Solocal makes €400 million payment to refinance credit facilities

By Toni Weeks

San Luis Obispo, Calif., June 6 – Solocal Group said it completed the early repayment of €400 million of its bank debt at par on Friday, according to a press release.

The company also amended the facility agreement to extend its maturity to March 2018 from September 2015, with an option for further extension to March 2020 under certain conditions.

Solocal reported on April 23 that the terms of its proposed refinancing were approved by lenders at a creditor meeting held April 23 under the company’s sauvegarde financière accélerée, or safeguard, proceeding, according to a previous news release.

The proposed refinancing included the extension of the maturity date and the minimum €400 million prepayment at par with proceeds from a capital increase of at least €440 million.

The refinancing was conditional on shareholder approval and the successful completion of the capital increase. According to the release, the company completed the €440.37 million capital increase on Friday.

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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