Brief: Cazoo Announces Restructuring Agreement With Noteholders To Materially Reduce Debt, Improve Capital Structure

Cazoo

20/09/2023 11:52

Sept 20 (Reuters) - Cazoo Group Ltd  CZOO.N :
    * CAZOO ANNOUNCES RESTRUCTURING AGREEMENT WITH NOTEHOLDERS
TO
MATERIALLY REDUCE ITS DEBT AND IMPROVE ITS CAPITAL STRUCTURE
    * CAZOO GROUP LTD: $630 MILLION OF CONVERTIBLE NOTES TO BE
CANCELLED IN EXCHANGE FOR $200 MILLION OF NEW SENIOR SECURED
DEBT AND NEW EQUITY
    * CAZOO GROUP LTD: DEBT MATURITY PROFILE REMAINS UNCHANGED,
BUT
LEVEL OF DEBT IS SIGNIFICANTLY REDUCED
    * CAZOO GROUP LTD: NEW WARRANTS TO BE ISSUED TO EXISTING
SHAREHOLDERS, SUBJECT TO FUTURE PERFORMANCE
    * CAZOO GROUP LTD: NOTEHOLDERS SIGNAL CONTINUED SUPPORT FOR
CAZOO
    * CAZOO GROUP LTD: EXPECTS TRANSACTIONS TO CLOSE IN Q4
    * CAZOO GROUP LTD: IN CONNECTION WITH TRANSACTIONS, BOARD
WILL BE
REDUCED FROM EIGHT MEMBERS TO SEVEN MEMBERS
    * CAZOO: PLANS TO EFFECT REVERSE STOCK SPLIT OF ISSUED &
UNISSUED
SHARE CAPITAL, PAR VALUE $0.002 PER SHARE, INCREASE IN
AUTHORIZED SHARE CAPITAL
    * CAZOO: PLANS TO NOTIFY NYSE BEFORE NOV 1 THAT IT INTENDS
TO
SUBMIT PLAN TO RESTORE COMPLIANCE WITH NYSE CONTINUED LISTING
STANDARDS
    * CAZOO GROUP LTD: NOTICE HAS NO IMMEDIATE IMPACT ON LISTING
OF
COMPANY'S CLASS A ORDINARY SHARES

Source text for Eikon:  ID:nBw80TDNCa 
Further company coverage:  CZOO.N 

 ((Reuters.Briefs@thomsonreuters.com;))