Toosla Reduces Its Debt from 20.3 Million to 2.3 Million Euros and Raises 750,000 Euros
Toosla implements a major debt reduction plan through debt renegotiation and a convertible bond issuance. The short-term car rental group aims to finance its transition to an asset-light business model.
Debt Restructuring Agreement Finalized
Toosla has concluded a memorandum of understanding for debt restructuring. Its gross financial debt will decrease from 20.3 million euros to 2.3 million euros, according to accounts as of June 30, 2025. This operation is based on three pillars: the gradual sale of its vehicle fleet during the fiscal year 2026, allowing the early repayment of 6.8 million euros of debt; the waiver by creditors of a total of 10.7 million euros of debt; and finally, a residual debt of 2.3 million euros, of which 1.6 million euros are staggered over 6.25 years. The group has also established a claw-back clause providing for a maximum payment of 0.4 million euros upon debt repayment in 2033. This transformation is part of adopting an 'asset light' model, in which Toosla will no longer own its vehicles but will lease them, with operating expenses directly deducted from revenues. The group believes this evolution will allow for better visibility of its results, making its EBITDA a clear indicator of economic performance.
Contract Signed for Flexible Bond Financing Line
Toosla has concluded a contract with Hanover Square Investments 1 for the issuance of a flexible bond financing line with a maximum nominal amount of 3.5 million euros. This financing takes the form of 700 issuance vouchers granting rights to convertible or exchangeable bonds (OCEANE) with attached share subscription warrants (BSA). A first tranche of 750,000 euros was mobilized on February 24, 2026, by the exercise of 150 issuance vouchers, generating 150 OCEANE which could lead to 7,278,726 new shares in case of conversion and 2,272,727 shares in case of the exercise of the BSA. Additionally, seven OCEANE were issued as part of the commitment fee related to this draw. Subsequent tranches will be drawn every 25 trading days, for a total maximum of ten tranches. The OCEANE, with a nominal value of 5,000 euros each, do not bear interest and will be automatically converted at maturity if not previously converted by the investor.
Significant Positive Impact on the Balance Sheet Expected
The operation is expected to have a very favorable impact on the group's balance sheet. Cash reserves will increase from 1.4 million euros to 4.9 million euros with the issuance of all OCEANE. Equity, which was negative at 7.3 million euros as of June 30, 2025, will improve to 6.9 million euros. The spreading of the debt balance and the financing line will extend the cash horizon beyond 12 months, representing a major improvement given a limited cash constraint in the first half of 2026. Toosla confirms its targets for returning to growth starting in 2026 and achieving financial autonomy with a positive estimated free cash flow in 2027. The group aims to triple its fleet to over 1,600 vehicles, about two-thirds of which will be operated by franchised partners throughout the national territory.
