Bird Amends its Apollo Vehicle Financing Credit Facility
Bird Global, Inc. (NYSE: BRDS) has amended its $150 million vehicle financing credit facility with MidCap Financial to align payments with seasonal business peaks. This change allows the company to better manage cash flow, especially during the winter months, and will see $45 million of the loan paid down using restricted cash, reducing future interest burdens. The amendment is expected to enhance Bird's operational flexibility and financial strategy moving forward, reaffirmed by the supportive partnership with Apollo Capital Management.
- Amendment of $150 million credit facility enhances financial flexibility.
- $45 million loan repayment reduces future interest and amortization payments.
- Improved cash flow alignment with seasonal business peaks.
- None.
Amended Terms Better Align with Seasonality of the Business and Provides Greater Financial Flexibility
“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
"We 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
Additional details on the terms of the amendment can be found in the Form 8-K filed
About Bird
Bird is an electric vehicle company dedicated to bringing affordable, environmentally-friendly transportation solutions such as e-scooters and e-bikes to communities across the world. Founded in 2017 by transportation pioneer
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