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    EQS-Adhoc  2357  0 Kommentare Leoni AG: Syndicate banks, strategic investor, and Leoni AG agree on financial restructuring concept; required majority for implementation secured; decision on new CEO

    EQS-Ad-hoc: Leoni AG / Key word(s): Capital Reorganisation/Personnel
    Leoni AG: Syndicate banks, strategic investor, and Leoni AG agree on financial restructuring concept; required majority for implementation secured; decision on new CEO

    03-Apr-2023 / 13:25 CET/CEST
    Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
    The issuer is solely responsible for the content of this announcement.


    Leoni AG: Syndicate banks, strategic investor, and Leoni AG agree on financial restructuring concept; required majority for implementation secured; decision on new CEO

    Nuremberg, 3 April 2023 – Leoni AG (ISIN: DE0005408884 / WKN: 540888) announces that all syndicate banks, a significant number of borrower's note holders as well as Stefan Pierer1 as strategic investor with involvement of Leoni AG have agreed on a financial restructuring concept. A corresponding implementation agreement was signed by the syndicate banks, Stefan Pierer, and Leoni. In addition, a significant number of borrower's note holders with a volume of € 168 million have declared that they will join the concept as of 3 April 2023. This means that the required majority to implement the financial restructuring has already been secured. Today, the Supervisory Board of Leoni AG approved the agreement.

    As announced, the implementation of the financial restructuring concept will substantially reduce the company's debt and provide fresh liquidity. It includes the following key aspects:
    • The syndicated banks and the supporting borrower's note holders of Leoni AG are prepared to transfer 50% of the affected claims to a company to be established by Stefan Pierer in return for a recovery instrument. The restructuring concept provides that the remaining borrower's note holders either join the solution and transfer 50% of their claims to the newly established company or waive their corresponding claims. The total amount of the claims to be contributed or waived is € 708 million.
    • This company newly established by Stefan Pierer will, following a capital reduction of Leoni AG to 0 euros, contribute € 150 million by way of a cash capital increase with a contribution in kind in return for the issuance of new Leoni AG shares. In addition, it will waive the claims acquired of up to € 708 million.
    • In the course of this capital increase, to which only the company newly established by Stefan Pierer is to be admitted, this company will become the new sole shareholder of Leoni AG and the stock exchange listing of the shares of Leoni AG will end.
    • The recovery instrument to be granted to the syndicate banks and the borrower's note holders by the newly established company by Stefan Pierer corresponds to an economic interest in Leoni AG of 45%.
    • On this basis, the financing parties are prepared to prolong the remaining credits and borrower's notes until the end of 2026, thus ensuring financing for the coming years.
    As a result of the implementation of the capital measures, Leoni AG will receive new liquidity from the capital increase of € 150 million and will be relieved of financial liabilities of € 708 million. Some of the financing banks are providing bridge financing of up to € 60 million for the implementation of the concept, which is to be repaid from the funds raised through the cash capital increase.
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    EQS-Adhoc Leoni AG: Syndicate banks, strategic investor, and Leoni AG agree on financial restructuring concept; required majority for implementation secured; decision on new CEO EQS-Ad-hoc: Leoni AG / Key word(s): Capital Reorganisation/Personnel Leoni AG: Syndicate banks, strategic investor, and Leoni AG agree on financial restructuring concept; required majority for implementation secured; decision on new CEO 03-Apr-2023 …