Brief: Sporting SAD Cancels Debt After Securitisation Bond Issue of 11.5 Mln Euros

Sporting Clube De Portugal Futebol SAD

07/09/2022 06:40

Sept 7 (Reuters) - Sporting Clube de Portugal Futebol SAD
 SPSO.LS :
    * SAID ON TUESDAY PARTICIPATED IN AMENDMENT TO TERMS AND
CONDITIONS OF SECURITISATION OPERATION, NAMED "LION FINANCE NO.
1", IN WHICH SAGASTA FINANCE INTERVENED AS ISSUER
    * PURPOSE OF AMENDMENT WAS ISSUE BY SAGASTA OF ADDITIONAL
SECURITISATION BONDS IN AMOUNT OF 11.5 MILLION EUROS AS AN
INCREASE IN PURCHASE AND SALE PRICE OF CREDITS RELATED TO
TELEVISION AND MULTIMEDIA BROADCASTING RIGHTS AND DISTRIBUTION
RIGHTS OF SPORTING TV CHANNEL
    * NET PROCEEDS FROM THIS OPERATION ALLOWED SPORTING SAD TO
RESTRUCTURE ITS DEBT, EXTINGUISHING DEBT ORIGINALLY BELONGING TO
MILLENNIUM BCP AND CHANGING ITS BANKING EXPOSURE TO ONLY SAGASTA
AND NOVO BANCO
    * ADDITIONALLY, IN COMPLIANCE WITH PRIORITIES DEFINED BY
COMPANY'S
BOARD OF DIRECTORS, RENEGOTIATION WITH NOVO BANCO OF FINANCIAL
RESTRUCTURING FRAMEWORK AGREEMENT SIGNED IN NOVEMBER 2014 AND
AMENDED IN OCTOBER 2019 IS UNDERWAY

 Source text: https://bit.ly/3AXxu9I
 Further company coverage:  SPSO.LS  

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