Latécoère Announces New Loan Agreements and Short-Term Negotiable Securities Program
October 19 2020 - 1:45AM
Business Wire
- Loan agreements totalling €63 million secure strong liquidity
position, enable transformation plan
Regulatory News:
Latécoère (Paris:LAT) (or “the Group”), a tier 1 partner to
major international aircraft manufacturers, today announced that it
has recently entered and will enter in the next days into several
new loan agreements (the “Agreements’”) totalling €63 million.
Through these Agreements, the Group has secured sufficient
liquidity to launch its transformation plan and so ensure the
long-term competitiveness of the Group.
The Agreements are:
- A €35 million shareholder loan from an entity belonging to
Searchlight Capital Partners due on April, 2027. Associés en
Finance, acting as independent expert, has issued a favorable
opinion on the shareholder loan to the board of directors.
- A second round of Prêt Garanti par l’Etat loans (PGE loans) for
€28 million, incremental to the initial €60 million PGE loans
announced on April 22, 2020.
Philip Swash, Group Chief Executive Officer, commented:
“Since the onset of the Covid-19 crisis, we have taken swift action
to ensure that we emerge a stronger, more agile company. These loan
agreements are an important step in this process. We are
particularly pleased by the confidence that our majority
shareholder, Searchlight Capital Partners, has shown in Latécoère’s
future growth prospects by committing long-term capital to support
our transformation.”
The Group has also launched a €200 million short-term negotiable
securities programme (NEU CP - Negotiable European Commercial
Paper) registered on 19 August 2020 by the Banque de Francei. This
program will provide the Group with access to a diversified range
of investors to support the near-term funding requirements of its
operations.
About Latécoère
Latécoère is a tier 1 partner to major international aircraft
manufacturers (Airbus, Boeing, Bombardier, Dassault, Embraer,
Mitsubishi Aircraft), in all segments of the aeronautical market
(commercial, regional, corporate and military aircraft),
specializing in two fields:
- Aerostructures: fuselage sections and doors.
- Interconnexion systems: onboard wiring, electrical harnesses
and avionics bays.
At 30 June 2020, Latécoère employed 4,714 people in 13 different
countries. Latécoère, a French corporation (société anonyme) with
capital of €189,637,036 divided into 94,818,518 shares with a par
value of €2, is listed on Euronext Paris - Compartment B. ISIN
codes: FR0000032278 - Reuters: LAEP.PA - Bloomberg: LAT.FP
i The Banque de France is responsible
under Article D.213-2 of the French Monetary and Financial Code for
ensuring that issuers of negotiable debt securities comply with the
issue conditions set out in Articles L. 213-1 to L. 213-4, and in
the order mentioned in Article D. 213-7.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201018005056/en/
Taddeo Michael Henson / Investor Relations +44 (0) 7551
720441
Pierre-Jean Le Mauff / Media Relations +33 (0)7 77 78 58 67
teamlatecoere@taddeo.fr
Latecoere (EU:LAT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Latecoere (EU:LAT)
Historical Stock Chart
From Apr 2023 to Apr 2024