Brief: Prisa's Board Agrees To Carry Out Issuance Of Subordinated Notes, To Open Extraordinary Conversion Period Of Convertible Notes
30/01/2024 17:21
Jan 30 (Reuters) - Promotora de Informaciones SA
PRS.MC :
* BOARD AGREES TO CARRY OUT IN NEAR FUTURE ISSUANCE OF
SUBORDINATED NOTES, WITH RECOGNITION OF PRE-EMPTIVE SUBSCRIPTION
RIGHTS AND TO OPEN EXTRAORDINARY CONVERSION PERIOD OF
CONVERTIBLE NOTES ISSUED IN FEB
* ISSUANCE FOR NOMINAL AMOUNT OF ABOUT 100 MILLION EUROS,
WHICH
WILL BE IMPLEMENTED THROUGH PUBLIC SUBSCRIPTION OFFER
* CONVERTIBLE NOTES ARE EXPECTED TO ACCRUE FIXED ANNUAL
INTEREST
RATE OF 1% UNTIL THEIR CONVERSION, WHICH WILL BE MANDATORY, AT
LATEST, ON MATURITY DATE TO BE DETERMINED (EXPECTED TO BE 5
YEARS)
* CONVERSION PRICE OF CONVERTIBLE NOTES, PENDING FINAL
DETERMINATION, WILL IN ANY CASE INCLUDE PREMIUM OVER CURRENT
MARKET VALUE
* PURPOSE OF OFFER WILL BE TO OBTAIN FUNDS MAINLY TO CANCEL
JUNIOR
TRANCHE OF SYNDICATED FINANCIAL DEBT OF PRISA GROUP WHICH IS
TIED TO EURIBOR+8% AND TO FOSTER GROWTH OPPORTUNITIES OF
BUSINESS UNITS OF PRISA GROUP
* FINAL TERMS AND CONDITIONS OF ISSUANCE TO BE FIXED IN
FORTHCOMING MEETING OF BOARD OF DIRECTORS WHICH IS EXPECTED TO
BE HELD IN Q1 2024
* BOARD OF PRISA EXPECTS TO HAVE, AT TIME OF LAUNCH OF
OFFER,
COMMITMENTS TO SUBSCRIBE FOR RELEVANT PART OF CONVERTIBLE NOTES
FROM SOME OF ITS MAJOR SHAREHOLDERS
Source text for Eikon: ID:nCNM5NxVr8
Further company coverage: PRS.MC
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