Vivion - comment

Vivion had to sweeten its Exchange proposal following bondholder pushback that left the 2024 acceptances short of the 75% minimum. We expect that the new proposal resulted from direct conversations with bondholders and that the minimum participation level for the 2024s was passed yesterday. The initial offer closed last night. Vivion had already passed the minimum participation level easily on the 2025 notes and was <€5m short of making the minimum participation level in the 2024 notes.

Vivion extended the acceptance period as the 2024 notes had a 71% acceptance rate, whereas the 2024 notes had 96%. The minimum acceptance rate is 75% on both.

The company added 15bp to the PIK element, a 1% redemption fee, and a provision ensuring that any improvement in the exchange terms for the 2024 notes would be reflected in the new SSNs.