Brief: Prisa Agrees Issuance Of Subordinated Notes Mandatorily Convertible Into Newly Issued Ordinary Shares
13/03/2024 06:58
March 13 (Reuters) - Promotora de Informaciones SA
PRS.MC
* SAID ON TUESDAY IT HAD AGREED ISSUANCE OF SUBORDINATED
NOTES
MANDATORILY CONVERTIBLE INTO NEWLY ISSUED ORDINARY SHARES OF
PRISA WITH RECOGNITION OF PRE-EMTIVE SUBSCRIPTION RIGHT OF
COMPANY'S SHAREHOLDERS
* OFFERING WILL BE MADE FOR UP TO EUR 100 MLN
* OFFERING THROUGH ISSUANCE AND PLACEMENT INTO CIRCULATION
OF UP
TO 270,270 CONVERTIBLE NOTES OF EUR 370 NOMINAL VALUE EACH
* ISSUANCE RATE OF CONVERTIBLE NOTES WILL BE AT PAR, I.E. AT
100%
OF THEIR NOMINAL VALUE (EUR 370)
* NOMINAL INTEREST RATE ON CONVERTIBLE NOTES WILL BE A FIXED
1.00%
PER ANNUM
* MATURITY DATE OF ISSUANCE WILL TAKE PLACE ON 5TH
ANNIVERSARY OF
DATE OF ISSUANCE OF CONVERTIBLE NOTES
* CONVERSION PRICE OF CONVERTIBLE NOTES HAS BEEN SET AT EUR
0.37
PER NEW SHARE
* CONVERSION PRICE OF CONVERTIBLE NOTES ESTABLISHED
REPRESENTS A
PREMIUM OF 8.82% OVER CLOSING PRICE OF COMPANY'S SHARES ON MARCH
11
* MAXIMUM NUMBER OF NEW SHARES TO BE ISSUED UPON VOLUNTARY
OR
MANDATORY CONVERSION OF WHOLE OF CONVERTIBLE NOTES IS 270.3 MLN
NEW SHARES, WHICH REPRESENT 26.28% OF CURRENT SHARE CAPITAL OF
COMPANY
* ISSUANCE WILL ENABLE COMPANY TO OBTAIN FUNDS TO EARLY
REPAY IN
CASH BETWEEN MINIMUM OF EUR 40 MLN AND MAXIMUM OF EUR 50 MLN OF
TRANCHE OF PRISA'S SYNDICATED FINANCIAL DEBT
* ISSUANCE ALSO TO ENABLE COMPANY TO PROMOTE GROWTH
OPPORTUNITIES
FOR PRISA'S BUSINESS UNITS IN EVENT ISSUANCE IS SUBSCRIBED FOR
NOMINAL AMOUNT IN EXCESS OF EUR 50 MLN
* FOLLOWING EXPECTED PARTIAL REPAYMENT OF JUNIOR TRANCHE OF
PRISA'S SYNDICATED DEBT, COMPANY'S INTENTION IN FUTURE IS TO
PREPAY OUTSTANDING BALANCE OF REMAINING DEBT OF JUNIOR TRANCHE
THROUGH CORRESPONDING DEBT REFINANCING
Source text for Eikon: urn:newsml:reuters.com:*:nCNMdqm87
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