Voi has secured a €150m revolving credit facility from three Nordic banks, replacing the bond financing it has predominantly relied on to fund growth since 2024.
The Swedish micromobility operator will use the facility from Danske Bank, Swedbank and DNB to redeem its outstanding bonds, refinance an existing undrawn revolving credit facility and invest in expanding its vehicle fleet.
The new bank financing comes after a sustained improvement in Voi’s financial performance. Second-quarter revenue rose 47% year on year to €68.8m, while adjusted EBITDA reached €19.7m. Net leverage fell to 1.76 times at the end of June from 2.41 times three months earlier.
Mathias Hermansson, Voi’s Chief Financial Officer and Deputy Chief Executive Officer, said the company’s financial position had changed significantly since it first entered the bond market in 2024.
“Three things have changed: scale, consistency and cash generation,” he told Zag Daily. “When we issued our first bond in 2024, we were asking debt investors to underwrite a plan we had. Today banks are instead underwriting our track record.”
Voi’s trailing 12-month revenue has now passed €200m and adjusted EBITDA reached €39m in the 12 months to the end of June, according to Hermansson. The company also generated more than €25m in cash from operations during the second quarter.
“Predictability is what makes us bankable,” Hermansson added.
Voi’s outstanding bonds were issued under terms dated 17 October 2024 and are expected to be redeemed on 19 October 2026, subject to the conditions for first utilisation of the new facility being met. The bonds will be redeemed at 103.375% of their nominal value, plus accrued interest.
The new facility will fund fleet investment while also refinancing Voi’s existing debt facilities. The company said the arrangement provides more flexible and cost-efficient financing as it continues to scale.
The bonds are expected to be delisted from Nasdaq Stockholm around the redemption date. Voi will continue quarterly financial reporting alongside its sustainability reporting under the EU’s Corporate Sustainability Reporting Directive.
