Green light from the first two banks for the restructuring of the loan to RCS. In relation to the loan agreement dated June 2013 "two of the Rcs lending banks resolved in favor and the remaining lending banks will proceed to submit this remodulation procedure to their respective decision-making bodies in the period between 20 May 2016 and 7 June 2016. In consideration of the foregoing, Rcs provides that the decision-making process of the lending banks relating to the reformulation of the existing loan agreement can be concluded positively within the terms indicated above". Thus in a note by RCS, issued at the request of Consob. On the other hand, the 352 million refinancing of the group is still awaiting the go-ahead from a group of banks, which has taken time until 7 June: these include Imi Bank, the largest creditor of the group involved in Urbano Cairo's takeover bid.
The Term Sheet provides that, upon completion of the agreement amending the existing loan agreement, RCS will have bilateral lines available from the lending banks for a total amount of 85 million euro with the possibility of requesting an increase , even after the definition of the amending agreement, up to the value level of the bilateral lines as at 30 June 2015.
The Term Sheet, continues the RCS note, does not provide for commitments and/or constraints of any kind regarding the exercise of the delegation to the board of directors, resolved on 16 December 2015, of the right to increase, in divisible form, the share capital of the same up to up to a maximum amount of 200 million euros expiring on 30 June 2017. There are also no obligations for the company to dispose of assets. Upon successful completion of the decision-making process by the competent bodies of the lending banks and of RCS itself, the completion of the reformulation of the existing loan agreement will take place following the sharing between the parties of the text of the agreement amending the agreement and of the fulfillment of the conditions for stipulation and the effectiveness of the amending agreement itself, which are usual for this type of transaction.
Title today Rcs on the Stock Exchange, after the rally of the last few days which brought the share to be worth well beyond the threshold set by the counter-offer offer (0,70 euro), gains a further percentage point to 0,7215 euro.
