Hurry expands capital by 40 million to unlock debt refinancing | Economy | EUROtoday

The Board of Directors of Prisa has agreed to launch capital extension for 9.95% of the capital to seize about 40 million euros with the intention to scale back the group’s debt and unlock refinancing, as the corporate mentioned on Tuesday – an editor of El País and 5 days – to the National Commission of Securities Markets (CNMV). It is an accelerated placement with out preferential subscription proper. At the top of the train of 2024, the entire quantity of the legal responsibility quantities to 750 million euros, its lowest degree in 20 years, and the capital improve is a situation for the group to signal a brand new settlement with its collectors.

Specifically, Puris is negotiating the pact to broaden debt maturities to 2029, in alternate for the fee of a refinancing fee and an adjustment on the margins. Conversations embrace flexibility of debt circumstances, with a discount within the ratios required by collectors and extra flexibility to imagine native financing in Latin America. The firm plans to finish the method after capital growth is executed.

Hurry will allocate the funds raised with the extension to cancel a bit of your debt juniorfor 39.99 million euros, for which he paid increased curiosity, particularly, of the Euribor plus an 8percentdifferential. Eliminating this a part of the group’s debt is among the circumstances wielded by collectors to formalize the group’s liabilities restructuring.

The Group final yr diminished its debt at 82.3 million, from 832.3 million of 2023 to 750 million of the closing of 2024. In that yr there was the issuance of 100 million in convertible obligations, additionally destined to chop the debt.

The firm has agreed to difficulty 108,108,108 new titles, of 0.1 euros of nominal worth, for a most nominal quantity of 10.81 million euros. In this sense, the Council has agreed to determine a minimal issuance value of 0.37 euros per share, which represents a 4.69% premium on the inventory market closure on Tuesday, 39 cents per title; A 4.69% premium on the arithmetic imply of the final three months, and 6.92% in comparison with the final six months.

JB Capital has been the financial institution chosen as international coordinator and transaction placer. After the publication of the communication within the CNMV, the funding financial institution will probe in an accelerated manner traders that subscribe this extension and expects that it doesn’t finish afterward Wednesday, 26, at 08.00 within the morning. The firm has requested this entity to not supply these new actions to its present shareholders and can report the consequence earlier than the opening of the market, accounting for the variety of titles lastly issued and its value.

The group closed the 2024 train with an EBITDA (gross exploitation profit) of 185.1 million euros, 2.3% (14% extra with out computing the adverse impact of alternate charges). The earnings was 920 million euros, 3% much less, additionally affected by the devaluation of overseas alternate in Latin America. By enterprise models, Hurry Media registered revenues of 443.4 million euros, 2.7% greater than in 2023, pushed by the sturdy development of earnings from the digital subscriptions of El País, which closed final yr in 404,000. On the facet of Santillana, the earnings fell 9.4% to 467 million as a result of absence of extraordinary and the devaluation of the Argentine peso.