Financing of latest generation e-scooters to further expand European market leadership. As an affordable and alternative means of transport in urban areas, e-scooters provide maximum flexibility in the context of an outstandingly sustainable mobility scheme.
Issuer
Founded in 2018, TIER Mobility has both the largest European fleet of e-scooters as well as the fastest growing number of users, operating in more than 70 cities in nine countries. E-scooters as a modern means of urban transport enjoy increasing popularity due to flexibility in their use, while at the same time allowing users to have a calm and green conscience due to its neutral climate footprint. TIER Mobility has won all seven city tenders in Europe in 2020, including most recently in the largest e-scooter markets in Paris and Lyon.
Investment
TIER will expand its fleet to 400,000+ e-scooters by 2023. Given the strength of the operating business and its cash flows, the acquisition of up to 65,000 e-scooters to be deployed in 2020 and 2021 shall now be financed through the proposed asset-based financing. Investors will benefit from at least 20 percent credit enhancement provided by TIER, and the acquired e-scooters, the rental income, proceeds from the sale of used e-scooters as well as the financial assets of the Issuer serve as collateral.
