Orpea: A ‘lock-up’ agreement signed with investors

(CercleFinance.com) – Orpea announced on Tuesday that it had taken a new step in its financial restructuring with the signing of a document crystallizing the agreement in principle which had been announced at the beginning of the month.

The operator of retirement homes indicates that this ‘lock-up’ agreement was concluded with, on the one hand, the group of French long-term investors led by Caisse des Dépôts et Consignations, accompanied by CNP Assurances, and also including MAIF and MACSF.

It also includes the five main institutions coordinating a larger group of unsecured financial creditors.

The terms and conditions of the agreement authorize the signatories to transfer the debt of the company that they hold until the date of completion of the restructuring provided that the transferee is bound in the same terms by the lock-up agreement. Up.

Unsecured creditors who have not yet signed the agreement will be able to access it under certain conditions.

At the end of the operations envisaged, the group led by the CDC would hold around 50.2% of the capital and the unsecured financial creditors around 49.4%.

For the record, the existing shareholders, if they decide not to participate in the capital increases, would only hold around 0.4% of the capital.

In a statement released last night, the concert of shareholders ‘Concert’O’ and a group of unsecured creditors, jointly representing more than 500 million euros in debt, propose an alternative project for a restructuring deemed ‘more balanced’, in which the treatment of creditors and shareholders would be more favourable.

The project nevertheless takes up the main axes proposed by the management of the company, and in particular the arrival in the capital of the CDC as the first shareholder.

Accustomed to the roller coaster for some time, the title Orpea fell by more than 18% Tuesday morning on the Paris Stock Exchange following these announcements.

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