remotely manageable, and provides best-in-class encryption with easy fingerprint access! (Photo: Business Wire) Being OS Agnostic, the Defender Bio-Elite30 can be used on virtually any machine, from Windows and MacOS, to medical equipment, smart TVs and even ATMs for making bank machi

Sensor Electronic Technology Obtains Permanent Injunction Against U.S. UV LED Companies5.12.2019 14:00:00 CETPress release

Sensor Electronic Technology, Inc. (“SETi”), a leading global innovator of deep UV LED products and technology, announced that it successfully obtained a permanent injunction in a patent infringement lawsuit against Bolb, Inc. (“Bolb”), and Quantum Egg, Inc. (“Q-Egg”). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191205005031/en/ The history of UV LED business (Graphic: Business Wire) The California Northern District federal court issued a permanent injunction against the sales of an accused UV LED sterilizer device, as well as any mere colorable variations, according to the parties’ stipulation. The Court will therefore prohibit the sale of similar products if they prove to be mere colorable variations of the accused products. The asserted patents in this litigation cover fundamental UV LED technology, encompassing UV LED sterilizer structures and drivers, chip fabrication, and epitaxial layer growth. Bolb is a UV LED com

SHRM--Society for Human Resource Management and Prometric Renew Long-Term Partnership with Multi-year Agreement5.12.2019 14:00:00 CETPress release

Following a comprehensive procurement process, we’re excited to announce that SHRM--Society for Human Resource Management®, the voice of all things work, has selected Prometric® as its strategic testing partner. Under the renewal, Prometric will assist in the delivery of the SHRM Certified Professional (SHRM-CP®) and SHRM Senior Certified Professional (SHRM-SCP®) exam programs—the global certification standard for the HR profession. This agreement extends the partnership between the organizations that started in 2010. Since inception of the certification program in 2014, Prometric has partnered with SHRM to deliver more than 75,000 exams globally with over 90% growth since the first administration. With businesses increasingly recognizing that effective people management is a strategic imperative, leaders now expect HR professionals to also demonstrate the behavioral competencies required to effectively apply knowledge in the modern workplace. By incorporating key HR competencies and k

Sartorius Acquires a Majority Stake in Cell Culture Media Specialist Biological Industries5.12.2019 13:19:00 CETPress release

Sartorius, a leading international partner of life science research and the biopharmaceutical industry, signed an agreement to acquire a majority stake in the Israeli cell culture media developer and manufacturer Biological Industries. For approximately €45 million in cash, Sartorius is acquiring just over 50% of the shares of the company from its owners, Kibbutz Beit Haemek and private equity fund Fortissimo Capital. An option to acquire a further 20% of the shares within three years was also agreed. The transaction is subject to customary closing conditions and expected to be finalized by mid-December. “By acquiring a majority stake in Biological Industries, we are significantly expanding our cell culture media offering and complementing our product portfolio for customers in the dynamically growing advanced therapies market,” commented Joachim Kreuzburg, CEO of the Sartorius Group. Biological Industries focuses on cell culture media, particularly for cell and gene therapy, regenerat

PW Power Systems Delivers Brighter Holidays for Puerto Rico5.12.2019 13:06:00 CETPress release

PW Power Systems (PWPS), the leading provider of aero-derivative power generation energy solutions, announces that PREPA (Puerto Rico Electric Power Authority) has three, PWPS FT8® MOBILEPAC® gas turbines ready for operation. The 30-megawatt mobile gas turbine units are now available for emergency power, as well as for grid security in support of Puerto Rico’s environmental sustainability plan. PWPS supported ARG Precision Corporation, which completed the turnkey installation of the FT8 MOBILEPAC dual-fuel capacity gas turbines at the Palo Seco Power Plant in Toa Baja. Puerto Rico Governor Wanda Vazquez said, “The three generators provide the opportunity for fast response in the event of an emergency or situation where we lose energy in the metropolitan area. In eight to ten minutes we can energize the system and provide electricity to about 40,000 customers. Critical services such as hospitals in the metropolitan area will also have that security.” “The three mega-generators can meet

Odaseva Announces Significant Enhancements to Its Data Governance Platform for Salesforce Users5.12.2019 13:00:00 CETPress release

Odaseva, the award-winning unified cloud data compliance, protection, and operations platform for enterprises running Salesforce as a business-critical application, today announced several new enhancements to its platform including increased compliance automation applications as well as support for the Salesforce Marketing Cloud and Ultra High Availability for Salesforce. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191205005216/en/ (Graphic: Business Wire) Updated Compliance Applications for Enhanced Regulation Coverage For the past few years, Odaseva has offered users the ability to automate their data compliance and privacy activities for the General Data Protection Regulation (GDPR). This has allowed organizations to reduce financial, regulatory and reputational risk by automating their compliance activities – utilizing such Odaseva tools as Sandbox Anonymization and Production Data Lifecycle. Now, Odaseva has increase