Announcement: Folli Follie says 249.5 mln euro notes declared due

Folli Follie SA

06/11/2018 15:13

Folli Follie Commercial Manufacturing and Technical Société
Anonyme (the “Company”) provides the following update to the
market.
    The Company announces that the trustee of the 249.5m 1.75
per cent Guaranteed Exchangeable Notes due 2019 issued by FF
Group Finance Luxembourg S.A. (the “2019 Notes”) has on 1
November 2018 issued a notice of acceleration on the Company's
subsidiary FF Group Finance Luxembourg SA. 
    On the same date, the trustee of the 2019 Notes called on
the guarantees provided by the Company and its subsidiary, FF
Group Finance Luxembourg II S.A., under the terms of the 2019
Notes.
    As a result of the foregoing, Events of Default have
occurred:
    under condition 8(c) of the terms and conditions of the CHF
150,000,000 3.25 per cent. Guaranteed Notes due 2021 issued by
FF Group Finance Luxembourg II S.A. (the “2021 Notes”) and
guaranteed by the Company;
    under clause 7(1)(c) of a EUR 20,000,000 Schuldschein dated
16 December 2016 entered into by FF Group Finance Luxembourg II
S.A.;
    and under clause 7(1)(c) of a EUR 31,000,000 Schuldschein
dated 23 December 2016 entered into by FF Group Finance
Luxembourg II S.A. 
    The Company further announces that a default has occurred
under the terms and conditions of the 2021 Notes as a result of
interest not being paid when due on 2 November 2018. This will
become an Event of Default under condition 8(a) of the terms and
conditions of the 2021 Notes following the expiry of a
contractual grace period of ten calendar days on 12 November
2018 and will result in Events of Default:
    under clause 7(1)(c) of a EUR 20,000,000 Schuldschein dated
16 December 2016 entered into by FF Group Finance Luxembourg II
S.A.; 
    under clause 7(1)(c) of a EUR 31,000,000 Schuldschein dated
23 December 2016 entered into by FF Group Finance Luxembourg II
S.A.; and 
    under condition 10(c) of the terms and conditions of the
2019 Notes.
    This announcement is released in compliance with the
relevant provisions of the Market Abuse Regulation (EU) 596/2014
concerning the Company's obligation to disclose inside
information