{"id":186631,"date":"2020-10-05T08:29:00","date_gmt":"2020-10-05T05:29:00","guid":{"rendered":"https:\/\/maritimes.gr\/avis-attracts-e130-million-of-international-capital-intended-to-finance-its-investments-in-green-mobility\/"},"modified":"2020-10-05T08:29:00","modified_gmt":"2020-10-05T05:29:00","slug":"avis-attracts-e130-million-of-international-capital-intended-to-finance-its-investments-in-green-mobility","status":"publish","type":"post","link":"https:\/\/maritimes.gr\/en\/avis-attracts-e130-million-of-international-capital-intended-to-finance-its-investments-in-green-mobility\/","title":{"rendered":"Avis attracts \u20ac130 million of international capital intended to finance its investments in green mobility"},"content":{"rendered":"

\"\"<\/p>\n

The 1st Investment Grade transaction in Greece since 2010<\/strong><\/em><\/p>\n

Avis, the leading car rental company in Greece, secured international financing to expand its fleet with electric and hybrid cars. Despite unprecedented conditions, the Company remains committed to the implementation of its strategic plan around sustainable growth that combines green mobility and the drastic reduction of its environmental footprint.<\/p>\n

Avis raised \u20ac130 million through its first auto leasing securitization with an average interest rate of less than 1.4%. The issue was fully covered by the following three international institutional investors:<\/p>\n

\u2022 European Investment Fund (EIF) with \u20ac43 million
\u2022 European Bank for Reconstruction and Development (EBRD) with \u20ac37 million
\u2022 Dutch institutional investor with \u20ac50 million, guaranteed by EIF.<\/p>\n

This is the largest non-banking securitization ever implemented in Greece, which at the same time places the Company among the very few Greek businesses that have the ability to raise capital on exceptional terms from sources beyond the Greek banking system.<\/p>\n

This is the first securitization since 2010 in Greece to achieve investment grade rating by two major rating agencies, namely S&P and Fitch Ratings, with the senior notes being rated BBB+. The rating is two notches higher than the Investment Grade threshold, while it is the highest possible rating taking into consideration the country\u2019s current rating (BB). The successful completion of this complex transaction certifies the Company\u2019s strong financial performance, its healthy and low-risk portfolio, and the sound policies and procedures that the Company applies.<\/p>\n

\u201cThe European Investment Bank Group is committed to accelerating investment essential to reduce carbon emissions. This new \u20ac93 million European Investment Fund direct and guaranteed support, will enable companies across Greece to lease electric and hybrid vehicles and expand their business activity through green investment. This \u20ac130 million transaction, the largest private sector securitization financing ever implemented in Greece, confirms both the high quality of investment projects in Greece and investor confidence. This milestone has been achieved thanks to the excellent cooperation between Greek and international financial partners.<\/em>\u201d said Christian Kettel Thomsen<\/strong>, European Investment Bank (EIB), Vice President.<\/p>\n

\u201cThis is an important transaction and the EBRD is very pleased to make a substantial contribution. The success of the issuance sends a powerful signal to the market, as this is the largest non-banking securitization in Greece and the first to have a sustainable and green focus. The transaction demonstrates how the EBRD can contribute to supporting the private sector\u2019s efforts to improve its environmental balance and further support the Greek economy at the wake of the Covid-19 crisis<\/em>\u201d, said Dariga Sambayeva<\/strong>, EBRD Associate Director, Financial Institutions.<\/p>\n

\u201cWe are proud to have successfully completed this important transaction on exceptional terms despite the difficult circumstances. This is the largest investment grade securitization in Greece in the last decade. A transaction covered exclusively by international institutional investors, such as the EIF and the EBRD, who showed confidence both in Avis’ ability to grow sustainably with respect for the environment and the society, and in our country’s effort to recover after the crisis<\/em>\u201d, said Avis CEO, Andreas Taprantzis<\/strong>.<\/p>\n

Citi and Piraeus Bank acted as arrangers and joint lead managers of the transaction.<\/p>\n

Avis<\/strong> is the 1st rental company in Greece. With a wide network of 80 car rental stations, a modern fleet that exceeds 38,000 vehicles and 500 specialized employees, Avis responds to all customer needs in the Car Rental sector, as well as in the Leasing and Used Car Sales sectors. Today, Avis is one of the largest companies that operate in Greece since 1960, with assets exceeding \u20ac500 million in value, while the annual turnover exceeds \u20ac180 million and EBITDA exceeds \u20ac90 million. Avis is the national master franchisee of Avis Budget Group that is globally active in 180 countries with more than 11.000 car rental stations, serving more than ten million customers annually.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The 1st Investment Grade transaction in Greece since 2010 Avis, the leading car rental company […]<\/p>\n","protected":false},"author":23,"featured_media":186629,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[297],"tags":[],"class_list":["post-186631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-english"],"yoast_head":"\nAvis attracts \u20ac130 million of international capital intended to finance its investments in green mobility - Maritimes<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/maritimes.gr\/en\/avis-attracts-e130-million-of-international-capital-intended-to-finance-its-investments-in-green-mobility\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Avis attracts \u20ac130 million of international capital intended to finance its investments in green mobility - 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