Zigup Plc Regulatory News (ZIG)

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