OK Mobility secures €130M from Cheyne Capital to renew its fleet
What's the deal? Spanish mobility platform OK MobilityDealroom has a profile for this one. Try Dealroom → has secured €130 million in asset-backed financing from funds managed by London's Cheyne CapitalDealroom has a profile for this one. Try Dealroom →.
The money is earmarked for buying vehicles, a core pillar of the company's strategy to keep renewing its fleet.
Alongside the new tranche, OK Mobility refinanced roughly €300 million of bank debt with all its creditors.
Why now? The refinancing pushes the company's debt maturities out to 2033 and reshapes its balance sheet.
It was signed unanimously by a pool of 10 banks led by SantanderDealroom has a profile for this one. Try Dealroom →, CaixaBankDealroom has a profile for this one. Try Dealroom →, and BBVADealroom has a profile for this one. Try Dealroom →, with renewal options of up to four years on most of the financing.
For a rental business, fresh vehicles are the product, so steady access to capital keeps the model running.
What could go wrong? Asset-backed loans tie financing directly to the value of the fleet, leaving the company exposed if used-car prices soften.
The push also rides on OK Mobility's OK Forward plan, which depends on franchise growth and digital transformation across southern Europe — execution that is far from guaranteed.
The signal: Cheyne Capital, a London-based alternative investment fund that deploys capital across the structure from corporate credit to distressed debt, is exactly the kind of backer late-stage mobility players are courting as they bypass equity. For a company at OK Mobility's stage, lining up an asset-backed tranche alongside a 10-bank refinancing led by Santander, CaixaBank, and BBVA signals a maturing financing toolkit that ties growth firmly to fleet value.
Read more: Hosteltur
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