Tallinn-based Bolt, a major player in transportation providing ride-hailing, micromobility, and food delivery services, has successfully secured a €220 million syndicated revolving credit facility (RCF). This financing marks Bolt’s inaugural revolving credit facility, reflecting strong demand as the RCF was upsized and oversubscribed during syndication.
The new RCF, provided by a syndicate of eight lenders including Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, JPMorgan, LHV Pank, and Luminor, strengthens Bolt’s liquidity profile. This financial strategy is part of Bolt’s broader plan to enhance flexibility in its operations and prepare for a future IPO.
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Leadership Commentary
Markus Villig, Founder and CEO remarked on the significance of this financial milestone: “Our inaugural revolving credit facility is an important milestone for Bolt, demonstrating the company’s strength and financial maturity. We have secured highly attractive terms due to our solid financial standing. It is a clear reflection of our banking partners’ confidence in our trajectory and provides us with additional flexibility as we work towards being IPO-ready.”
Collaborative Efforts and Legal Advisory
Citi played a pivotal role as the Co-ordinating Bookrunner and Mandated Lead Arranger. Legal advisories were provided by White & Case for the estonian firm and Clifford Chance for the lenders, with Wilmington Trust serving as both Facility and Security agent.
Diverse Services and Commitment to Sustainability
Founded by Markus Villig, Martin Villig, and Oliver Leisalu in 2014, the company operates in over 45 countries and 500 cities, serving a user base of 150 million. The company is committed to reducing the ecological footprint of its operations, ensuring all rides in Europe are 100% carbon-neutral as part of its Green Plan. The company continues to innovate in its sector, recently introducing the new in-house scooter model Bolt 6, featuring advanced safety and sustainability features.
This strategic financial maneuver by Bolt enhances its ability to continue growing its diverse set of on-demand services globally while preparing the groundwork for its upcoming public offering.
