Brief: Soltec Signs Second Novation Of Financing Agreement For Up To 100 Mln Euros With Pino Investments
25/03/2025 11:46
March 25 (Reuters) - Soltec Power Holdings SA SOLPW.MC: SIGNS SECOND NOVATION OF FINANCING AGREEMENT FOR UP TO 100 MILLION EUROS RELATING TO SOLTEC'S ENERGY PERIMETER AGREEMENT WITH PINO INVESTMENTS SALE TO PINO INVESTMENTS OF SOLTEC ASSET MANAGEMENT STAKE IN JV THAT SOLTEC GROUP HAS WITH TOTAL ENERGIES FOR FIXED PRICE OF ABOUT 20.1 MILLION EUROS ADDITIONALLY, AGREEMENT TO ALLOCATE FUNDS FROM SALE TO PARTIAL MANDATORY EARLY REPAYMENT OF OUTSTANDING AMOUNTS UNDER PINO FINANCING AGREEMENT INCOME RECEIVED OF TOTAL SALE AGREEMENT WILL ALLOW REPAYMENT OF ABOUT 17.9 MILLION EUROS OF THE OUTSTANDING AMOUNTS UNDER THE PINO FINANCING AGREEMENT DEBT WOULD BE REDUCED FROM 91.7 MILLION EUROS OWED AS OF TODAY TO 73.7 MILLION EUROS ESTABLISHMENT OF A LUXEMBOURG STRUCTURE TO WHICH ENERGY GENERATION BUSINESS IN BRAZIL WILL BE TRANSFERRED ITS SHARES, BANK ACCOUNTS AND INTRAGROUP LOANS MUST BE PLEDGED IN FAVOR OF PINO INVESTMENTS ESTABLISHMENT OF THIS GUARANTEE STRUCTURE IS NOT EXPECTED TO HAVE SIGNIFICANT IMPACT ON COMPANY SALE OF STAKE IN THE JV WITH TOTAL ENERGIES AND ESTABLISHMENT OF THE DOUBLE LUXCO STRUCTURE MUST OCCUR BEFORE APRIL 18 Source text: ID:nCNM3WcJzS Further company coverage: SOLPW.MC (Gdansk Newsroom) ((gdansk.newsroom@thomsonreuters.com;))