Atos: reaches restructuring agreement with creditors
(CercleFinance.com) - Atos announced on Sunday that it had reached an agreement on the main terms of a financial restructuring plan with a group of banks and bondholders.
The agreement provides for a capital increase with preferential subscription rights (DPS) guaranteed up to E75m by the existing bondholders and up to E100m by the creditors participating in the new financing.
It will also involve the conversion of E2.8bn of Atos' financial debt into capital, bringing the total amount of converted debt to E2.9bn.
Lastly, between E1.5bn and E1.675bn of new secured financing will be contributed in equal parts by bank creditors and bondholders.
According to Atos, these operations should reduce net debt by around E3.1bn and guarantee a minimum liquidity of E1.1bn until end-2026.
Assuming that all existing shareholders were to subscribe to the capital increases, they would hold around 25.9% of the capital following the financial restructuring.
The creditors would control 74.1% of the technology consulting company.
All that remains now is to finalise the operation and, above all, to relaunch the company from an operational point of view, analysts at Invest Securities said this morning.
According to Atos, the restructuring operations should be implemented during H2 2024 with a view to completion by the end of 2024 or during Q1 2025.
Atos shares were up by over 1% on Monday morning following these announcements.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The agreement provides for a capital increase with preferential subscription rights (DPS) guaranteed up to E75m by the existing bondholders and up to E100m by the creditors participating in the new financing.
It will also involve the conversion of E2.8bn of Atos' financial debt into capital, bringing the total amount of converted debt to E2.9bn.
Lastly, between E1.5bn and E1.675bn of new secured financing will be contributed in equal parts by bank creditors and bondholders.
According to Atos, these operations should reduce net debt by around E3.1bn and guarantee a minimum liquidity of E1.1bn until end-2026.
Assuming that all existing shareholders were to subscribe to the capital increases, they would hold around 25.9% of the capital following the financial restructuring.
The creditors would control 74.1% of the technology consulting company.
All that remains now is to finalise the operation and, above all, to relaunch the company from an operational point of view, analysts at Invest Securities said this morning.
According to Atos, the restructuring operations should be implemented during H2 2024 with a view to completion by the end of 2024 or during Q1 2025.
Atos shares were up by over 1% on Monday morning following these announcements.
Copyright (c) 2024 CercleFinance.com. All rights reserved.