Marie Brizard Wine & Spirits
BANKS AGREEMENT
Paris, 17 January 2020
Final agreement between COFEPP, MBWS and its banks
for the sale of all outstanding bank debt
Implementation of the first tranche of the current account advance from COFEPP amounting to €7.6M
Following its press release of 20 December 2019, Marie Brizard Wine & Spirits (Euronext : MBWS) announces the execution today of a tripartite agreement regarding the sale, by MBWS' bank lenders, of the Company's bank debt (i.e. the credit agreement for a principal amount of €45 million concluded on July 26, 2017 and the related guarantees -including a first-rank pledge of the William Peel brand- as well as almost all of the overdrafts drawn to date) to Compagnie Financière Européenne de Prises de Participations (COFEPP), the Company's majority shareholder, which currently holds 50.97% of MBWS' capital. The transfer of these receivables will take place in the coming days. In addition, COFEPP has granted MBWS a moratorium on the repayment of these bank debts, which are to be capitalized as part of the proposed capital increase.
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In accordance with the agreement concluded on 20 December 2019, to which its subsidiary MBWS France has adhered, COFEPP has agreed with MBWS France to make a first current account advance of a principal amount of €7.6 million (remunerated at the annual capitalised rate EURIBOR 3 months with a floor at zero + 425 bps) in the coming days, in order to cover its cash requirements until mid-March 2020. As a guarantee for this first advance, MBWS has pledged its subsidiary MBWS France and the latter has granted pledges of its Marie Brizard brands, as well as pledges on the shares of Cognac Gautier and the receivables it holds from that company.