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Atos Issues Refinancing  Update In Wake Of Amend & Extend Reports

TECHNOLOGY
  • Atos SE has started refinancing discussions with creditor banks and has involved a mandataire ad hoc (an independent third party) in these discussions.
  • The EUR 1.5bn term loan A extension was implemented on 29 Jan, as previously announced.
  • Negotiations for the sale of Tech Foundations to EPEI and the BDS business to Airbus continue, with outcomes still uncertain.
  • The previously planned EUR 720mn rights issue is no longer viable, and commitments from BNP Paribas and J.P. Morgan have ended.
  • We note a BBG sources piece from late on Friday that Atos plans to extend the maturity of EUR 3.65bn in debt to 2028 with negotiations potentially involving principal write-offs but offering more security and allowing for time to conduct asset sales.
  • The Friday article also implied a reinstatement of the revolving credit facility and a rights issue of about EUR 300mn, while there could be some cash payments with the proceeds of the sale of BDS when it is completed. Consultancy firm Accuracy is allegedly conducting an independent review.
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