Alstom SA · EURONEXT:ALO
Alstom SA — Corporate Update (August 2003)
15 slides from Alstom SA's corporate update, Aug 6, 2003
Slide 1: Analysts Presentation
Analysts Presentation August 6, 2003
Slide 2: Disclaimer
Disclaimer This document is confidential and is being made available to you solely for your information. It may not be reproduced, further distributed to any other person (whether within or outside your organisation) or published, in whole or in part, for any purpose. Any failure to comply with thes
Slide 3: Main features of the financing package
Main features of the financing package: in € million l Strengthening of the Group’s equity through: 4 Underwritten capital increase* 300 4 Capital increase reserved for the French State 300 4 Underwritten issue of Bonds Mandatorily Reimbursable with shares (ORA)* 900** l New financing 4 Subordinated
Slide 4: Package Summary
Package Summary in € million State Banks TOTAL Capital increase 300 300* 600 Mand. Conv. Bonds (ORA) 0 900* 900** Subordinated loan 200 1,100 1,300 Total 500 2,300 2,800 *underwritten by banks. Preferential subscription rights reserved to existing shareholders. **may be increased up to €1,000m 4
Slide 5: Capital increase €600m
Capital increase €600m l €300m with preferential subscription rights or through the issuance of warrants for existing shareholders 4 Underwritten by banks l €300m reserved for the French State 4 French State will hold 31.5% of ALSTOM’s shares 4 Major shareholder until the Group’s full recovery l Pri
Slide 6: ORA Structure
ORA Structure l Terms: 4 Amount: €900m* 4 Price: 1.40€ per bond 4 Coupon: 2% capitalised for the first year 4 Conversion ratio: one share for one ORA 4 Maturity: 31 December 2008 4 Preferential subscription rights for existing shareholders l EGM before end of September for approval l Underwritten by
Slide 7: Subordinated Loans
Subordinated Loans l Amount: €1,300m l Interest rate per annum: Euribor + 450 bps (of which 150 bps PIK) l Maturity: 6 years l Early repayment allowed at ALSTOM’s option 7
Slide 8: Short-Term Liquidity
Short-Term Liquidity l Commitments to provide short-term financing: 4 Banks: up to €300m 4 Caisse des Dépôts et Consignations (CDC): up to €300m l This short-term facility will be repaid once the proceeds of T&D disposal received 8
Slide 9: Bonds & Guarantees
Bonds & Guarantees l Objective To ensure coverage of Alstom’s bonding needs l Structure 4 Implementation of a €3,500m bonding syndicated facility provided by banks 4 65% of each bond counter-guaranteed by the French State 9
Slide 10: Debt maturing by March 04
Debt maturing by March 04 Maturity Amount l Outstanding bridge facility Dec. 03 140 M€ l Club deal Jan. 04 400 M€ l Bilaterals Jan. 04 75 M€ l Bonds Marc. 04 550 M€ l Syndicated loans April 04 1250 M€ 10
Slide 11: Debt Refinancing Package
Debt Refinancing Package l Main Purposes: 4 To repay on maturity the €550m bond maturing in February 2004 4 To repay the €1,250m revolving credit facility maturing in April 2004 4 To fund working capital requirements Repayment secured 11
Slide 12: Business update
Business update l Difficult market conditions prevailing ; consequences accentuated by uncertainties upon ALSTOM’s future 4 adverse impact on profit and cash l Further hit due to additional under provisioned contracts in Transport US with expected impact of up to €100m on H1 2003/04 operating income
Slide 13: Timeline
Timeline l Implementation of short term facility: Early August l Implementation of syndicated bonding facility: before end August l Signing of T&D sale contract: 15 September l EGM: 24 September l Launch of capital increase and ORA: end of Sept. / early Oct. l Implementation of subordinated loans: e
Slide 14: Forward-Looking Statements
Forward-Looking Statements This presentation contains, and other written or oral reports and communications of ALSTOM may from time to time contain, forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Exa
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