Legacy funding agreements of the Agency for The Financing of Skills for the 2014-2017 academic year Paris (France), 22 June 2020 – Technicolor (Euronext Paris: TCH; OTCQX: TCLRY (the « company ») announces today that it has reached an agreement in principle on a financial restructuring plan (the « agreement in principle ») that corresponds to the company`s objectives, (i) to obtain a new financing of 420 million euros to cover the group`s liquidity needs and (ii) to erase the balance sheet of the company by The Equitization of up to 660 million euros under the company Term Loan B. The company received the support of a majority (65.77%1) from its lenders under Term Loan B and Revolving Credit Facility, as well as Bpifrance Participations, an institutional shareholder. The agreement in principle was supported by the company`s board of directors. It remains subject to the completion of negotiations on its terms, as well as negotiations on the necessary documents and agreements. The main conditions and timetables of the esfa agreements on education and qualifications, with 16 to 19 budgets for education, adult education, loans for advanced learners and 16 to 19 apprenticeship places, are available on the first link. On June 11, the Company announced the launch of an application for waiver authorization from its existing lenders under its credit facilities to allow the company to apply (i) for the opening of an « accelerated financial safeguard procedure » (a form of conservatory procedure negotiated only for financial creditors) (« SFA ») on Technicolor SA and (ii) to seek recognition of the SFA in the United States. , in accordance with the rules in force (the recognition procedure), without such acts being a failure in the context of credit facilities. The mezzanine installation is documented by a mezzanine facility agreement (AMF). While there are generally significant differences between the terms of other ESFA`s senior grant funding agreements and service contracts for the apprenticeship places obtained and the budget for adult education, you will find the following link. Refers to the agreement between the Minister of Education, who acts on behalf of the Crown through the Skills Financing Agency (SFA), and the recipients who receive grants. In addition, the company today announced the opening by the Paris Commercial Court of an accelerated financial safeguard procedure to facilitate the implementation of the agreement in principle. This practice note addresses the typical characteristics of the mezzanine installation and explains the main changes needed to make an agreement on seniors` facilities an agreement on a mezzanine installation. 3.
Next steps: based on the legal timetable (indicative timetable) of funding agreements for providers, local authorities, universities and employers, funded by the Agency for the Promotion of Education and Training Skills. . . . Trading of shares on Euronext Paris will resume tomorrow 23 June 2020 at 9 .m MESZ. . Mezzanine loans tend to increase when the high-yield bond market stalls and vice versa; they are rarely seen in the same transaction. In May, the company launched a confidential process to create a new monetary facility that will replace the rights issue to finance the group`s operations and repay the $110 million bridge loan $US due on July 31. .
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