Zenith announces recapitalisation transaction to support long-term growth

Zenith, the UK’s largest independent truck-to-car vehicle leasing and fleet management company, today announces a comprehensive recapitalisation transaction to strengthen its balance sheet and extend the Group’s debt maturities, to support the continued delivery of its long-term strategy.

The transaction is being carried out in partnership with existing Revolving Credit Facility and securitisation banks and holders of Zenith’s Senior Secured Notes and includes an equity contribution of approximately £100 million from Zenith’s majority shareholder, Bridgepoint.

This additional capital will be used, in part, to support a re-collateralisation of Zenith’s EFP¹ securitisation facility, mitigating the impact of lower fleet residual values and facilitating a two and a half-year extension of the revolving period to February 2029. Concurrently, the maturities of Zenith’s Revolving Credit Facility and Senior Secured Notes will be extended, at par, by four years to April 2031 and June 2031, respectively.

The recapitalisation provides Zenith with a stable and sustainable financial position to execute its strategy. The business continues to deliver growth in underlying performance, with strong margins on new lease contracts and a recovery in residual value profits as newer, more profitable cohorts replace legacy contracts. This performance is underpinned by resilient customer demand, with high retention rates and a healthy pipeline of new business wins.

Zenith has secured the requisite support from its financial stakeholders to implement the transaction consensually, with closing expected to occur at the end of April 2026.

¹Exhibition Finance plc, Zenith’s £1bn non-bifurcated securitisation facility that funds both lease receivables and residual values

_{Cautionary Note Regarding Forward-Looking Statements} 

_{This announcement includes “forward-looking statements” within the meaning of U.S. federal securities laws. Forward-looking statements are typically identified by words or phrases such as, but not limited to, “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions or the negative of these words or expressions. All forward-looking statements are based upon Zenith’s expectations and various assumptions at the time such statements are made. Forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and outside of the control of the management of Zenith. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. We have based these assumptions on information currently available to us, if any one or more of these assumptions turn out to be incorrect, actual market results may differ from those predicted. While we do not know what impact any such differences may have on our business, if there are such differences, our future results of operations and financial condition, and the market price of the notes, could be materially adversely affected. You should not place undue reliance on these forward-looking statements. All subsequent written and oral forward-looking statements attributable to Zenith or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements referenced above. Forward-looking statements speak only as of the date on which such statements are made. Zenith expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events.}