PARIS--()--Following the announcement on 12 December 2012 by MEDIANNUAIRE HOLDING of the launch of the process for its lenders to vote on its restructuring proposal, MEDIANNUAIRE HOLDING has already obtained the consent of circa 90% of its senior lenders and of 100% of its mezzanine lenders.
MEDIANNUAIRE HOLDING is delighted with these very good intermediary results and has decided to extend the voting period in order to allow the lenders who have not yet cast their vote to do so.
The crossing of the two-thirds threshold allows MEDIANNUAIRE HOLDING, if it so wishes, to request the opening of accelerated financial safeguard proceedings (procédure de sauvegarde financière accélérée) which would however be less profitable for all parties involved than a restructuring on a unanimous basis.
In addition, the restructuring is no longer subject to any condition, the consent of the majority of PAGESJAUNES FINANCE & Co SCA’s bondholders with respect to PAGESJAUNES GROUPE’s bond documentation having been granted, as announced by PAGESJAUNES GROUPE on last 21 December.
The terms of the restructuring proposal provide the following recovery rates(*):
- 34.1% for the first lien lenders (other than RCF lenders and CERBERUS), by allotment of PAGESJAUNES GROUPE shares and cash payments,
- 33.4% for the RCF lenders, by allotment of PAGESJAUNES GROUPE shares and cash payments, their undrawn financing commitments being cancelled,
- 7.2% for the second lien lenders, by allotment of PAGESJAUNES GROUPE shares only,
- 2.6% for mezzanine lenders through the conversion of their debt into MEDIANNUAIRE HOLDING shares.
As a reminder, on 24 August 2012, MEDIANNUAIRE HOLDING had requested the consent of its lenders to temporarily waive their right to request the interest due on 10 September 2012, 13 September 2012 and 24 October 2012 under the Mediannuaire Senior Credit Agreement dated 10 October 2006. This temporary waiver, which had been granted unanimously by these lenders, expired at the end of October and as at today’s date, such interest remains unpaid.
(*) In the context of a consensual restructuring and on the basis of a PAGESJAUNES GROUPE share price of €1.59, used since July 2012 as a theoretical reference by the parties in their discussions.