Pierre et Vacances: Release of the First Tranche of the New Financing for an Amount of EUR 175 Million
24 Juin 2021 - 6:30PM
Business Wire
Update on the equity strengthening
process
Regulatory News:
In accordance with the terms of the New Financing of a maximum
amount of 300 million euros entered into on May 10, 2021 between
Pierre et Vacances S.A. (Paris:VAC) and some of the Group's
financial creditors, a first Tranche of an amount of EUR
175,000,000 (excluding guarantee commission and commitment
commission) has been made available today to Center Parcs Europe
N.V. (a 100% subsidiary of Pierre et Vacances S.A.).
In consideration of the release of this 1st Tranche, various
securities have been granted by the Group to guarantee its
redemption as well as the redemption of old debts held by some of
the creditors participating in the New Financing for a total amount
up to EUR 125 million.
The balance of the New Financing for a total amount, in
principal, up to EUR 125 million (cancellable without penalties),
including EUR 34.5 million as a loan guaranteed by the French
State, may be drawn down at the Group's discretion no later than
October 31, 2021, subject to the fulfillment of certain conditions
precedent, including in particular the positive vote of Pierre et
Vacances S.A.'s General Shareholders' Meeting on the implementation
of a fiducie-sûreté.
It is recalled that an Ordinary General Meeting of Pierre et
Vacances S.A. shareholders will be held on July 1, 2021, at 4:30
p.m., behind closed doors, in order in particular to give an
opinion on the implementation of the fiducie-sûreté. The documents
and information relating to this General Meeting are made available
to shareholders in accordance with the applicable legal and
regulatory conditions, and in particular on Pierre et Vacances
S.A.'s website:
(www.groupepvcp.com/en/350/finance/general_meeting/2021_general_meeting_1st_july).
For more information on the terms and conditions of the New
Financing, please refer to the press release published on May 10,
2021 by the Group and available on the Company's website.
Process of equity strengthening
As part of the process of finding investors to strengthen its
equity capital, the Group has received several detailed expressions
of interests from French and foreign candidates, with a profile of
both financial investors or strategic and industry players. Further
discussions with the shortlisted candidates and the usual due
diligence works will be carried out over the next few months as
part of the competitive process for the submission of binding
letters of intent to the Company. Given the number and content of
the expressions of interests received to date, the Group is
confident in the future success of the equity strengthening
transaction with the signing of the final agreements scheduled for
early 2022 at the latest, as announced in the press release of May
10.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210624005846/en/
For further information, please contact
Investor Relations and Strategic Operations Emeline Lauté
+33 (0) 1 58 21 54 76 info.fin@groupepvcp.com
Press Relations Valérie Lauthier +33 (0) 1 58 21 54 61
valerie.lauthier@groupepvcp.com
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