January 17, 2018 / 6:39 AM / 4 months ago

BRIEF-Prisa Board Approves Framework Agreement With Majority Of Creditors

Jan 17 (Reuters) - PROMOTORA DE INFORMACIONES SA:

* SAID ON TUESDAY THE BOARD HAD APPROVED FRAMEWORK AGREEMENT(THE LOCK-UP AGREEMENT) WITH THE MAJORITY OF THE FINANCIAL CREDITORS OF THE COMPANY

* THE AGREEMENT INCLUDES EXTENSION OF DEBT MATURITY UNTIL NOVEMBER AND DECEMBER 2022

* THE PAYMENT CALENDAR DOES NOT ENTAIL MANDATORY REPAYMENTS DURING THE FIRST THREE YEARS UNTIL DECEMBER 2020

* THE AGREEMENT ENTAILS A FIRST REPAYMENT AMOUNTING TO 450 MILLION EUROS TO BE MADE WITH THE FUNDS OBTAINED WITH THE CAPITAL INCREASE APPROVED BY THE GENERAL SHAREHOLDERS MEETING HELD ON NOVEMBER 15, 2017

* THE LOCK-UP AGREEMENT IS SUBJECT TO THE COMPANY EXECUTING THE CAPITAL INCREASE OF 450 MILLION EUROS

* BOARD ALSO APPROVES CHANGES IN PRISA’S MANAGEMENT COMMITTEE

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Further company coverage: (Gdynia Newsroom)

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