Marie Brizard Wine & Spirits: Amendment of the modalities of intermediate financing of MBWS by COFEPP
May 14 2020 - 2:00AM
Marie Brizard Wine & Spirits: Amendment of the modalities of
intermediate financing of MBWS by COFEPP
Paris, 14 May 2020
- Amendment of the agreement concluded on 20 December
2019 between MBWS and COFEPP concerning the modalities of
intermediate financing of MBWS by COFEPP
- Publication of 2019 annual results set for May 27,
2020
Marie Brizard Wine &
Spirits (Euronext: MBWS) announces today the conclusion of
an amendment to the agreement signed between MBWS and COFEPP on 20
December 2019.
In accordance with the agreement signed on
December 20, 2019, to which MBWS France adhered (the
"Initial Agreement"), COFEPP has concluded with
MBWS and MBWS France a first current account advance of €15
million, completed in the first quarter of 2020, of which
(i) €7.6 million was made available to MBWS France
on January 20, 2020 in order to strengthen its cash position until
mid-March 2020 (see press release dated January 17, 2020) and
(ii) €7.428 million made available to MBWS on 5
February 2020 to finance the acquisition by a French subsidiary of
MBWS of 68% of the capital of the Lithuanian company Vilnius
Degtine from MBWS Polska, enabling the latter to meet its cash
requirements at short notice ("Advance No.
1").
As a reminder, the agreement signed with COFEPP
on December 20, 2019 also provided for a second current account
advance of €17 million (remunerated at the annual capitalized rate
of EURIBOR 3 months with a floor at zero + 425 bps), which was to
be made available to MBWS during the first quarter of 2020 (the
"Advance No. 2"), subject in particular to (i) the
agreement in principle of the public creditors on a moratorium on
part of the Group's tax and social security debts, (ii) the
amendment of a Scotch Whisky bulk supply contract concluded with an
MBWS supplier and (iii) the stability of the estimated cash
requirements for 2020.
Given that the conditions precedent of Advance
No. 2 have not yet been lifted, and that the fulfilment, in
particular, of the condition to amend the contract for the bulk
supply of Scotch Whisky remains uncertain, it has been decided to
amend the Initial Agreement in order to secure the Group's
immediate cash needs and to stipulate, in particular:
- a firm agreement by Cofepp to immediately make available (by 20
May at the latest) a current account advance of €6 million
(remunerated at the annual capitalised rate of EURIBOR 3 months
with a floor at zero + 425 bps) to MBWS; then
- the allocation, at the discretion of COFEPP, of a current
account advance for a maximum amount of €4 million to meet MBWS
Group's cash requirements until 15 July 2020, this second part of
the advance being made available only after acceptance by COFEPP of
proof of the cash requirements in question.
The advances referred to in paragraphs (i) and
(ii) above will in any event be limited to a total amount of €10
million (together the "Advance No. 1 Bis") and
will be secured, at COFEPP's discretion, by second-rank pledges in
favor of COFEPP relating to (i) the Sobieski brands, (ii) 100% of
the shares of Gaïa I and/or (iii) the current account advance
receivable between MBWS and MBWS France, coupled with a pledge on
the shares of Cognac Gautier and/or on the Marie Brizard
brands.
The amount of Advance No. 1 Bis will be deducted
from the amount initially planned for Advance No. 2. The securities
provided in the Initial Agreement for Advance No. 2, in the event
that it is finally made available, remain unchanged (the
"Amended Agreement").
The availability of the full amount of Advance
No. 1 Bis would cover the Group's estimated cash requirements until
June 15, 2020 if the first confirmed amount of €6 million is made
available by COFEPP, and until July 15, 2020 if the full amount of
Advance No. 1 Bis for a total of €10 million is made available by
COFEPP.
The amount and the subscription price of the
proposed capital increase of MBWS, subject to the completion of
Advance n°2, as described in the press release of December 20,
remain unchanged. As a reminder, COFEPP has undertaken to subscribe
to a minimum of 75% of the amount of the capital increase. The
amount of the Advance n°1 Bis will be fully incorporated into the
capital of MBWS, as well as the amounts of the Advance n°1 and the
Advance n°2, as part of this capital increase. It is also reminded
that the completion of this capital increase is subject to a
favourable vote at the Extraordinary General Meeting of
shareholders and to approval of the prospectus by the AMF
(Autorité des Marchés Financiers).
Finally, the announcement of the 2019 annual results of Marie
Brizard Wine & Spirits has been set for May 27, 2020. The Group
will also publish its universal registration document, including
its annual financial report, by May 29, 2020 at the latest.
About Marie Brizard Wine & Spirits Marie
Brizard Wine & Spirits is a wine and spirits group based in
Europe and the United States. Marie Brizard Wine & Spirits
stands out for its know-how, a combination of brands with a long
tradition and a spirit resolutely turned towards innovation. From
the birth of the Maison Marie Brizard in 1755 to the launch the
Fruits and Wine in 2010, the Marie Brizard Wine & Spirits Group
has been able to develop its brands in a modern way while
respecting their origins. Marie Brizard Wine & Spirits'
commitment is to offer its customers trustworthy, bold and full of
flavors and experiences. The Group now has a rich portfolio of
leading brands in their market segments, including William Peel,
Sobieski, Krupnik, Fruits and Wine, Marie Brizard and Cognac
Gautier.
Marie Brizard Wine & Spirits is listed on
Euronext Paris Compartment B (FR0000060873 - MBWS) and is part of
the EnterNext© PEA-PME 150 index
ContactImage Sept Claire
Doligezcdoligez@image7.frPhone: +33 (0)1 53 70 74 70 |
- MBWS_PR_20200514_EN_Final-PDF
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