TECHNICOLOR: Successful repricing of senior debt maturing 2020
(Thomson Reuters ONE) -
Successful repricing of senior debt maturing 2020
Continued improvement of financial flexibility and additional annual interest
savings
Paris (France), 3 June 2015 - Technicolor (Euronext Paris: TCH; OTCQX: TCLRY)
announces today that it has fixed the terms and conditions of its repricing
transaction launched in mid-May.
Technicolor has successfully repriced $763 million and ?301 million of senior
secured term loans issued by Tech Finance & Co. S.C.A. maturing in 2020 at new
pricing of Libor / Euribor + 400bps, subject to a 1% Libor / Euribor floor. This
represents a 50bps reduction from existing pricing of Libor / Euribor + 450bps,
subject to a 1% Libor / Euribor floor. The average weighted interest rate is
reduced to 5.00% from 5.50%. The repricing is expected to close on 5 June. The
reduced interest rate will result in around ?5 million of annual cash interest
savings.
The transaction also allowed the Group to gain additional operating flexibility
through certain amendments to the Term Loan facilities. In the context of its
strategic plan Drive 2020, Technicolor intends to seize external growth
opportunities which will be made easier through the increase of its investment
capacity in joint-ventures and reduced restrictions on raising new debt.
Moreover the gross debt to EBITDA financial covenant has been revised upward to
4.0x from the previous level of 3.5x. Technicolor also increased the dividend
payment basket which now amounts to ?150 million between the closing date of the
repricing and June 2020.
***
About Technicolor
Technicolor, a worldwide technology leader in the media and entertainment
sector, is at the forefront of digital innovation. Our world class research and
innovation laboratories enable us to lead the market in delivering advanced
video services to content creators and distributors. We also benefit from an
extensive intellectual property portfolio focused on imaging and sound
technologies, based on a thriving licensing business. Our commitment: supporting
the delivery of exciting new experiences for consumers in theaters, homes and
on-the-go. www.technicolor.com
Follow us: (at)Technicolor - linkedin.com/company/technicolor
Technicolor shares are on the NYSE Euronext Paris exchange (TCH) and traded in
the USA on the OTCQX marketplace (OTCQX: TCLRY).
Contacts
Press: +33 1 41 86 53 93
technicolorpressoffice(at)technicolor.com
Investor relations: +33 1 41 86 55 95
investor.relations(at)technicolor.com
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Source: TECHNICOLOR via GlobeNewswire
[HUG#1926169]
Unternehmensinformation / Kurzprofil:
Datum: 03.06.2015 - 18:01 Uhr
Sprache: Deutsch
News-ID 398053
Anzahl Zeichen: 3618
contact information:
Town:
Issy-les-Moulineaux Cedex
Kategorie:
Business News
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