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Codere’s Board of Administrators ratifies the restructuring of the corporate

Madrid, Might 11, 2021-. The Extraordinary Basic Shareholders’ Assembly of Codere S.A., held as we speak at first name, has ratified by a big majority the subscription by the corporate to the lock-up settlement reached with the group’s collectors and proposed by the Board of Administrators.

This settlement includes the injection of as much as an extra €225 million within the type of new bonds and the capitalization of as much as €367 million of debt, comparable to a part of the prevailing senior secured bonds, bringing this debt to ranges thought of sustainable as soon as the enterprise is normalized. The maturity of the remaining debt extends to September 2026 and November 2027.

The brand new funds can be supplied via a €100M bridge mortgage, of which €30M was supplied after the restructuring announcement final April and €70M can be supplied after 75% of the bondholders have signed up; and as much as an extra €125M granted via tremendous senior bonds that can be supplied on the closing of the restructuring course of, which is anticipated to happen early within the fourth quarter of the 12 months. 

Primarily based on present estimates, Codere believes that this course of ensures the corporate’s viability, because of the arrogance of its bondholders within the group’s prospects, its administration crew and the greater than ten thousand workers that make up the group.

Restructuring of the shareholding and liquidation of the corporate

With the fruits of this restructuring course of, a brand new head of the group can be created via which the collectors of the prevailing senior secured bonds will maintain 95% of the capital inventory and the present shareholders 5%, acquiring warrants entitling them to obtain as much as 15% of a valuation in extra of €220 million in a attainable liquidity occasion inside 10 years. 

The corporate plans to request the liquidation of Codere S.A., a course of that will enable its present shareholders to develop into shareholders within the capital of the brand new head of the group or, optionally, an financial compensation ensuing from the sale of the proportional a part of their shares.

 

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