July 14, 2017 / 5:57 AM / 9 days ago

BRIEF-Masmovil announces agreement for refinancing of ACS convertible debt

1 Min Read

July 14 (Reuters) - MASMOVIL IBERCOM SA:

* SAID ON THURSDAY IT HAS REACHED NEW AGREEMENT WITH ACS TELEFONIA MOVIL S.L. FOR REFINANCING OF CONVERTIBLE DEBT

* SAYS DEBT WAS PART OF CONSIDERATION FOR ACQUISITION OF SHARES AND SHAREHOLDER LOANS OF XFERA MÓVILES S.A ("YOIGO")

* SAYS A CONTINGENT PAYMENT (EARN-OUT) OF UP 80 MLN EUROS TO BE ACCRUED WITH IMMEDIATE EFFECT

* SAYS ELIMINATES THE NOTE'S VARIABLE INTEREST RATE OF 3% P.A. AND IMPLIES SAVINGS OF FUTURE CASH INTEREST PAYMENTS OF AROUND 12 MLN EUROS

* SAYS TWO PREVIOUS CONVERSION WINDOWS TO BE REPLACED BY A SINGLE WINDOW UNTIL JUNE 30, 2021

* SAYS POTENTIAL CONVERSION MIGHT RESULT IN ISSUANCE OF 4.8 MLN SHARES AT CONVERSION PRICE OF 41.67 EUROS PER SHARE, EQUAL TO IMPLIED NUMBER OF SHARES AFTER CONVERSION UNDER ORIGINAL NOTE IN FIRST WINDOW

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Further company coverage: (Gdynia Newsroom)

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