Market Update
Press Release
Market update
Four financial restructuring proposals received
as part of the current conciliation process
Agreement on a financial restructuring solution
acceptable to financial creditors targeted for May 31, with final
agreement to be reached by July 2024
€100 million interim financing agreement with
bondholders signed; discussions progressing with banks and the
French State on the remaining €350 million
Paris, France – May 6, 2024
Following the publication of the updated
parameters of its financial restructuring framework on April 29,
2024, Atos SE confirms it received on May 3, 2024, four new money
proposals from the following parties:
- A group of
bondholders and banks of the Company’s banking group
- Bain Capital
- EP Equity
Investment, controlled by Mr. Daniel Kretinsky in partnership with
Attestor Limited
- Onepoint, controlled
by Mr. David Layani in consortium with Butler Industries
These proposals will be posted today on Atos’
website and will be accessible through the following link Investors
- Atos.
All the proposals were presented to the Board of
Directors on May 5, 2024, which decided with management and in
alignment with the Conciliator Ms. Hélène Bourbouloux, not to
pursue discussions with Bain Capital, as the submitted offer does
not meet the stated objectives of the Company to consider its full
perimeter.
The Board of Directors reiterated its confidence
in the Group’s management team to continue to coordinate
discussions, under the aegis of the Conciliator and in coordination
with the CIRI (Comité Interministériel de Restructucturation
Industrielle), with an objective of reaching a financial
restructuring agreement in the best corporate interest of the
Company including its employees, clients, suppliers, creditors,
shareholders, and other stakeholders, while maintaining an
attractive business mix.
Atos will be working with its financial
creditors to select by May 31, 2024 a financial restructuring
solution that will be acceptable to them and consistent with the
financial parameters of the Company and to reach a final financial
restructuring agreement by July 2024. This solution will likely
entail radical changes in the capital structure of the Company and
significant new equity issuance that will result in a massive
dilution of the existing shareholders of Atos SE, considering that
the Company will negotiate with stakeholders the treatment of the
existing shareholders in compliance with applicable laws.
In parallel, the Company is conducting
discussions with the APE (Agence des participations de l’Etat) of
the French State regarding its intent to acquire 100% of the
Advanced Computing, Mission-Critical Systems and Cybersecurity
Products activities of Atos SE’s BDS (Big Data & Security)
business. The proposals received on May 3 are compatible with the
non-binding letter of intent received from the French State.
Jean-Pierre Mustier, Atos SE’s Chairman
of the Board of Directors, said: “I would like to thank
each of the submitting parties for their refinancing proposals
received as part of our current conciliation process. I am pleased
to note that the key representatives of our bondholders and of our
banking group are working together constructively to find a
refinancing solution for Atos.”
Paul Saleh, Atos SE’s Chief Executive
Officer, said: “We will now work with our financial
creditors to find a solution by May 31 that will be acceptable to
them and consistent with the parameters we have shared. I am
confident that a final agreement can be reached by the July target
that would assure the continuity of operations to our clients and
be in the best interest of Atos’ employees, clients, suppliers,
creditors, shareholders and other stakeholders.”
Update on the interim financing
Further to its press release dated April 9, 2024, in which Atos
announced a €450 million interim financing agreed in-principle, the
Company confirms that:
- The €100 million
revolving credit and term loan facilities to be provided by a group
of bondholders has been signed;
- On April 25,
2024, the French Ministry of Economy, Finance and Industrial and
Digital Sovereignty (Ministère de l’Economie, des Finances et de la
Souveraineté Industrielle et Numérique) has issued an order
(arrêté) authorizing the €50 million loan from the State through
the FDES (Fonds de Développement Economique et Social) to a
subsidiary of Atos, Bull SAS, which controls sovereign sensitive
activities. The Group’s financing banks have also granted the
required waiver in relation to that loan;
- Discussions with
the banks regarding the implementation of a €300 million factoring
facility are progressing.
***
About Atos
Atos is a global leader in digital
transformation with c. 94,000 employees and annual revenue of c. €
11 billion. European number one in cybersecurity, cloud and
high-performance computing, the Group provides tailored end-to-end
solutions for all industries in 69 countries. A pioneer in
decarbonization services and products, Atos is committed to a
secure and decarbonized digital for its clients. Atos is a SE
(Societas Europaea), and listed on Euronext Paris.
The purpose of Atos is to help design the future
of the information space. Its expertise and services support the
development of knowledge, education and research in a multicultural
approach and contribute to the development of scientific and
technological excellence. Across the world, the Group enables its
customers and employees, and members of societies at large to live,
work and develop sustainably, in a safe and secure information
space.
Contacts
Investor relations : David Pierre-Kahn | investors@atos.net |
+33 6 28 51 45 96
Individual shareholders : 0805 65 00 75
Press contact : globalprteam@atos.net
- PR - Atos - Market Update - May 6 2024
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