Amended Terms Better Align with Seasonality of the Business and Provides Greater Financial Flexibility
MIAMI–(BUSINESS WIRE)–Bird Global, Inc. (“Bird” or the “Company”) (NYSE:BRDS), a leader in eco-friendly electric transportation, today announced that its subsidiary, Bird Rides, Inc., has amended its existing $150 million vehicle financing credit facility with MidCap Financial Investment Corporation and MidCap Financial Trust (each managed or advised by Apollo Capital Management, L.P. or its affiliates, collectively “Apollo”). 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,” said Ben Lu, chief financial officer of Bird Global, Inc.
“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 Aaron Kless, MidCap Managing Director.
Additional details on the terms of the amendment can be found in the Form 8-K filed October 11, 2022.
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 Travis VanderZanden, Bird is rapidly expanding. Today, it provides fleets of shared micro-electric vehicles to riders in more than 450 cities globally and makes its products available for purchase at www.bird.co and also via leading retailers and distribution partners. Bird partners closely with the cities in which it operates to provide a reliable and affordable transportation option for people who live and work there.