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Atos Outlines Additional Interim Financing; Gives Timing On Next Steps

TECHNOLOGY

Rating: CCC-


  • EUR bonds yet to stream; doesn’t look like a big mover.

  • Atos has finalised EUR 450mn previously committed interim financing: EUR 100mn from bondholders, EUR 50mn from French State and EUR 225mn from banks and bondholders (subject to waivers/restructuring terms).
  • Reduced factoring program to EUR 75mn but agreed on an additional EUR 350mn RCF liquidity line backed equally by banks and bondholders, available by July's end.
  • Syndication of the EUR 225mn and EUR 350mn tranches runs until June 25.
  • Next steps include in-principal agreement on restructuring and the new money backstop process next week, lock-up agreement in the week beginning 08 July with the accession to the agreement opening from 08 July to 19 July and implementation through accelerated procedure in the week starting 22 July.
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