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Reads like nothing left for the shareholders in this. Shame.
Debt restructured can only be a good sign.
Can you not buy shares on this?
Travelex Financing Plc
Update on debt restructuring
Travelex Financing Plc
7 July 2020
7 July 2020
FOR IMMEDIATE RELEASE
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Travelex Financing Plc ("Travelex" or the "Company")
Travelex reaches agreement on debt restructuring with £84m funding and announces trading update
Travelex is pleased to announce it has reached agreement with at least 66.7% of its Senior Secured Noteholders (the "SSNs") and all of its Revolving Credit Facility ("RCF") lenders on the terms of a comprehensive debt restructuring.
The transaction will provide the Company with £84m of new liquidity and an 84% reduction of its existing financial debt, providing a stable platform from which to emerge successfully from the challenges posed by the Covid-19 pandemic.
Key terms of the restructuring:
? SSNs, led by members of an Ad Hoc Committee of SSNs (the "AHC"), will take full control of Travelex
? £84m of new money cash funding will be provided by participating SSNs in the form of New Senior Secured Notes
? The AHC will provide an initial commitment through bridge funding of £15m provided yesterday (to be refinanced by the New Senior Secured Notes), with upsizing flexibility for both the AHC and any participating SSNs wishing to subscribe
? Full equitisation of the existing €360m SSNs
? Full reinstatement of the existing £50m RCF in the form of a Reinstated Term Loan and c£10m guarantees in the form of reinstated guarantees (together, the "New RCF")
? The New Senior Secured Notes will be underwritten by members of the AHC, and available to all existing SSNs for participation on a pro rata basis
? Participants in the new money will receive 100% of the equity in a new Travelex group holding company (New Holdco)
? SSNs will receive warrants over 17.5% of New Holdco equity at exit. Bridge Funding providers will receive further warrants of 2.5% of New Holdco Equity
? A 50bps incentive fee for SSNs that sign into the Lock Up Agreement
The transaction contemplates the division of the existing Travelex group into two parts:
i) Initial FundCo ("New Travelex"), which will comprise the wholesale and outsourcing business and certain international retail businesses of Travelex abroad (Brazil, Middle East & Turkey, Nigeria and Asia Pacific)
ii) Optional FundCo ("Warehouse Travelex"), which will principally comprise certain of Travelex's retail businesses in UK, Europe and North America. These businesses will remain under the safe harbour of the existing Travelex corporate structure unless it is determined that they may transfer to New Travelex as break-even or profitable entities.
Many of the New Travelex businesses will be transferred at completi
Finablr's Travelex Lauds "Stable Platform" Amid 84% Financial Debt Cut
Tue, 7th Jul 2020 17:31
(Alliance News) - Finablr PLC unit Travelex on Tuesday said it has pocketed GBP84 million in "new liquidity" after reaching an agreement with some of its noteholders.
The foreign currency unit said it landed an agreement with two-thirds of its senior secured noteholders "on the terms of a comprehensive debt restructuring".
"The transaction will provide the company with GBP84 million of new liquidity and an 84% reduction of its existing financial debt, providing a stable platform from which to emerge successfully from the challenges posed by the Covid-19 pandemic," Travelex said.
Finablr's shares were suspended from trading in March.
By Eric Cunha; ericcunha@alliancenews.com
Be interesting to see what happens next. Looking a lot healthier than before
What nonsense, Travelex is owned by Finablr. Can’t believe investors post on here without who and what they own lol
Hi Bongo, is this really good news?
looks like finablr no longer owns Travelex
or have I misunderstood?
this is good news, finally we can hope the suspension will be lifted soon.
Agreement with Debt Holders secured.
https://www.google.com/amp/s/uk.mobile.reuters.com/article/amp/idUKKBN2482JE
Congo Bank are after them.
https://www.telegraph.co.uk/business/2020/07/04/travelex-threatened-collapse-48m-congo-bank-bill/
Think it’s in the lenders / Bondholder interest to support the company through these times. Major banks are involved and it’s in their interest to support Finablr...let’s face it when airports and business open up...Travel exchanges will be booming again.
Nice one Latino, good find. Here's hoping the rest of the group gets similar backing.
Travelex's CEO, Tony D'Souza, said: "Travelex is a global leader in foreign exchange services. This Forbearance Agreement provides the stability required in order for lenders to finalise their discussions on a debt restructuring which we expect will recapitalise the group's balance sheet and inject new capital into the business. Travelex remains extremely grateful to our customers and suppliers, and broader stakeholder base, for their continued support during this unprecedented and challenging period. I would also like to thank all of the group's employees who, in spite of these challenges, continue to work so tirelessly in support of delivering the business through Covid-19 and onto a stable platform for the future."
As countries open up around the world, so will travelex.
Interesting... the accounts will reflect the cyber attack but will miss the effects of coronavirus. Good news in respect of travel to certain european destinations from 6th July. One step close to a relisting at least
Any thoughts on this RNS from 23 June?:
RNS Number : 8237Q
Finablr PLC
23 June 2020
.
23 June 2020
Finablr PLC ("Finablr" or the "Company")
Change in Accounting Reference Date
The Company announces that it has changed its accounting reference date from 31st December to 28th February.
As a result of this change, the Company's next audited financial statements will be prepared in respect of the 14-month period to 28th April 2020 and are required to be published by no later than 28th August 2020.
END
"This forbearance agreement provides the stability required in order for lenders to finalise their discussions on a debt restructuring which we expect will recapitalise the group's balance sheet and inject new capital into the business. Travelex remains extremely grateful to our customers and suppliers, and broader stakeholder base, for their continued support during this unprecedented and challenging period," said Travelex Chief Executive Tony D'Souza.
I haven't been following what's happening with FIN at all, just figured I would lose the lot of my fairly small investment or gamble should I say. A brief update would be great, besides saying that it is all in flux - which reading these past posts seems to be the case. very surprised there is a possibility of FIN trading again....
Travelex's CEO, Tony D'Souza, said: "Travelex is a global leader in foreign exchange services. This Forbearance Agreement provides the stability required in order for lenders to finalise their discussions on a debt restructuring which we expect will recapitalise the group's balance sheet and inject new capital into the business. Travelex remains extremely grateful to our customers and suppliers, and broader stakeholder base, for their continued support during this unprecedented and challenging period. I would also like to thank all of the group's employees who, in spite of these challenges, continue to work so tirelessly in support of delivering the business through Covid-19 and onto a stable platform for the future."
Travelex Says Sales Process Aborted As Offers Unacceptable To Lenders
Mon, 15th Jun 2020 16:57
(Alliance News) - Finablr PLC's foreign currency unit Travelex Financing PLC on Monday said its sales process has been terminated as the offers received have been deemed unacceptable by its lenders.
The company said that while it received a number of non-binding offers, they were rejected by the revolving credit facility lenders and holders of senior secured notes.
Travelex said discussions have continued between lenders and a group representing over two thirds of senior secured noteholders in relation to a long-term new money financial restructuring of the Travelex Group.
It added that while the terms of the restructuring are being negotiated, it has been granted a temporary waiver from more than 70% of noteholders which ensures that no enforcement action can be taken until July 2 in relation to the non-payment of EUR14.4 million interest coupon which was due on May 25.
"This forbearance agreement provides the stability required in order for lenders to finalise their discussions on a debt restructuring which we expect will recapitalise the group's balance sheet and inject new capital into the business. Travelex remains extremely grateful to our customers and suppliers, and broader stakeholder base, for their continued support during this unprecedented and challenging period," said Travelex Chief Executive Tony D'Souza.
Finablr's shares were suspended from trading in March.
Sounds promising. Glad they weren't bought out and appear set to remain part of Finablr.
https://www.investegate.co.uk/ftse-russell/rns/finablr/202006111800017305P/
Looks like FIN will be delisted at zero value in the September review unless Shetty sorts it out in the meantime.