SOLOCAL (EPA:LOCAL) - Approval of the amendment to the Accelerated Financial Safeguard Plan and of a Conciliation Protocol

Transparency directive : regulatory news

06/08/2020 21:51

PRESS RELEASE

Boulogne-Billancourt, August 6th 2020

Financial Structure Strengthening: Approval of the amendment to the Accelerated
            Financial Safeguard Plan and of a Conciliation Protocol

Following the press releases issued by Solocal Group notably on July 3rd, 13th,
20th, 22nd and 24th, 2020, Solocal Group announces that :

* via a first judgement dated August 6th, the Nanterre commercial court has
approved the amendment to the Solocal Group accelerated financial safeguard
plan (plan de sauvegarde financière accélérée)(approved by a judgment of
the Nanterre commercial court (Tribunal de commerce de Nanterre) dated May 9th,
2014 and amended on December 22nd, 2016), which has also been approved by
unanimity of the votes cast during the noteholders general meeting which took
place on July 13th, 2020 (the "Amended Plan"); and

* via a second judgement dated August 6th, the Nanterre commercial court has
approved a conciliation protocol formalizing the agreement reached on the
restructuring of the Revolving Credit Facility as well as the provision of a
bridge loan type bond financing amounting up to 16 million euros (including an
original issue discount) (the "Conciliation Protocol").

Pursuant to the Amended Plan, the terms and conditions governing the existing
bonds (issued by the Company and which were settled and delivered on March
14th, 2017) are essentially amended as follows:

o interest rates:

- Euribor with Euribor floor 1% + 7% spread (no less than 8%), half of which
  will be payable in cash, and the other half will be compounded and
  capitalized until December 2021;

- Euribor with Euribor floor 1% + 7% (no less than 8%) payable fully in cash
  going forward;

o extension of the final maturity date of the bonds to March 15th, 2025, with
2.5 non call years;

o permission to create security rights to guarantee tax and social liabilities;

o permission for members of the group to incur certain new financial
indebtedness, including State-guaranteed loan(s) (PGE), an Atout loan (Prêt
Atout) granted by BPIfrance Financement or bridge loans, for a maximum total
cumulative amount of 32 million euros in cash (excluding the original issue
discount);

o modification of the required majority to pass decisions in noteholders
general meetings, to reduce such majority to 662/3% for decisions currently
requiring a 90% majority.

The approval of the Amended Plan and of the Conciliation Protocol will enable
Solocal Group to implement the transactions contemplated in the context of the
strengthening of its financial structure, which have also been approved by
Solocal Group' shareholders at the shareholders general meeting on July 24th,
2020.

Solocal - www.solocal.com

We are the local digital partner for companies. Our job: advising and
supporting them to boost their activity thanks to our digital services (Digital
Presence, Digital Advertising, Websites, New Print Solutions). We also provide
users with the best possible digital experience with PagesJaunes, Mappy and
Ooreka, and our partners (Google, Facebook, Apple, Microsoft/Bing, Yahoo!,
etc.). We provide professionals and the public with our high audience services,
geolocalised data, scalable technology platforms, unparalleled order intake
coverage across France, our privileged partnerships with digital companies and
our talents in terms of data, development, digital marketing, etc. We gather
335,000 companies all over France and 2.7 billion visits on our services.
Solocal moreover benefits from the "Digital Ad Trust Classique" label for its
PagesJaunes and Mappy digital services. To know more about Solocal (Euronext
Paris "LOCAL"): let's keep in touch @solocal.

Press contacts

Charlotte Millet
+33 (0)1 46 23 30 00
charlotte.millet@solocal.com

Edwige Druon
+33 (0)1 46 23 37 56
edruon@solocal.com

Investor contacts

Julie Gualino-Daly
+33 (0)1 46 23 42 12
jgualino@solocal.com

Colin Verbrugghe
+33 (0)1 46 23 40 13
cverbrugghe@solocal.com

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02/05/2024 14:31

SOLOCAL (EPA:LOCAL) - Approval of the amendment to the Accelerated Financial Safeguard Plan and of a Conciliation Protocol

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