Atos has secured financing of €1.675 billion committed by a group of banks and a group of bondholders for its restructuring plan.
Takeaway Points
- Atos has secured financing of €1.675 billion for its restructuring plan.
- a Lock-Up-Agreement committed by a group of banks and a group of bondholders.
- It secured interim financing of 800 million euros, providing the liquidity necessary to fund the business until the financial restructuring plan ends.
- The deadline for accessing the Lock-Up Agreement is July 22, 2024, 6:00 p.m. (CET).
Atos Financial Restructuring Plan
Atos said on Monday that it has secured 1.675 billion euros in funding for its financial restructuring plan, as well as a Lock-Up Agreement reached with a group of banks and a group of bondholders (the “Lock-Up Agreement”) that is willing to support the agreement on the terms of the financial restructuring announced on June 30, 2024.
The company said that it secured interim financing of 800 million euros, of which 450 million euros are already accessible to them, and that the financing provides the liquidity necessary to fund the business until the financial restructuring plan ends.
Jean-Pierre Mustier, Chairman of Atos’ Board of Directors, said that signing the lock-up-agreement with most of their financial creditors is a key achievement in their financial restructuring process. He went further to thank the entire management team for their hard work over the past few months.
“The signing of a Lock-Up Agreement with a majority of our main financial creditors is a key milestone in our financial restructuring process and I want to thank the entire management team for their outstanding work over the past few months. This important step ensures the sustainability of Atos’ operations in the best interest of our employees and clients,” Jean-Pierre said.
Paul Saleh, Atos’ Chief Executive Officer, declared: “We have successfully reached an agreement on our financial restructuring plan, with €1.675 billion of new financing secured and a lock-up agreement with a group of banks and a group of bondholders, which puts us a step closer to filing the plan with the Tribunal of commerce by end of July as originally targeted. We have also secured near-term liquidity for the Company as well as a long-term financing necessary to fund the business. With this plan, Atos will have an improved financial position and a stronger credit profile.”
Atos said that the remaining creditors are given the opportunity to participate in the Lock-Up Agreement until July 22, 2024, and the deadline for accessing the Lock-Up agreement is July 22, 2024, 6:00 p.m. (CET).
In consideration for the undertakings given in the Lock-Up Agreement, the members of the group of bondholders, the members of the group of banks, and any other non-secured financial creditors who have signed or acceded to the Lock-Up Agreement before July 19, 2024, 6:00 p.m will receive an early accession fee of 50 basis points, while Non-Secured Financial Creditors who have not signed the Lock-Up Agreement before July 19, 2024 6:00 p.m. but who will sign or accede to it by the Cut-Off Date and accept its terms and conditions, will receive an accession fee of 25 basis points calculated based on the nominal value of the amounts of unsecured debt they hold, Atos said.
