OK Mobility Group launches its first IOU program in the Alternate Fixed-Income Market for 80 million Euros

OK Mobility Group has registered its first IOU program for a value of 80 million Euros on the Alternate Fixed-Income Market. This will allow the company to diversify its sources of funding, complement traditional banking debts and with this, optimize funding channels and make them more flexible.

As a new issuer on the Alternate Fixed-Income Market, the business group which is specialized in global mobility will be able to organize IOUs up to a maximum outstanding balance of up to 80 million Euros with expiry dates ranging between 3 days and 2 years.

Bankinter was the directing entity and payment agent for this operation and will be responsible for distributing the different IOU issues made over the next year alongside Banco Sabadell and Banco FinantiaUría Menéndez Abogados, has been appointed as legal advisor and VGM Advisory acted as the Alternate Fixed-Income Market Nominated Advisor.

In 2021 the company forecasts that the EBITDA at the end of the tax year shall exceed 50 million, and the operating income (EBIT) shall exceed 35 million Euros. These figures clearly exceed those obtained in 2019, ranking the OK Mobility Group as one of the fastest-growing and most profitable companies in the sector.

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OK Mobility Group launches its first IOU program in the Alternate Fixed-Income Market for 80 million Euros

  • This will allow the business group to diversify its sources of funding and to establish contact with equity markets.

OK Mobility Group has registered its first IOU program for a value of 80 million Euros on the Alternate Fixed-Income Market. This will allow the company to diversify its sources of funding, complement traditional banking debts and with this, optimize funding channels and make them more flexible.

As a new issuer on the Alternate Fixed-Income Market, the business group which is specialized in global mobility will be able to organize IOUs up to a maximum outstanding balance of up to 80 million Euros with expiry dates ranging between 3 days and 2 years.

Bankinter was the directing entity and payment agent for this operation and will be responsible for distributing the different IOU issues made over the next year alongside Banco Sabadell and Banco Finantia. Uría Menéndez Abogados, has been appointed as legal advisor and VGM Advisory acted as the Alternate Fixed-Income Market Nominated Advisor.

OK Mobility Group’s CEO Othman Ktiri expressed his great satisfaction with the company becoming part of the Alternate Fixed-Income Market register, because “I have always been enthusiastic about the idea of the market investing in our disruptive, profitable and growing project in some way. This initial contact with the equity markets will offer all qualified and institutional investors in Spain and overseas who wish to participate in our #OKonTheRoad Plan the opportunity to do so. This plan is the company’s roadmap for the next few years, and is based on four main axes: technology, geographic expansion, vertical integration and sustainability”. Ktiri also pointed out that, “the fact that the Alternate Fixed-Income Market is part of the Spanish Stock Exchange (BME), which operates all equity and finance markets in our country, demonstrates our group’s business solvency, and highlights the transparency of our processes, our economic and financial information, and our company as a whole”.

OK Mobility Group is a multinational group with headquarters in Palma, Majorca. It specializes in global mobility solutions, which range from private vehicle hire to the purchase and sale of vehicles to wholesalers and to individuals. The group was founded in 2004 by Othman Ktiri, and currently employs more than 450 people and has 45 rent-a-car offices in the main tourist hubs in Spain, Portugal, Italy, German, France, Reece and Malta, serving over 1 million customers. The group also sells an average of more than 20,000 vehicles per year in more than 15 countries via its own distribution channels.

In 2021 the company forecasts that the EBITDA at the end of the tax year shall exceed 50 million, and the operating income (EBIT) shall exceed 35 million Euros. These figures clearly exceed those obtained in 2019, ranking the OK Mobility Group as one of the fastest-growing and most profitable companies in the sector.