May 3, 2020 / 5:26 PM / a month ago

Europcar gets 307 million euros in financing to cope with COVID-19 crisis

PARIS (Reuters) - French car hire company Europcar (EUCAR.PA) said on Sunday it had secured a total of 307 million euros (269.70 million pounds) in new financing to manage through the coronavirus crisis.

The sum includes a 220 million euro loan guaranteed at 90% by the French state, 67 million euros of liquidity lines guaranteed at 70% by the Spanish state, and 20 million euros of revolving credit facility backed by French investment firm Eurazeo (EURA.PA), the company said in a statement.

Eurazeo owns 29.8% of Europcar.

Reporting by Gwenaelle Barzic,; Writing by Mathieu Rosemain,; Editing by Andrew Cawthorne

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