27 Apr Atlas Advisors advised Tele Atlas in raising Convertible Preferred Stock from a consortium of financial sponsors
Excerpt of Press Release by Tele Atlas N.V.
Tele Atlas N.V., a leading provider of digital map data, announced today it has received a $210 million irrevocable financing proposal from a consortium led by Oak Investment Partners (“Oak”) and New Enterprise Associates (“NEA”).
The consortium, which also includes TeleSoft Partners, Meritech Capital and IAM, has proposed a $210 million investment in Tele Atlas in order to: finance the $100 million acquisition of Geographic Data Technology, a digital map company focused on the North American market fund the expenditure made to realize cost savings refinance existing shareholder loans of approximately $30 million at Tele Atlas and release of corporate guarantees by shareholders, and fund future investment and working capital needs.
The Oak-NEA consortium proposal entails the following key terms: $210 million (approximately €175 million) financing in the form of preferred stock convertible into Tele Atlas common stock on a one-to-one basis at €5.00 per share with customary anti-dilution provision.
The proposed convertible preferred stock has no redemption date and will pay the same dividend as is payable on the common shares; the convertible preferred stock is senior in liquidation preference for €5.00 per share to the Tele Atlas common stock.
The Oak-NEA proposal also provides for the issuance of warrants on approximately 7.1 million convertible preferred shares with an exercise price of €5.00 per share. These warrants will have a five year term.
Atlas Advisors acted as exclusive financial advisor to Tele Atlas N.V. in connection with this transaction.
Atlas Advisors is the marketing name for Atlas Advisors, LLC and Atlas Strategic Advisors, LLC. Atlas Strategic Advisors, LLC provides financial advisory services in connection with mergers, acquisitions and other similar transactions. Atlas Strategic Advisors, LLC is a wholly owned subsidiary of Atlas Advisors, LLC and a member of the FINRA.
None of the information contained in this release constitutes a recommendation, solicitation or offer by Atlas Strategic Advisors, LLC or its affiliates to buy or sell any securities, futures, options or other financial instruments or provide any investment advice or service.