Wild Bunch SA, a wholly owned subsidiary of European film distribution and sales company Wild Bunch AG, has agreed a refinancing deal with SWB Finance, part of the Sapinda Group.
As part of this plan SWB Finance will assume the company’s existing financial liabilities for a total amount of EUR62.7 million, out of which EUR36.6 million will be contributed into the equity of Wild Bunch AG.
In addition, the creditors of the 8 per cent corporate bond issued in 2016 with a total nominal amount of EUR18 million are to resolve the conversion of all bonds into new shares of Wild Bunch AG by way of a further capital increase.
The completion of both operations would translate into a EUR54.6 million reduction in financial debt, and a parallel increase in equity.
The successful implementation of the afore-mentioned capital measures will lead to a shareholder structure where the existing shareholders would hold approximately 9 per cent, the bondholders approximately 15 per cent and the investors approximately 76 per cent.
Moreover, the investors are to provide the Wild Bunch Group with shareholder loans of at least EUR30 million in aggregate aimed at facilitating the acquisition of new content.
The contemplated capital increases will be submitted to the vote of the general meeting of shareholders which is expected to take place on 20 September 2018.
Furthermore, the investors have made dependent its participation in the restructuring inter alia upon the exemption from making a mandatory takeover bid granted by the German Federal Financial Supervisory Authority (BaFin).
Vincent Grimond, CEO of Wild Bunch AG, says: “This is the culmination of a long-term plan which provides the company with enough resources to intensify its strategic evolution. In this fast-changing environment, and despite its focus on refinancing considerations, Wild Bunch has succeeded in developing its TV offering and in creating strong relationships with digital platforms around the world. We have a highly talented team and are involved in some of the most creative international content currently being produced, as demonstrated by the awards we won at the last Cannes Festival.”
“The financial stability offered by Sapinda will enable Wild Bunch to pursue new market opportunities and to build on its considerable assets as a leading pan-European content provider.”
Lars Windhorst, CEO of Sapinda Group, says: “We are pleased to be able to provide a financial solution to the highly decorated Wild Bunch film group, with this injection of equity capital, alongside a debt restructuring. An independent film champion like this with so much heritage requires stability and support to initiate a new phase of profitable growth.”
