Pierre et Vacances S.A.: Signing of a binding offer with certain of the Group's existing financial partners in order to provide a new money financing up to EUR 300 million
Pierre et Vacances S.A. (Paris:VAC) announces that it has accepted today a binding financing offer from some of its existing banking partners, EuroPP 2022 and 2025 holders, and Ornane holders (the "Financial Lenders") for a maximum aggregate amount, in principal, of EUR 300 million (the "New Money Financing"), following a competitive process open to third party lenders.
This financing will mainly be used to meet the Group's short-term needs in relation to its activities and operational constraints pending the completion of an equity strengthening transaction (opération de renforcement des fonds propres).
The main terms and conditions of the New Money Financing are detailed below.
- The New Money Financing will consist of the following two successive tranches:
- a first tranche in the form of a term loan for an amount, in principal, of EUR 175 million subscribed (a) by banking partners for EUR 125 million and (b) by certain Ornane holders for EUR 50 million. This first tranche is to be made available in full by early June 2021 at the latest; and
- a second tranche (cancellable without penalty) of a maximum amount, in principal, of EUR 125 million, subscribed (a) for EUR 49 million by banking partners in the form of a term loan, (b) for EUR 34.5 million by banking partners in the form of a loan guaranteed by the French State (the "New PGE Group"), (c) for EUR 8 million by certain EuroPP holders in the form of a term loan or, as the case may be, a bond issuance, and (d) for EUR 33.5 million by certain Ornane holders in the form of a term loan or, as the case may be, a bond issuance. The second tranche may be drawn down, in whole or in part, at the option of the borrower, by the end of October 2021 at the latest.
- The borrower of the New Money Financing will be the Dutch subsidiary Center Parcs Europe N.V. As an exception, the borrower of the New PGE Group will be Pierre et Vacances S.A.
Bron en hele artikel: Business Wire
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