Brief: Sporting Reaches New Financing Deal with Millennium BCP And NOVO Banco

Sporting Clube De Portugal Futebol SAD

10/10/2019 06:50

Oct 10 (Reuters) - Sporting Clube de Portugal Futebol SAD
 SPSO.LS :
    * SAID ON WEDNESDAY TO ALTER FINANCING CONTRACTS WITH
MILLENNIUM
BCP AND NOVO BANCO
    * CHANGE IN TERMS OF CALL OPTION OF MANDATORY CONVERTIBLE
SECURITIES (VMOC) TO SET FIXED PRICE CORRESPONDING TO 0.30 EUROS
PER VMOC
    * EXTENDABLE TO ALL VMOC AND "SPORTING VALUES" FROM 2010 AND
2014
HELD BY BANKS ON DUE DATE OF CALL OPTION
    * TO REDUCE ALLOCATED FUNDS OF "EXCESS OF SALE OF PLAYERS
REGISTRATIONS" TO 30% WITH 15% FOR EARLY REPAYMENT AND 15% FOR
REINFORCEMENT OF RESERVE ACCOUNTS
    * TO REDUCE PERCENTAGE OF FLOW CASH SWEEP MECHANISM
AVAILABLE
AFTER SERVICE OF PERMITTED DEBT TO 20% WITH 10% FOR EARLY
REPAYMENT AND REINFORCEMENT OF RESERVE ACCOUNTS

    
 Source text: https://bit.ly/2OAGLy6
    
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