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(Boursier.com) — Vivendi has entered into financing agreements enabling it to cover any potential repayment needs of its bond debt. Vivendi should make this reimbursement in the event that the Group’s split project, the feasibility study of which was announced on December 13, 2023, is pursued and then approved at an extraordinary general meeting of shareholders.
Bilateral structured financing agreements providing for the conclusion of derivative products with purely monetary settlement relating to part of the Universal Music Group (UMG) securities have been concluded with 5 banks for a nominal value of 2 billion euros. These agreements will notably benefit from pledges of shares held by Vivendi in UMG, Telefonica, Telecom Italia and MediaForEurope and may be subject to margin calls.
This financing, maturing in September 2026 and extendable for 1 year, would allow Vivendi to have the funds to implement the repayment of its bond debt, in accordance with the terms and conditions of the bonds concerned, as soon as possible following approval. of the proposed demerger by the extraordinary general meeting of shareholders and, in any event, before the effective date of the demerger from the Group.
The provision of funds under these bilateral structured financing agreements would entail cancellation of the commitments available under Vivendi’s syndicated revolving credit agreement and its eight bilateral revolving credit agreements..
Remember that Vivendi shares ended the week at a price of 10.61 euros, up +4.22%.
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