Brief: Pierre et Vacances Signs Exclusive Deal With Investor Group

Pierre Et Vacances SA

20/12/2021 17:06

Dec 20 (Reuters) - PIERRE ET VACANCES SA  PVAC.PA :
    * SAID EARLIER ON MONDAY IT HAD SIGNED EXCLUSIVITY AGREEMENT
WITH
INVESTOR GROUP ALCENTRA - FIDERA - ATREAM AS PART OF ITS EQUITY
STRENGTHENING PROCESS
    * PLANNED INJECTION OF EUR 200 MLN IN EQUITY AND DEBT
REDUCTION
WITH EQUITISATION OF MORE THAN EUR 550 MLN OF DEBT
    * AGREEMENT IN PRINCIPLE WITH MAJOR FINANCIAL CREDITORS
    * EXCLUSIVITY AGREEMENT ON DECEMBER 17, 2021 UNTILJANUARY
31, 2022
    * DISCUSSIONS WITH FINANCIAL CREDITORS CONCERNED HAVE
RESULTED IN
AN AGREEMENT IN PRINCIPLE REACHED BY ALL THE BANKS AND EURO PP
CREDITORS OF PIERRE ET VACANCES
    * COMPLETION OF TRANSACTION WOULD ALSO ALLOW IMPLEMENTATION
OF NEW
GOVERNANCE STRUCTURE WITH SHAREHOLDERS
    * COMPLETION OF TRANSACTION WOULD ALSO ALLOW OUTSOURCING OF
REAL
ESTATE BUSINESS THROUGH CREATION OF DEDICATED REAL ESTATE
COMPANY TO ENSURE DEVELOPMENT OF NEW SITES
    * EXPECTED: FREE ALLOCATION OF WARRANTS TO SUBSCRIBE FOR
SHARES IN
PIERRE ET VACANCES TO ALL SHAREHOLDERS AT EXERCISE PRICE OF EUR
2.75 PER NEW SHARE AND WITH VALIDITY PERIOD OF 5 YEARS
    * CAPITAL INCREASE WITH PREFERENTIAL SUBSCRIPTION RIGHTS FOR
TOTAL
GROSS AMOUNT OF EUR 50,085,656, AT PRICE OF EUR 0.75 PER NEW
SHARE
    * CAPITAL INCREASE WITH CANCELLATION OF PREFERENTIAL
SUBSCRIPTION
RIGHT FOR TOTAL GROSS AMOUNT OF EUR 149,914,344 AT PRICE OF EUR
0.75 PER NEW SHARE
    * CONVERSION OF DEBT INTO EQUITY IN AMOUNT OF AROUND EUR
551,495,311

    
 Source text: https://bit.ly/3pbvMNg
 Further company coverage:  PVAC.PA  

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