VARTA AG / DE000A0TGJ55
07.10.2024 - 14:08:13VARTA AG: VARTA AG concludes material agreements as part of the restructuring concept and secures short-term bridge financing
| EQS-Ad-hoc: VARTA AG / Key word(s): Restructure of Company 07-Oct-2024 / 14:08 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. VARTA AG, Ellwangen, ISIN: DE000A0TGJ55 Publication of inside information pursuant to Article 17 of Regulation (EU) No 596/2014 VARTA AG concludes material agreements as part of the restructuring concept and secures short-term bridge financing Ellwangen, October 7, 2024 – VARTA AG announces that a further milestone has been reached with the signing of material agreements as part of the restructuring concept dated September 18, 2024. Today, VARTA AG entered into a lock-up agreement with several syndicated loan lenders and lenders of the promissory notes, as well as other relevant parties. Among other things, this agreement contains the obligation on the part of the undersigned syndicated loan lenders and lenders of the promissory notes to support the restructuring of VARTA AG in the context of the restructuring plan notified on July 21, 2024, in accordance with the German Corporate Stabilisation and Restructuring Act (StaRUG). Furthermore, a company controlled by the current indirect majority shareholder of VARTA AG (“MT InvestCo”) and Dr. Ing. h.c. F. Porsche AG (“Porsche”) entered into an investor agreement with VARTA AG, in which MT InvestCo and Porsche each undertake to provide VARTA AG with new equity capital in the total amount of €60 million by way of a capital increase against contribution in cash and in kind in accordance with the restructuring plan following the implementation of the capital decrease. The agreement is subject to antitrust approval and other customary conditions. Based on the agreed draft of the restructuring term sheet, VARTA AG expects to finalize the restructuring plan still in October 2024 and apply for a discussion and voting meeting, so that the adoption of the plan confirmation resolution by the restructuring court is expected before the end of this year. In addition, a short-term bridge facility agreement granting an amount of up to €30 million was entered into with some of the syndicated loan lenders, which shall secure VARTA AG's financing until conclusion of the StaRUG proceedings. On the basis of the agreements concluded, the management board of VARTA AG assumes that the majorities required for approval of the proposed restructuring plan in the StaRUG proceedings are secured. Contact Investors: Emanuel Sican Head of Investor Relations IR@varta-ag.com Press and media: Dirk Schmitt Press Spokesman (interim) PR@varta-ag.com End of Inside Information 07-Oct-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com |
| Language: | English |
| Company: | VARTA AG |
| VARTA-Platz 1 | |
| 73479 Ellwangen | |
| Germany | |
| Phone: | +49 (0)791-921-0 |
| E-mail: | info@varta-ag.com |
| Internet: | www.varta-ag.com |
| ISIN: | DE000A0TGJ55 |
| WKN: | A0TGJ5 |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 2002631 |
| End of Announcement | EQS News Service |
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2002631 07-Oct-2024 CET/CEST
