Shared micromobility operator Bird announced that it has secured commitments from Apollo Investment Corporation to raise its existing $40 million vehicle financing credit facility to $150 million. The upsize goes into effect once the SPAC deal with Switchback II Corporation officially closes.
The shareholder vote to approve and confirm the business combination is scheduled for November 2. This announcement, coming just weeks ahead of Bird becoming a publicly listed company, could potentially be a move by the company to instill investor confidence before the bell rings.
Bird’s chief financial officer, Yibo Ling, says the upsize in Bird’s credit facility from Apollo is a result of the “strong cash generating capabilities” of its fleet of electric scooters and bikes. (Disclaimer: Apollo acquired Verizon Medi …
