| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Tenders > Headlines for 2016 > News item |
SoLocal: PagesJaunes collects consents to amend 8 7/8% notes due 2018
By Susanna Moon
Chicago, July 20 SoLocal Group SA said PagesJaunes Finance & Co. SCA obtained the needed majority of consents to amend its 350 million 8 7/8% senior secured notes due 2018.
As a result, the trustee and security agent will be replaced by GLAS Trust Corp. Ltd. as successor who will then begin enforcement of the pledge of the facility C1 loan once the acceleration of the notes that had resulted from the appointment of a mandataire ad hoc for SoLocal is reinstated, according to a company update.
As announced July 5, the issuer sought consents to allow bondholders to become direct lenders of SoLocal.
As previously reported, the Commercial Court of Nanterre appointed Frederic Abitbol as a mandataire ad hoc to help SoLocal with discussions about a plan to reduce its debt. The appointment triggered an event of default and acceleration of the notes.
On June 29, the issuer received a notice from the holders of 59.4% of the notes that rescinded the acceleration until the earliest of Sept. 30, the date on which the trustee receives the consent of majority noteholders to terminate the rescission and the date on which there is an acceleration of the notes in connection with any other event of default.
SoLocal said that even if the acceleration of the notes were reinstated, this acceleration would have no effect on the loan and more generally on SoLocal financial debt.
The issuer, who would then be the only one to express the views of the noteholders, would face challenges in its ability to proactively react to requests from the mandataire ad hoc in connection with the restructuring discussions and negotiations since the issuer can act only on the instructions of the trustee, which in turn can act only on the instructions of the noteholders, SoLocal previously said.
SoLocal is a Boulogne-Billancourt, France, online communications company. PagesJaunes Finance is a vehicle without any equity-based relationship with SoLocal Group.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.