TECHNICOLOR (EPA:TCH) Technicolor refinances its remaining debt maturing 2016/2017

Transparency directive : regulatory news

05/02/2014 18:07

PRESS RELEASE

Technicolor refinances its remaining debt maturing 2016/2017

  * EUR 181 million: cashless exchange with debt maturing 2020

  * EUR 85 million: cash repayment by end of April 2014

  * 100% of debt with final maturity in 2020 with simplified structure

Paris (France), February 5, 2014 - Technicolor (Euronext Paris: TCH) announces
today that it has seized an opportunity to refinance part of its remaining
senior secured debt maturing in 2016 and 2017 (EUR181 million) and that it will
subsequently reimburse the rest of this debt (EUR85 million).

Technicolor has refinanced EUR181 million ($75 million and EUR126 million) of
senior secured debt maturing in 2016 and 2017 through an exchange into new debt
maturing in 2020 on terms identical to the term loans borrowed in July 2013.
This transaction generates small interest savings and more importantly further
improves the maturity profile of Technicolor's debt. The incremental term
loans have been subscribed by certain lenders in consideration for the
assignment of their participations 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 (EUR85 million)
out of its cash by the end of April 2014 to reduce gross debt and lower its
interest costs. The foregoing will also allow the Group to further simplify its
debt structure and increase its financial flexibility.

Gross Debt pro-forma for exchange and prepayment in cash

Nominal basis (in EUR million)
Gross debt as of end of Dec. 31, 2013 (unaudited)          1,092
o/w Gross debt maturing 2016/2017                            266
o/w Gross Debt maturing 2020                                 792
o/w other debt                                                34
Cashless exchange                                                          181
Cash repayment                                                              85
Gross Debt pro-forma for exchange and prepayment
in cash as of end of April 2014                                          1,007
o/w Gross debt maturing 2016/2017                                            0
o/w Gross Debt maturing 2020                                               973
o/w other debt                                                              34

Technicolor will publish its full year 2013 earnings before market opening on
Thursday, February 20, 2014.

                                      ***

Warning: Forward Looking Statements

This press release contains certain statements that constitute "forward-looking
statements", including but not limited to statements that are predictions of or
indicate future events, trends, plans or objectives, based on certain
assumptions or which do not directly relate to historical or current facts.
Such forward-looking statements are based on management's current expectations
and beliefs and are subject to a number of risks and uncertainties that could
cause actual results to differ materially from the future results expressed,
forecasted or implied by such forward-looking statements. For a more complete
list and description of such risks and uncertainties, refer to Technicolor's
filings with the French Autorité des marchés financiers.

About Technicolor
Technicolor, a worldwide technology leader in the media and entertainment
sector, is at the forefront of digital innovation. Our world class research and
innovation laboratories enable us to lead the market in delivering advanced
video services to content creators and distributors. We also benefit from an
extensive intellectual property portfolio focused on imaging and sound
technologies, based on a thriving licensing business. Our commitment :
supporting the delivery of exciting new experiences for consumers in theaters,
homes and on-the-go.

Euronext Paris: TCH - www.technicolor.com

Contacts

Press: +33 1 41 86 53 93

technicolorpressoffice@technicolor.com

Investor relations: +33 1 41 86 55 95

investor.relations@technicolor.com

TECHNICOLOR's latest news

22/09/2022 19:48

TECHNICOLOR (EPA:TCH) Technicolor refinances its remaining debt maturing 2016/2017

Transparency directive : regulatory news

TECHNICOLOR's latest news

Other stories