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Atos (CCC-) Refinancing Creditor Terms

TECHNOLOGY


  • Atos is discussing a EUR 1.5bn secured debt and EUR 75mn equity financing with stakeholders, split between bank-type loans (EUR 750mn) and bonds (EUR 750mn).
  • Creditors of the EUR 1.5bn Term Loan A and EUR 900mn RCF can join the new financings, divided into EUR 450mn loans and EUR 300mn guarantees, on unspecified terms.
  • Bondholders for 2024-2029 maturities can join via new bonds (EUR 750mn), proportional to their equity financing participation.
  • Incremental interim financing of EUR 350mn is open to Term Loan A creditors (max EUR 75mn), RCF creditors and bondholders for the remainder, allocated pro-rata based on June 14, 2024, holdings.
  • EUR 28s are 25c lower in early trading; muted compared to recent vol.

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