Saudi Cable Co. — Capital/Financing Update 2015

Addendum announcement from Saudi Cable Company regarding the financial restructuring of the company debts

2110 · 23/04/2015 08:37:23 · Announcement #38403 · View on Saudi Exchange

Addendum announcement from Saudi Cable Company regarding the financial restructuring of the company debts

Further to our announcement dated 20/6/1436 corresponding to 9/4/2015with regard to the restructuring of debts with three of our main lenders, and the observation of the external auditor in their review report of the Q1 2015 financial statements, the company wishes to clarify the following:1-The company has signed with three of its main lenders a term sheet to restructure its debts over a period not exceeding 8 years, aggregating to 640 M SAR.2-The company continues to maintain normal operational relationships with one of its lender (with loans of SAR 112.9m) where the company has not complied with covenants.3-During discussions with the remaining bank (with loans of SAR 99.6m), the bank has indicated that it is considering joining the three main banks, mentioned above, to restructure its debts. The company expects that agreement will be reached and finalized with this remaining bank before the end of the 2nd Quarter 2015.4-The company expects that there will be no financial or legal impact on the company.

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