Brief: Carmat: Conditional Agreement In Principle With EIB On New Loan Repayment Terms

Carmat SA

12/01/2024 06:06

Jan 12 (Reuters) - Carmat SA  ALCAR.PA :
    * CARMAT ANNOUNCES A CONDITIONAL AGREEMENT IN PRINCIPLE WITH
EIB
ON NEW LOAN REPAYMENT TERMS, AS PART OF MANAGEMENT OF ITS
SHORT-TERM FINANCING CHALLENGE
    * IMPLEMENTATION OF THIS AGREEMENT WOULD LEAD TO A
SIGNIFICANT
EXTENSION OF MATURITY DATE OF EACH OF THREE TRANCHES OF LOAN
    * SIGNING OF FINAL CONTRACT RELATING TO THIS AGREEMENT IN
PRINCIPLE COULD TAKE PLACE BY END OF Q1 OF 2024
    * EXTENSION OF MATURITY DATE OF FIRST TRANCHE OF LOAN (FOR
AN
AMOUNT, IN PRINCIPAL AND INTEREST, OF APPROXIMATELY EUR 15
MILLION) TO JULY 31, 2026
    * EXTENSION OF MATURITY DATE OF TWO OTHER TRANCHES TO AUGUST
2027
AND OCTOBER 2028, RESPECTIVELY
    * AN EQUITIZATION OF LOAN WOULD REDUCE REPAYMENTS IN CASH
AND
THEREFORE OPTIMIZE COMPANY'S CASH
    * COMPANY CAN FINANCE ITS ACTIVITIES, ACCORDING TO ITS
CURRENT
BUSINESS PLAN, UNTIL END OF JANUARY 2024.
    * CONTINUING TO WORK VERY ACTIVELY ON OTHER INITIATIVES TO,
IN
VERY SHORT TERM, STRENGTHEN ITS CAPITAL AND ALLEVIATE ITS CASH
CONSTRAINTS
    * GIVEN THIS AGREEMENT, AMOUNTS (PRINCIPAL AND INTEREST)
PAYABLE
AT MATURITY DATE REGARDING EACH OF TRANCHES WOULD BE
APPROXIMATELY EUR 18 MILLION AT END OF JULY 2026 FOR FIRST
TRANCHE
    * GIVEN AGREEMENT, AMOUNTS PAYABLE AT MATURITY DATE
REGARDING EACH
OF TRANCHES WOULD BE APPROXIMATELY  EUR 17 MILLION IN EARLY
AUGUST 2027 FOR SECOND TRANCHE
    * GIVEN AGREEMENT, AMOUNTS PAYABLE AT MATURITY DATE
REGARDING EACH
OF TRANCHES WOULD BE APPROXIMATELY EUR 13 MILLION AT END OF
OCTOBER 2028 FOR THIRD TRANCHE

Source text for Eikon:  ID:nBwyLmRZa 
Further company coverage:  ALCAR.PA 

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