Solocal Group gets court approval to refinance, extend loan facilities

By Susanna Moon

Chicago, May 9 - Solocal Group said it received approval for its financing plan from the Commercial Court of Nanterre to extend three series of facilities.

The court approved the company's proposed refinancing plan, making it binding on 100% of the commitments of the A3, A5 and B3 facilities and finalizing the company's sauvegarde financiere acceleree proceeding, according to a company press release.

As previously announced, the proposed refinancing consists of extending the maturities of the facilities to March 15, 2018 with an extension option until March 15, 2020. In exchange, the company agreed to prepay at least €400 million of the A3 and A5 facilities at par with proceeds from a capital increase of at least €440 million.

The financing plan will become effective upon the completion of the capital increase, which was approved at more than 96% at the shareholder meeting on April 29.

The capital increase is expected to begin in May and be completed in June, the company said.

Lender approval

Solocal said on April 23 that the terms of its proposed refinancing were approved by lenders representing more than 92% of the commitments of the A3, A5 and B3 facility lenders who voted.

Lenders representing more than 94% of the commitments of the facilities voted at a creditor meeting held April 23 under the company's sauvegarde financiere acceleree, or safeguard, proceeding, as previously reported.

Solocal Group is a Sevres, France-based company that offers online content, advertising solutions and transactional services that connect consumers and clients locally.

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