Galapagos S.A.
Galapagos S.A.: Notice
EQS-News: Galapagos S.A. / Key word(s): Miscellaneous NOTICE Galapagos S.A. Senior Secured Floating Rate Notes due 2021 ISIN Code: XS1071411547 / XS1072185488 5.375% Senior Secured Fixed Rate Notes due 2021
The directors of the Issuer concluded that the Application was desirable in order to facilitate and protect the implementation of the Transaction described and defined in the Issuer’s prior announcement published on 7 June 2019. The possibility that the Issuer would go into administration for the purposes of the Transaction was anticipated in the Lock-up Agreement referenced in such announcement. The Issuer anticipates that, if the Application is granted, the administration will allow the Sales Process (further details of which are set out below) to continue to completion on or before 31 October 2019. The Application is in respect of the Issuer only. None of the Issuer’s subsidiaries has applied or anticipate applying for such or similar proceedings and the Issuer does not expect the Application to affect the underlying operating businesses of Kelvion and ENEXIO, which will continue as previously. As a result of the Application, an Event of Default has occurred under the indenture governing the Senior Secured Notes. Under the terms of the Lock-up Agreement, the Consenting Creditors have agreed not to take any enforcement action that they would otherwise be entitled to take by reason of the Event of Default. The holders of the 7% Senior Notes due 2022 of Galapagos Holding S.A., which are guaranteed by the Issuer, continue to be bound by terms of the Intercreditor Agreement restricting enforcement action by, and payments to, those holders. Sales Process As announced on 7 June 2019, Macquarie Capital has been engaged to run a competitive sales process with respect to Galapagos Bidco S.à r.l.. (the “Sales Process“) More than 80 parties were approached with an invitation to participate in the Sales Process and to submit an initial non-binding, indicative bid on or before the target deadline of 9 August 2019. To date, at least 17 parties have elected to sign confidentiality agreements to receive initial materials in the context of this bid process. Triton has submitted a bid in the Sales Process in line with the terms of the Transaction. The Triton bid is the only bid that has been received as at the date of this announcement. The Application will not suspend or terminate the Sales Process. Although the target deadline of 9 August 2019 has now passed, parties still interested in participating in the Sales Process who either require more time to submit an initial bid or who have not yet contacted Macquarie Capital are invited to contact Florian Geiger (florian.geiger@macquarie.com) and Marco Krass (marco.krass@macquarie.com) at Macquarie Capital as soon as possible. All capitalised words used but not defined herein shall have the meanings given to them in the Issuer’s announcement published on 7 June 2019, the Issuer’s announcement published on 17 June 2019 or the Indenture, as applicable. **************** For further information, please contact the aforementioned individuals or: Galapagos Investor Relations **************** This announcement contains inside information of Galapagos S.A. for the purposes of Article 7 under Regulation (EU) 596/2014. Galapagos S.A. is a public limited liability company (Société Anonyme) incorporated under the laws of the Grand Duchy of Luxembourg, having its registered office at 2C Rue Albert Borschette, L-1246 Luxembourg, and being registered with the Luxembourg trade and companies register under number B 186 314. ****************
22.08.2019 Dissemination of Corporate News, transmitted by EQS – a service of EQS Group AG. |
Language: | English |
Company: | Galapagos S.A. |
20 Davis Way, Newgate Lane | |
PO14 1AR Fareham, Hampshire | |
United Kingdom | |
Phone: | +44 1329 822200 |
E-mail: | luke.davies@galapagos-sa.co.uk |
ISIN: | XS1071411547, XS1072185488, XS1071419524, XS1072194803 |
WKN: | A1ZJ4P |
Listed: | Foreign Exchange(s) Luxembourg Stock Exchange |
EQS News ID: | 861949 |
End of News | EQS News Service |