May 6, 2020 / 4:50 PM / a month ago

Sixt secures 1.5 bln euro coronavirus state loan

BERLIN, May 6 (Reuters) - German car rental company Sixt said on Wednesday it has secured a 1.5 billion euro ($1.62 billion) loan from the state development bank KfW and four commercial banks to help see it through the coronavirus crisis.

Sixt said in a statement it needs the money to finance its vehicle fleet, noting the capital market is not currently accessible to companies of its size without a credit rating.

“We still assume a gradual normalisation of demand in the second half of the year and a return to normality in 2021,” said Chief Executive Erich Sixt.

The car rental business has been hard hit by the collapse of air traffic and travel restrictions introduced to try to contain the spread of the virus. ($1 = 0.9247 euros) (Reporting by Emma Thomasson;Editing by Elaine Hardcastle)

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