The Vallianz Holdings (the »Company«, or »Vallianz« together with its subsidiaries, the »Group«) will refinance some of the Group‘s existing borrowings totalling 163.2 mill $.
Therefore the Company and several of its subsidiaries had entered into a framework agreement with their[ds_preview] lenders. It sets out the terms of the intended debt restructuring exercise to be undertaken by the Group.
Pursuant to the Agreement, the profile of the borro wings with the Lenders have been restructured to a repayment term of approximately 8.2 years from an average of approximately 5.8 years previously, the maturity of these borrowings have been extended to December 2022, and the Group shall grant the Lenders, inter alia, a shared security package over the shares of certain subsidiaries of the Company and certain fixed assets of the Group.
The completion of this debt restructuring exercise will result in a deferment of the repayment of the principal amount of borrowings owing from the Group, accordingly relieving the Group’s cash flow by 103.5 mill. $ in the next two years. This will enhance the Group’s short to medium term liquidity position and cash flows, the company stated.
