Technicolor refinances remaining debt
Pascale Paoli-Lebailly | 06-02-2014
Technicolor has announced that it has seized an opportunity to refinance part of its remaining senior secured debt maturing in 2016 and 2017 (€181 million) and that it will subsequently reimburse the rest of this debt (€85 million) this year.
Technicolor has done this through refinancing with a new debt maturing in 2020 on terms identical to those on the loans borrowed in July 2013.
This transaction generates small savings in interest and further improves the maturity profile of the company's debt.
The incremental term loans have been made by certain lenders in consideration of the assignment of their participation under the Technicolor senior secured debt via a cashless exchange.
In addition to this exchange, Technicolor expects to fully reimburse the remainder of its senior secured debt maturing in 2016 and 2017 by the end of April 2014.