Brief: Leoni, Syndicate Banks, Strategic Investor Agree On Financial Restructuring Concept, Required Majority For Implementation Secured, Decision On New CEO

Leoni AG

03/04/2023 12:31

April 3 (Reuters) - LEONI AG  LEOGn.DE :
    * SYNDICATE BANKS, STRATEGIC INVESTOR, AND LEONI AG AGREE ON
FINANCIAL RESTRUCTURING CONCEPT; REQUIRED MAJORITY FOR
IMPLEMENTATION SECURED; DECISION ON NEW CEO
    * ALL SYNDICATE BANKS, A SIGNIFICANT NUMBER OF BORROWER'S
NOTE
HOLDERS AS WELL AS STEFAN PIERER^1 AS STRATEGIC INVESTOR WITH
INVOLVEMENT OF LEONI AG HAVE AGREED ON A FINANCIAL RESTRUCTURING
CONCEPT
    * IN ADDITION, A SIGNIFICANT NUMBER OF BORROWER'S NOTE
HOLDERS
WITH A VOLUME OF EUR 168 MILLION HAVE DECLARED THAT THEY WILL
JOIN CONCEPT AS OF TODAY
    * CORRESPONDING IMPLEMENTATION AGREEMENT WAS SIGNED BY
SYNDICATE
BANKS, STEFAN PIERER, AND LEONI
    * WILL RECEIVE NEW LIQUIDITY FROM CAPITAL INCREASE OF EUR
150
MILLION AND WILL BE RELIEVED OF FINANCIAL LIABILITIES OF EUR 708
MILLION
    * SOME OF FINANCING BANKS ARE PROVIDING BRIDGE FINANCING OF
UP TO
EUR 60 MILLION FOR IMPLEMENTATION OF CONCEPT, WHICH IS TO BE
REPAID FROM FUNDS RAISED THROUGH CASH CAPITAL INCREASE

Source text for Eikon:  ID:nEQ2nFYdYa 
Further company coverage:  LEOGn.DE 

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