S&P Rating Upgraded to ‘ccc+’ With Stable Outlook - Technicolor Confirms Its 2020 and 2022 Guidance
25 Settembre 2020 - 05:45PM
PRESS RELEASE
S&P
RATING UPGRADED TO ‘CCC+’ WITH STABLE OUTLOOK
TECHNICOLOR
CONFIRMS ITS 2020 AND 2022 GUIDANCE
Paris (France), 25
September 2020 – Technicolor (Euronext Paris:
TCH; OTCQX: TCLRY) welcomes its rating upgrade by S&P Global to
‘CCC+’ with stable outlook.
This reflects the succesful completion of the
Group’s financial restructuring, through which it has obtained €420
million (net of fees) of new financing, and has deleveraged via the
equitization of €660 million of debt.
Technicolor now has a significantly strengthened
balance sheet, with cash to meet the needs of the Covid crisis and
beyond.
Based on business activity for the last 3
months, the Group remains confident of achieving the outlook
presented in its press release issued on July 30 2020, including
the achievement of cost savings in excess of €160 million during
the year. In particular, EBITDA will reach €169 million in 2020,
improving to €425 million in 2022. Continuing free cashflow (before
financial results and tax) will be in the range of between €(115)
to €(150) million in 2020, increasing to €259 million in 2022.
Richard Moat, Chief Executive Officer of
Technicolor, stated:
“We are very pleased by this improvement in our
credit rating, and we are determined to achieve further upgrades in
the future. Technicolor is poised to return to delivering
profitable growth, cash generation and value creation for
shareholders on a sustainable basis.”
About
Technicolor:
www.technicolor.com
Technicolor shares are admitted to
trading on the regulated market of Euronext Paris (TCH) and are
tradable in the form of American Depositary Receipts (ADR) in the
United States on the OTCQX market (TCLRY).
Investor Relations
Christophe le Mignan: +33 1 88 24 32
83Christophe.lemignan@technicolor.com
Media Contact
Laurent Poinsot: +33 1 53 70 74 77 lpoinsot@image7.fr
Victoire de Brebisson: +33 1 53 70 65 39
vdebrebisson@image7.fr
- 09-25-2020_SP Upgrade_VUS