| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Tenders 2011 > News item |
Technicolor to redeem tranche I NRS notes, DPN notes for stock, cash
By Toni Weeks
San Diego, Dec. 30 - Technicolor said that on Dec. 31 it will redeem tranche I of the notes redeemable in shares (NRS) and all of the disposal proceeds notes (DPN) issued on May 26, 2010 as part of its restructuring, according to a news release.
The company said the redemptions were expected as a result of capital market operations earlier this year.
As part of the redemptions, the company will issue 95.2 million new shares, bringing the total to 174.85 million as of Dec. 31.
The redemption of the 313,890,656 of NRS I notes will result in the issuance of 45.2 million new shares at the rate of 0.144 new shares for each NRS I. Approximately 1.7% of the first tranche, or 5,328,181 notes, was deferred until Dec. 31, 2011 at the request of the holders and will not receive interest during the deferral period, except in the event of a dividend distribution.
Techicolor has a total of 324,547,477 NRS notes maturing on Dec. 31, 2011.
The company will pay €265,053,696 to redeem the DPN notes, including interest. Holders will receive cash and stock as follows:
• €52,303,696 in cash, which includes the proceeds from the disposal of Screenvision US previously announced on Oct. 14; and
• €212.75 million in stock, made up of 50 million new shares issued at €4.255 per share, calculated using the volume-weighted average price per share from Nov. 3 to Dec. 28.
Technicolor also indicated in the news release that its financial debt and cash on Sept. 30 were close to the June 30 levels of €1.276 billion net debt and €416 million net cash.
The company confirms that it anticipates revenue growth in the fourth quarter of 2010, compared to the fourth quarter of 2009, and slightly increased EBITDA in the second half of 2010, compared to the second half of 2009.
Technicolor, formerly Thomson SA, is abased in Boulogne-Billancourt, France, and provides video technologies, systems, finished products and services to the media and entertainment industry.
© 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.