Dutch satellite navigation device maker TomTom has secured a €250m (US$306m) revolving credit facility due March 2018.
The debt, which includes two additional one-year options, will replace the group’s existing term and revolving credit…
Dutch satellite navigation device maker TomTom has secured a €250m (US$306m) revolving credit facility due March 2018.
The debt, which includes two additional one-year options, will replace the group’s existing term and revolving credit facilities.
ING co-ordinated the new syndicate and was also a book-running mandated lead arranger along with ABN Amro, HSBC and RBS. Barclays, Bayerische Landesbank and Rabobank were mandated lead arrangers.
The new debt replaces a €400m forward start financing package that TomTom secured back in April 2011, becoming effective from December 2012.
It comprised a €150m revolver, and a €250m term loan that had €75m repayable at the end of 2013 and 2014, with a final €100m due on 31 March 2016.
Rabobank International coordinated and was also a book-running MLA for the original syndicate along with ABN Amro, ING and RBS. Banque LBLux, Deutsche Bank, Barclays and Morgan Stanley were MLAs.
In December 2014, the group bought Dutch fleet management specialist Fleetlogic for an undisclosed sum, adding 27,000 subscriptions to the TomTom Telematics installed base, which now comprises more than 450,000 vehicles.
“The fleet management market in the Netherlands is an important and fast growing market in Europe,” said Thomas Schmidt, managing director of TomTom Telematics.
“Adding the experience of Fleetlogic in enterprise fleets and government sales, we now address the full potential of this growing market.”