Saturday, July 13, 2013

Technicolor completes debt refinancing

Audiovisual technology and home TV equipment company Technicolor has restructured its debt and financing costs. The move extends the group?s debt maturity profile to 2020 and gives it more flexibility in its covenant with creditors. Special purpose investment vehicle Tech Finance has accepted all notes tendered and all loans submitted pursuant to its offers to purchase. It has funded the purchase mainly through an aggregate principal amount of EUR 838 million borrowed under a new term loan at an average nominal interest of 7.3 percent.

Tech Finance purchased an aggregate principal amount of EUR 905 million of Technicolor?s outstanding senior debt in the offers to purchase, corresponding to almost all of the outstanding notes and 61 percent of credit agreement participations. The average nominal interest of the purchased debt amounted to 8.4 percent, while the average nominal interest of the total existing senior debt amounted to 8.2 percent.

As of 12 July, the remaining existing senior debt not held by Tech Finance, amounts to EUR 282 million with a bullet debt maturing in 2017 in the amount of EUR 218 million (compared to EUR 890 million before the refinancing). Technicolor and Tech Finance have paid all consideration to which Technicolor?s creditors are entitled.

As a result of the refinancing transaction, the total consolidated amount of senior gross debt bears interest at an average nominal rate of 7.4 percent, an 80 basis point improvement, leading to a pro-forma reduction of EUR 14.8 million in overall annual interest charges. The company?s debt structure is now based almost entirely on loans and the final maturity of the majority of debt has been extended to 2020.


Outside Lands washington post revolution Family Guy Boston Marathon huffington post What is ricin Boston Marathon Explosion

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.