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  OL GROUPE company press release from 04/12/2020

  04/12/2020 - 18:00

PRELIMINARY APPROVAL FROM BANK AND BOND LENDERS FOR A SEASON PGE OF EUR 76.4 MILLION - COVENANT HOLIDAY AS OF 31/12/20


Lyon, 4 December 2020


Olympique Lyonnais has obtained preliminary approval from its bank and bond lenders to implement an additional* loan guaranteed by the French government (“PGE”), a so-called “Season PGE" of €76.4 million with a maturity of 12 months. At the end of that period, the Group would be able to exercise a 1-5-year amortisation option.

The legal documentation is being drafted and could be signed by end-December, provided all conditions precedent are met. The funds would be made available immediately following the closing.


In the context of the current Covid-19 crisis, this new financing would strengthen the Group's available cash and give the Group the flexibility it needs to plan its future development with confidence.


At the same time, given the economic impact of the Covid-19 pandemic, the Group's bank and bond lenders have agreed to grant a "covenant holiday”** as of 31 December 2020.


* On 23 July 2020, OL Groupe subscribed to a PGE of €92.6 million, with a maturity of 12 months. At the end of that period, the Group can exercise a 1-5-year amortisation option.

** Temporary exemption from covenant ratios.


Next press release: Revenue for the first half of 2020/21 on 16 February 2021 after Euronext markets close.
 

 
OL Groupe

Tel.:
+33 4 81 07 55 00
Fax: +33 4 81 07 45 65
 
Email: [email protected]
 
www.ol.fr
 
Euronext Paris - Segment B
 
Indices: CAC Small - CAC Mid & Small - CAC All-Tradable - CAC All-Share – CAC Consumer Discretionary
ISIN code: FR0010428771
Reuters: OLG.PA
Bloomberg: OLG FP
ICB: 5755 Recreational services
 

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  Original Source: OL GROUPE