Bird Rides Upsizes Vehicle Financing Credit Facility

By Staff Writer October 15, 2021

Bird Rides, Inc., a provider of environmentally friendly electric transportation, announced that it has secured commitments from Apollo Investment Corporation and MidCap Financial Trust (each managed or advised by Apollo Capital Management, L.P. or its affiliates) to upsize its existing $40 million vehicle financing credit facility to $150 million, subject to the closing of the previously announced business combination with Switchback II Corporation.

“We are pleased to have delivered against our stated objective to expand our vehicle financing capabilities through the upsizing of our credit facility,” said Yibo Ling, chief financial officer at Bird. “This commitment from Apollo reflects further confidence in the strong cash generating capabilities of our electric vehicle fleet enabled by our multi-year track record of over 100 million rides. With the increased liquidity provided by the upsized facility, we believe we are well positioned to support our expansion plans.”

Apollo Managing Director Aaron Kless said the firm is pleased to support Bird with enhanced vehicle financing.

“Bird has demonstrated strong performance and we look forward to continuing to work with the company as it nears completion of its public listing,” he said.

As previously announced, the Extraordinary General Meeting of Switchback II to vote on the business combination with Bird is scheduled to be held on Nov. 2 at 10:00 a.m., Eastern time. The closing of the business combination is subject to approval by Switchback II’s shareholders and the satisfaction of other customary closing conditions.

Rate this item
(0 votes)
Last modified on Friday, 15 October 2021 18:16