Bird Rides amends $150 million loan via Apollo, MidCap for flexibility

By Wendy Van Sickle

Columbus, Ohio, Oct. 11 – Bird Global, Inc. said its subsidiary Bird Rides, Inc. amended its existing $150 million vehicle financing credit facility with MidCap Financial Investment Corp. and MidCap Financial Trust, each of which is managed or advised by Apollo Capital Management, LP or its affiliates, according to a news release.

Bird said the amendment better aligns amortization payments with seasonal peaks of the business in the summer months when vehicles generate the most cash and increases financial flexibility in the winter months.

Additionally, the company said it will pay down $45 million of the current facility loan balance using its restricted cash, which will reduce future interest and amortization payments.

Bird Rides is a Calif.-based electric micromobility company that partners with cities to make lightweight electric vehicles available to rent or own around the world.

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