Lyon, 8 november 2023 - 6.30 pm
OL Groupe is pleased to announce that a preliminary agreement has been reached with a group of leading global financial institutions to refinance the substantial majority of its debt and that of its subsidiary Olympique Lyonnais SASU, for a total amount of €320 million, on a long-term basis.
This is a decisive step in the implementation of the upcoming refinancing that will allow OL Groupe and its subsidiary Olympique Lyonnais SASU to repay the balance of the long-term "stadium" debt, the state-guaranteed loans contracted during the COVID years ("PGE") and other debts owed to private parties (including Holnest). In addition, this new financing should be more flexible for the Group in various ways, including by eliminating substantial restrictive covenants under the existing finance contracts for which certain decisions of the Group were subject to the prior approval of the creditors.
KBRA Europe and DBRS Morningstar have assigned an indicative financial rating of BBB+ and BBB respectively for the proposed structure.
OL Groupe is advised in connection with the refinancing by Goldman Sachs. The new financing is expected to close by December 31, 2023, subject to an agreement on the final documentation and the satisfaction of usual conditions.
"We are extremely pleased with the leadership of Goldman Sachs as our advisor on this refinancing, which brings a number of leading institutions in support of the OL Groupe business plan." said John Textor, Chairman and CEO of OL Groupe. "The affirmation of leading credit rating agencies, and the quality of our new investors, are a testament to the strength of the OL brand, the improving health of our business, and the strength of our go-forward business plan".
| Tel: +33 (0)4 81 07 55 00 Fax: +33 (0)4 81 07 45 65 Email: investisseurs@ol.fr www.ol.fr | Euronext Paris - Segment C Indices: CAC All-Share - CAC Consumer Discretionary ISIN code: FR0010428771 Reuters: OLG.PA Bloomberg: OLG FP ICB: 40501030 Recreational services |
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https://www.actusnews.com/documents_communiques/ACTUS-0-82831-231108-olg-cp-point-refinancement-en.pdf
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