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The agreement with Cell C<\/a>'s shareholders and lenders is a final and critical step in the mobile operator<\/a>'s turnaround plan which included deleveraging its balance sheet and providing liquidity to operate.
Shares in Blue Label, which bought a 45% stake in Cell in 2017, were up 5.6% to 6.60 rand by 0744 GMT on the announcement.
Blue Label has been trying to dig Cell C out of debt since it purchased the stake. It said in a statement that the Cell C recapitalisation will enhance the value of its investment and restore shareholder value.
As part of the agreement, The Prepaid Company<\/a> (TPC), a subsidiary of Blue Label, will lend Cell C 1.03 billion rand to settle the claims of secured lenders by paying an amount of 20 cents for every 1 rand of debt, as per the accepted compromise offer, Blue Label said.
Secured lenders who have elected to remain invested in Cell C will lend the carrier an amount equal to the compromise offer under a new loan arrangement, it added.
\"This new loan arrangement will be interest bearing, secured and give an aggregate capital face value equal to 2.75 times of the amount advanced,\" Blue Label said.
Additionally, all participating lenders in the new loan will be issued shares in Cell C. The carrier will also issue shares to Blue Label via a rights issue, increasing its stake to 49.53%.
To further help Cell C with its working capital requirements, TPC shall purchase Cell C's pre-paid airtime for a total of 1.5 billion rand. Other agreements include TPC raising 1.6 billion rand of the required funds from financial institutions, the statement said.
\"Day one post recap, Cell C will have achieved a significant reduction in the debt of the business to enable us to move forward and make the business more streamlined,\" Cell C Chief Executive Officer Douglas Craigie Stevenson said.
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该协议与C细胞的股东和债权人是最终的和关键的一步移动运营商的重整计划包括去杠杆化资产负债表和提供流动性。
股价在蓝色标签,买了电池在2017年,45%的股份上涨5.6%,至6.60兰特0744 GMT时宣布。
蓝色的标签一直试图挖出细胞C的债务,因为它购买了股份。它在一份声明中表示,C细胞重组将增强其投资的价值和恢复股东价值。
作为协议的一部分,公司预付子公司(TPC)蓝色标签,将细胞C 10.3亿兰特借给解决有担保债权人的索赔支付20美分的数量每兰德的债务,按照接受妥协,蓝色的标签。
有担保债权人曾当选继续投资于C细胞将借给承运人相当于妥协提供新的贷款安排,它补充说。
”这种新的贷款安排将有息,担保和给一个聚合资本面值等于2.75倍的先进,“蓝色标签说。
此外,所有参与银行新贷款将发行股票在细胞c .承运人也将通过配股发行股票蓝色标签,增加其股份的49.53%。
进一步帮助C细胞以其营运资金需求,TPC应当购买细胞C的预付费用总共15亿兰特。其他协议包括TPC提高16亿兰特所需的资金从金融机构,该声明说。
“一天一篇文章回顾,细胞C将取得了显著减少债务的业务使我们前进,使业务更精简,“细胞道格拉斯C首席执行官克雷吉史蒂文森说。
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