Technicolor Creative Studios

Update on the Company's Refinancing

PRESS RELEASE

Technicolor Creative Studios
Update on the Company's Refinancing

Paris (France), June 9, 2023 - Technicolor Creative Studios (Euronext Paris: symbol TCHCS) (the "Company") announces today the successful completion of the main steps required under the conciliation protocol entered into in March 2023 (the “Conciliation Protocol”).

As a reminder, and as described in the Company's press release dated April 3, 2023, the Conciliation Protocol provides that the refinancing consists of (i) a new money financing for a total principal amount, net of commissions, original issue discount and underwriting fees, of approximately 170 million euros, including (x) a first refinancing tranche for a total principal amount of 85,000,000 euros granted at the beginning of April and (y) a second refinancing tranche for a total principal amount of 85,000,000 euros drawn yesterday and (ii) the reinstatement of existing indebtedness (the “Refinancing”).

• Availability of the second tranche of refinancing for an aggregate principal amount of 85,000,000 euros
  
  
  • The drawdown of the second tranche of the super senior credit facility fully underwritten by the principal lenders (the “New Money Lenders”) for an amount of approximately fifty million euros (€50,000,000) increased by an amount of approximately five million dollars ($5,000,000) (in each case, after deduction of the original issue discount) was completed yesterday.
    
    
  • The Company issued yesterday 300,675,053 notes convertible into shares (the “Convertible Notes”) subscribed by its main shareholders: Angelo Gordon, Bpifrance Participations, Briarwood, Barclays and Vantiva S.A. (the “Beneficiaries”)¹, for a total amount of sixty million euros (€60,000,000) (net of OID) through (i) a cash payment of €30,000,000 and (ii) a set-off against certain, liquid and due receivables of €30,000,000 held by the Beneficiaries (excluding Vantiva S.A.) against the Company pursuant to the bridge bonds made available under the first tranche of the refinancing.
    
    
  • The Company also allocated yesterday 501,125,088 warrants giving the right to subscribe to a maximum number of 501,125,088 new shares, at a price of one euro cent (0.01 euro) per new share to the New Money Lenders (the “New Money Warrants”).
    
    
• Implementation of the restructuring of the Company's existing debt