Atos - comment

Despite the speculation, there is no room for EPEI (Kretinsky) in the confirmed creditor plan.  The creditor plan is broadly the same as first proposed in partnership with OnePoint, with the new equity raised slightly lower at €33m versus €250m originally.  The new money will be a minimum of €1.5bn but may be increased to 1.67m depending on the take-up of the Rights Issue.  A 50bps lock-up fee is available to any creditor signing up before 12th July.  We are going through our model. but with the new money attracting a 9% cash & 4% PIK interest rate, Atos’s free cashflow post interest will remain challenging.