Bird Global, a provider of eco-friendly electric transportation, and its subsidiary, Bird Rides, amended its existing $150 million vehicle financing credit facility with MidCap Financial Investment and MidCap Financial Trust (each managed or advised by Apollo Capital Management). The amendment better aligns amortization payments with seasonal peaks of the business in the summer months when vehicles generate the most cash and provides greater financial flexibility in the winter months. Additionally, 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,” Ben Lu, CFO of Bird Global, 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,” Aaron Kless, managing director at MidCap, said.