DEALS

Driving growth through
pioneering Debt Funding
solutions

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We are proud to have acted as Mandated Lead Arranger and Funder for a ZAR 2.3 billion refinancing debt facility for Zeda Car Leasing (Pty) Ltd (“Zeda”) trading as Avis Fleet, a subsidiary of Zeda Limited, concluded and initiated in September 2022, as well as joint mandated lead arranger for a further R2 billion in November 2023.

Zeda Limited, which has long-term license agreements to operate the widely recognised Avis and Budget global brands was listed on the JSE on 13 December 2022. It is Africa’s largest and only integrated mobility solutions provider comprising car rental (Avis and Budget), fleet leasing (Avis Fleet) and car sales (Avis Car Sales). Zeda was previously part of Barloworld Limited and was the first car rental company in South Africa to receive carbon-neutral accreditation.

The first facility arranged was a ZAR 2.3 billion debt funding package, with Absa providing ZAR 1.6 billion, which facilitated Zeda’s unbundling from Barloworld to be a standalone company listed on the JSE. The second facility was additional funding on the back of the original refinance facility, to support growth for the business.

Both these deals demonstrate our ability to solution for clients and support them with fit-for-purpose facilities to meet their growth ambitions. In closing these transactions, we used our sector expertise to structure and arrange the deals according to international fleet management funding structures.

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