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Atalian – Restructuring - News

ATALIAN REACHES AN AGREEMENT FOR THE REFINANCING OF ITS OUTSTANDING NOTES

22 JANUARY 2024


Full announcement, including disclaimers and offer/distribution restrictions, available via Euronext


Paris (France) –19 January 2024 - Atalian is pleased to announce that it has reached an agreement on a common set of commercial terms with respect to a long-term solution for the refinancing of the Group (the "Transaction") with a representative group of noteholders.

During 2023, Atalian has been considering its strategic options, including with respect to the maturity of its €625m 4.000% senior unsecured notes due May 2024, the €350m 5.125% senior unsecured notes due May 2025, and the £225m 6.625% senior unsecured notes due May 2025 (the “Existing Notes”).


After a period of confidential discussions with an ad hoc group of representative noteholders of the Existing Notes (the “AHG”), Atalian is pleased to announce that it has reached an agreement on a common set of commercial terms with respect to a long-term solution for the refinancing of the Group with noteholders representing 39% of the Existing Notes. The key features of the proposed Transaction are described in a presentation available on Atalian’s website and include:


1. a cash redemption of€400m in respect of the Existing Notes at consummation of the Transaction, with a specified allocation of €100m for participating noteholders;


2. a reinstatement of remaining amounts under the Existing Notes, to be issued in the form of new Euro denominated senior secured notes due 30 June 2028 and in an aggregate amount of approximately €836m (“Exchange Notes”)."


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"The Transaction will be implemented either via an exchange offer, requiring 90% in aggregate principal amount outstanding of each of the Existing Notes due May 2024 and the Existing Notes due May 2025 to participate, or, if required, through an accelerated safeguard proceeding subject to the support of noteholders representing not less than 2/3 in aggregate principal amount outstanding of each of the applicable class or classes of Existing Notes (as determined for the accelerated safeguard proceedings). Atalian and the representative noteholders have signed a "Lock-Up Agreement" to bind each party into supporting the Transaction on the above-proposed terms."


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