Technicolor announces the extension of the noteholder tender offer expiry date in anticipation of an expected closing of the refinancing transaction
10/07/2013
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Extension by Tech Finance of the tender offer expiry date to July 11, 2013
Success of the consent solicitations and significant participations in the offers to purchase
Closing of the refinancing transaction expected in the next several days, subject to the receipt of funds from investors having subscribed in the new financing to date
Paris (France), July 10, 2013 Technicolor (Euronext Paris: TCH) announces today that Tech Finance is extending the deadline of the tender offer launched on June 11, 2013 to acquire for cash any and all of Technicolor's outstanding notes. The original tender offer deadline is extended from 11:59 p.m., New York time, on July 9, 2013 to 6:00 p.m., New York time, on July 11, 2013. Noteholders who tender prior to this time are expected to receive their consideration including principal, accrued but unpaid interest and premium, each pursuant to the terms of the tender offer, on or around July 12, 2013. Lenders who submitted their participations under the Credit Agreement prior to June 24, 2013 are expected to receive their consideration including principal, accrued but unpaid interest and premium, each pursuant to the terms of the offer to purchase, on or around July 12, 2013.
As described in its press release dated June 11, 2013, Technicolor launched consent solicitations requesting consent to engage in a refinancing transaction of its senior debt and to certain proposed amendments under Technicolor's 2010 Note Purchase Agreement, Credit Agreement and Intercreditor Agreement. On the same date, Tech Finance & Co. S.C.A., an independent, stand-alone special purpose vehicle ( Tech Finance ), launched offers to purchase for cash any and all outstanding notes and any and all outstanding participations in Technicolor's Credit Agreement.
Technicolor received strong support from its existing creditors in the consent solicitations and the levels of noteholder and lender participation in the offers to purchase launched by Tech Finance are significant.
Results of the consent solicitations launched by Technicolor
As of 5:00 p.m. (Paris time) on July 9, 2013, approximately 99% of the aggregate principal amount of participations under the Credit Agreement had voted to approve the proposed consents and amendments.
As of the same time, approximately 54% of the aggregate principal amount of notes had approved the proposed consents and amendments.
Both the lender and the noteholder consent solicitations expire at 11:59 p.m. on July 9, 2013 and are not being extended.
Results of the offers to purchase launched by Tech Finance
As of 11:00 p.m. (Paris time) on June 24, 2013 (the expiration time for the offer), approximately 61% of the aggregate principal amount of participations under the Credit Agreement had been submitted for purchase pursuant to the lender offer to purchase.
As of 5:00 p.m. (Paris time) on July 9, 2013 approximately 99% of the aggregate principal amount of notes had been tendered pursuant to the noteholder offer to purchase.
Based on investor subscriptions received to date, the Company expects to close the refinancing transaction in the next several days. The successful completion of the refinancing transaction is subject to receipt of funds by Tech Finance to pay the consideration payable to those existing creditors that participated in the offers to purchase.
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This announcement is neither an offer to purchase nor a solicitation of an offer to sell any securities of Technicolor or Tech Finance.
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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 managements 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 Autorit des march s 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
LINK: | http://www.technicolor.com/en/hi/about-technicolor/press-center/2013/t... |
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