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Technicolor refinances debt to improve flexibility

French firm Technicolor has decided to refinance over €1bn of its outstanding debt in order to improve its financial flexibility and allow the company to borrow new funds at a lower interest rate.

Technicolor is now requesting its creditors to permit changes to some of the terms of its existing debt, and an independent special-purpose vehicle called Tech Finance SCA is being set up to launch separate offers to purchase the outstanding debt, effective until July 15th.

Describing the move as a great opportunity for Technicolor to reduce its average interest expense and gain greater operating flexibility, CEO Frederic Rose said: “This transaction is an important new step for the company as it will further improve its financial structure and benefit from lighter operational and financial covenants.”

It is exactly year ago since US-based investment fund Vector Capital took a 30% stake in Technicolor worth €191mn after launching a surprise last-minute bid against JPMorgan, whose offer was rejected by 95% of Technicolor shareholders – more details here.

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