Brief: Viaplay Announces Recapitalisation Programme Including SEK 4 Bln New Equity Raise
01/12/2023 05:48
Dec 1 (Reuters) - Viaplay Group AB (publ) VPLAYb.ST :
* VIAPLAY GROUP ANNOUNCES RECAPITALISATION PROGRAMME
INCLUDING SEK
4 BILLION NEW EQUITY RAISE, SEK 14.6 BILLION DEBT RENEGOTIATION
PACKAGE AND RANGE OF OPERATIONAL IMPROVEMENTS
* SAYS RECAPITALISATION BY MEANS OF AN ABOUT SEK 3.1 BILLION
DIRECTED SHARE ISSUE AND AN APPROXIMATELY SEK 0.9 BILLION RIGHTS
ISSUE
* VIAPLAY GROUP AB - SUBSCRIPTION PRICE PER CLASS B SHARE
PRICED
AT SEK 1.0 IN EACH OF DIRECTED SHARE ISSUE, RIGHTS ISSUE, AND
DEBT-FOR-EQUITY SWAP
* SAYS SHARE ISSUES OF 4 BILLION NEW B SHARES PRICED AT SEK
1.0 TO
RAISE SEK 4 BILLION OF GROSS PROCEEDS
* RESTRUCTURING OF VIAPLAY GROUP'S DEBT FINANCING INCLUDING
DEBT
WRITE-DOWN OF SEK 2BN, CHANGED TERMS AND EXTENDED MATURITIES
* OF TOTAL DEBT WRITE-DOWN OF SEK 2 BILLION, SEK 500 MILLION
EXCHANGED FOR 500 MILLION NEW CLASS B SHARES BY MEANS OF DEBT
FOR EQUITY SWAP
* VIAPLAY GROUP AB -INITIATIVES WILL IMPROVE CASH FLOWS AND
LIMIT
FREE CASH OUTFLOW IN NON-CORE INTL EXIT MARKETS TO ABOUT SEK 2.2
BILLION BETWEEN 2024 AND 2028
* SAYS TAKEN DECISIVE ACTION AND QUICKLY MOVED TO APPOINT A
NEW
TEAM AND SET A NEW STRATEGY FOCUSED ON OUR CORE MARKETS
* SAYS PROCEEDS FROM TRANSACTION WILL BE USED TO PARTLY
REPAY NOW
FULLY DRAWN SEK 4 BILLION REVOLVING CREDIT FACILITY
* VIAPLAY- PROCEEDS WITH RENEGOTIATION OF DEBT TO BRING PRO
FORMA
FINANCIAL NET DEBT TO NET CASH POSITION OF ABOUT SEK 850 TO
1,050 MILLION BASED ON YEAR END 2023
* VIAPLAY - SHOULD GROUP FAIL TO CONCLUDE PLAN MAY NOT BE
ABLE
TO FULFIL SOME NEAR AND MEDIUM-TERM REQUIREMENTS UNDER EXISTING
FINANCIAL ARRANGEMENTS
* VIAPLAY - FAILURE TO FULFIL OBLIGATIONS, AND ABSENT
ALTERNATIVE
SOLUTIONS TO INITIATED RECAPITALISATION PROCESS, MAY LEAD TO NOT
BEING CONSIDERED GOING CONCERN
Source text for Eikon: ID:nWkr17y8rN
Further company coverage: VPLAYb.ST
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