ENJOY S.A. - Reorganization procedure:
- On August 14 Creditors approve Reorganization Agreement in Deliberative Meeting (100% from Secured Creditors and 92.74% from Unsecured Creditors).
- On August 21, Financing commitments for CLP $ MM 57,568 were confirmed (CLP $ MM 9,401 from Secured Creditors and CLP $ MM 48,167 from Unsecured Creditors).
- On August 25, a hearing was held in the US Court where the Judicial Reorganization plan approved in Chile was approved.
- On August 26, an Extraordinary Shareholders' Meeting was held (issuance of Convertible Bonds and a capital increase were approved).
- On September 4, the funds corresponding to the Bridge Loan were received, for an amount of CLP $ MM 49,999 (with this fact, the Conditions for the Reprogramming of the Value Loans are considered fulfilled).
- On September 7, the Financial Market Commission proceeds to suspend the transaction and listing on the Stock Exchanges of Series I and J Bonds.
- On September 30, Enjoy issued in the international market covered bonds maturing in 2027 for a total amount of USD $ 210,505,263.- and the 2027 Bonds were exchanged for their international guaranteed bonds maturing in 2022 (Bullet, Interest rate: 6% 1st year, 7% 2nd year, 7.5% 3rd year, 8% 4th year, 8.5% 5th year, 9% 6th year and 9.5% 7th year):
- Tranch A: USD $193,730,704
- Tranch B: USD $16,774,559
- On October 10, Enjoy issued in the local market Series K, L, M intermediate bonds maturing in 2027 for a total amount of UF 3,651,250 and these bonds were exchanged for the Series I UF Bond.
- On October 10, Enjoy issued in the local market Series N, O, P intermediate bonds maturing in 2027 for a total amount of UF 2,427,500 and these bonds were exchanged for the Series J UF Bond.
- On October 23, Term Deposits for CLP $ MM 17,500 are released, with this, all the collateral DPs of the Guarantee Certificates are released: CLP $ MM 32,000
- Third quarter results: Revenues -99.8% and EBITDA -281.7%, affected by COVID-19.
"The gradual opening of our casinos represents good news for an industry that has been deeply affected and that will take a long time to recover. There are thousands of jobs that we will be able to reactivate again, and hundreds of annex businesses that work around casinos & hotels in the different regions of Chile and Latin America. With this gradual reopening we will be starting up again an absolutely strategic industry for tourism and regional economies, which have been some of the most affected by the Pandemic.
Regarding security measures in the Covid context, the company worked its health protocols in a very responsible manner in order to protect the safety of customers and workforce."
Rodrigo Larraín K.
CEO
REVENUE | EBITDA | NET INCOME (LOSS) | ||||||||
66,341 | 3Q19 | 3Q20 | ||||||||
CLP$ MM | 9,737 | (17,691) | ||||||||
122 | ||||||||||
3Q19 | 3Q20 | (9,623) | ||||||||
3Q19 | 3Q20 | (16,680) | ||||||||
Affected by Covid-19. | EBITDA decreased 281.7%, due to Covid- | Loss due to closure of casinos. | ||||||||
19. |
1
The operation of CASINOS is allowed only with gaming machines, and only in open spaces with a distance of 1 mt. between each machine and with physical barriers, or 2 meters between each machine.
No consumption of drinks and food
CASINOS are allowed to operate only with gaming machines with a distance of 2 meters between each machine. No consumption of drinks and food
CASINOS are allowed to operate at 50% of their capacity.
#ENJOY CARES
2
- Bridge Loan Financing CLP $ M 50 million
- Release of Time Deposits CLP $ M 5.2 million
- Release of Time Deposits CLP $ M 9.3 million
- Release of Time Deposits CLP $ M 17.5 million
- Issuance and exchange of Bond USD 2022 into Bond USD 2027
- Issuance and exchange of Series I UF Bonds into K, L, M intermediate Bonds
- Issuance and exchange of Series J UF Bond into N, O, P intermediate Bonds
- Issuance and exchange of EECC into U, V, W intermediate Bonds
- Issuance and exchange of EECC into X, Y, Z intermediate Bonds
- Issuance of Q, R, T Bonds and beginning of SH´s Preferential Option Period
- Prepayment Intermediate Bonds K, N, U, X with Convertible Bond Series Q
- Prepayment Intermediate Bonds L, O, V, Y with Convertible Bond Series R
- Fixed Inc. Bond Issuance Series S and prepayment Interm. bonds M, P, W, Z
- Series T Convertible Bond Issuance and prepayment of bridge loan
September 4, 2020 | | |
July 14, 2020 | | |
October 9, 2020 | | |
October 23, 2020 | | |
September 30, 2020 | | |
October 9, 2020 | | |
October 9, 2020 | |
In process
In process
In process/Pending
Pending
Pending
In process/Pending
In process/Pending
Convertible Bond | Convertible Bond | Fixed Income Bond | Convertible Bond | |||
Instrument | Series Q | Series R | Series S | Series T | ||
(A-1) | (A-2) | (B) | (D) | |||
Term | August 14, 2119 | August 14, 2119 | August 14, 2030 | August 14, 2119 | ||
Registered Amount | $36,250,445,000 | $131,499,280,000 | $48,538,750,000 | $65,000,000,000 | ||
Interest | - | - | 1.5% until February 14, 2023, 5.6% thereafter | 5.7% until February 24, 2022, 0% thereafter | ||
66.67 shares per $ 1,000 | 198.02 shares per $ 1,000 | 266.67 shares per $ 1,000 | ||||
Exchange ratio | of capital owed | of capital owed | - | of capital owed | ||
16,334 shares for each Q Bonus | 174,258 shares for each Bond R | |||||
Use of Proceeds | Prepayment Intermediate Bonds K, N, U, X | Prepayment Intermediate Bonds L, O, V, Y | Prepayment Intermediate Bonds M, P, W, Z | Prepayment Bridge Loan | ||
Conversion period | 60 days from issuance | 60 days from issuance | - | from issuance until February 24, 2022 | ||
(540 days from disbursement of bridge loan) | ||||||
NFD / EBITDA | ||||||
<= 6.5 times from 1Q24 to 4Q25 | ||||||
Covenants | - | - | <= 6.0 times from 1Q26 to 4Q26 | - | ||
<= 5.5 times from 1Q27 to 4Q27 | ||||||
<= 5.0 times from 1Q28 to 4Q28 | ||||||
Initial Debt | Intermediate Bond | Final Bond | ||
K | Convertible Bond Q | |||
BOND Series I | L | Convertible Bond R | ||
M | Fixed Income Bond S | |||
N | Convertible Bond Q | |||
BOND Series J | O | Convertible Bond R | ||
P | Fixed Income Bond S | |||
U | Convertible Bond Q | |||
Commercial Paper - 116 | V | Convertible Bond R | ||
W | Fixed Income Bond S | |||
X | Convertible Bond Q | |||
Commercial Paper - 109 | Y | Convertible Bond R | ||
Z | Fixed Income Bond S | |||
Bridge Loan | - | Convertible Bond T | ||
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Enjoy SA published this content on 26 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 November 2020 13:50:00 UTC
