(AOF) – Solocal announced that an agreement in principle has been signed with Ycor and the group’s main creditors and shareholders. At the end of the operations envisaged in this agreement in principle, the communications specialist would be controlled by Ycor. The current shareholders of Solocal Group would be massively diluted: their existing shares would represent less than 1% of the capital. The Solocal action was suspended this morning pending a press release.
This agreement provides in particular for a contribution of 43 million euros to the company exclusively in equity, including a maximum amount of 38 million euros from Ycor via capital increases with or without maintenance of preferential subscription rights. of shareholders.
It also includes the contribution in kind of all the securities making up the share capital of the company Regicom Webformance SAS to the company.
It also provides for the partial repayment of up to 20 million euros, on the date of the effective completion of the planned capital increases and issuance of securities, of part of the existing RCF debt with part of the proceeds. equity contributions.
This agreement also provides for a massive reduction in the nominal amount of the company’s existing gross bond debt (including interest due) of around 85% with different amortization or conversion into capital terms depending on the nature of the debts reinstalled. .
“A busy legal schedule awaits us to conclude this restructuring. This regulatory process will take place over several weeks, with the desire to move as quickly as possible” declared Cédric Dugardin, general manager of Solocal.
“In addition to meeting the company’s objectives of substantially reducing its debt and securing the group’s liquidity, this agreement opens up new value-creating perspectives thanks to short-term synergies,” underlines the local communications specialist.
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