(News Bulletin 247) – The Technicolor Creative Studios share price rose again on Friday morning on the Paris Stock Exchange after an update on the group’s refinancing operations.

The visual effects specialist announced this morning that it has successfully completed the main steps planned under its conciliation protocol, which was concluded last March.

In this case, the group indicates that it drew yesterday the second tranche of the first rank credit facility fully subscribed by its main lenders, for an amount of approximately 55 million euros, increased by five million.

The company also yesterday issued 300.7 million bonds convertible into shares (OCA) to its main shareholders, including Bpifrance, Barclays and Vantiva.

TCS also yesterday allocated 501.1 million warrants giving the right to subscribe to a maximum number of 501.1 million new shares, at the price of one euro cent, to its ‘new money’ lenders.

On the debt restructuring side, the group has finalized a contract under which part of the floating rate debt of approximately 621 million euros will be converted into a subordinated instrument of approximately 170 million euros.

In addition, TCS proceeded with the conversion into equity of part of the receivables held by the lenders, up to 30 million euros, through a capital increase of the same amount.

Following these operations, the reverse stock split will take place in accordance with the planned schedule, with a first listing of the new shares still scheduled for July 18.

Following these announcements, the TCS action rose by 1% on Friday morning on the Paris Stock Exchange after having taken more than 5% at the opening.

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