Brief: Zorlu Enerji Signs Agreements to Sell Unit ZES and Amend Outstanding Loan

Zorlu Enerji Elektrik Uretim AS

27/09/2022 06:36

Sept 27 (Reuters) - ZORLU ENERJI ELEKTRIK URETIM
 ZOREN.IS :
    * SIGNS AGREEMENT TO SELL MAJORITY STAKE OF UNIT ZES N.V.
WITH
WREN HOUSE INFRASTRUCTURE LP 
    * SAYS ALL OF OUR SHARES IN ZES DIJITAL TO BE SOLD TO ZES
Subsequently, ALL OF OUR ZES SHARES TO A NEW COMPANY THAT WILL
BE ESTABLISHED ABROAD 
    * SAYS MAJORITY STAKE IN NEW COMPANY (SHARES REPRESENTING
HALF OF
THE TOTAL CAPITAL OF THE NEW COMPANY PLUS ONE SHARE), AND
THEREFORE MANAGEMENT CONTROL, TO BE TRANSFERRED TO WH BY OUR
COMPANY IN CONSIDERATION FOR $50 MILLION
    * SAYS ALL OF THE SHARE TRANSFERS MENTIONED UNDER ZES SHARE
PURCHASE AGREEMENT ARE EXPECTED TO BE COMPLETED WITHIN SIX
MONTHS FROM THE SIGNING DATE OF THIS AGREEMENT, SUBJECT TO THE
FULFILMENT OF CERTAIN CONDITIONS PRECEDENT
    * SAYS ZORLU HOLDING TO TRANSFER 30,860,606,611 GROUP B
SHARES,
REPRESENTING APPROXIMATELY 12.34% OF OUR CO'S CAPITAL, TO WH FOR
A PURCHASE PRICE OF $38 MILLION
    * SAYS IT IS INTENDED TO REALIZE SHARE TRANSFER UNDER ZOREN
SHARE
PURCHASE AGREEMENT SIMULTANEOUSLY WITH SHARE TRANSFER UNDER ZES
SHARE PURCHASE AGREEMENT WITHIN SIX MONTHS FROM SIGNING DATE OF
THIS AGREEMENT, SUBJECT TO FULFILMENT OF CERTAIN CONDITIONS
PRECEDENT
    * SIGNS AN AMENDMENT AGREEMENT TO THE LOAN AGREEMENT WITH
KIA TO
EXTENDING MATURITY OF OUTSTANDING AMOUNT WITH MORE FLEXIBLE
PAYMENT STRUCTURE AND REINFORCING CAPITAL STRUCTURE OF CO
    * SAYS REPAYMENT OF APPROX $150 MILLION OUTSTANDING AMOUNT
UNDER
LOAN AGREEMENT TP BE REDESIGNED IN A WAY THAT THE MATURITY WILL
BE EXTENDED 2028
    * EXPECTS AS A RESULT OF THE AFOREMENTIONED SHARE TRANSFERS
UPON
CLOSING OUR FOREIGN CURRENCY DENOMINATED LOANS TO BE REDUCED BY
APPROXIMATELY $100 MILLION

        
 Source text for Eikon:  urn:newsml:reuters.com:*:nIKA2vSjRy
 Further company coverage:  ZOREN.IS  
 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 769 66 00;))