On 28 October 2020, Peugeot S.A. (“Groupe PSA”) launched a consent solicitation seeking the consent of the holders on its bonds issued under Peugeot S.A’s EMTN Programme. The purpose was to obtain the approval, with the required majority for each series of bonds, of the merger of Peugeot S.A with FCA NV in order to become Stellantis.
Peugeot S.A announces today that the Consent Solicitation has been successful and has received the required consents under each series of bonds with a very large majority.
Peugeot S.A has also obtained from its banks the authorizations to engage the merger for both existing back up Revolving Credit Facilities of €3bn each.
The success of this consent solicitation is a strong sign of confidence of Peugeot S.A’s bondholders and bank partners in the Group’s strategy towards the creation of Stellantis.
The completion of the merger is expected to take place by the end of the first quarter of 2021, subject to customary closing conditions, including approval by both companies’ shareholders at their respective Extraordinary General Meetings and the satisfaction of antitrust and other regulatory requirements.