(Debwire) Antolin RCF springing maturity approaches while order intake grows strongly

01 May 2026 | 11:23 BST

Antolin reports 81% YoY FY25 order intake growth to EUR 4.7bn

Antolin’s springing RCF maturity means time is running out to refinance its 2028 notes, even if there is optimism on delivered order intake growth, according to an independent special situations desk and two buysiders.

The Spanish auto parts supplier’s Caa1/CCC+ rated EUR 250m 10.375% senior secured 2030s are one point down since reporting 4Q25 results and are indicated at 62.875-mid with a 26.6% yield on IHS Markit. Antolin's EUR 380m 3.5% senior secured 2028s are indicated one point down at 62.875-mid, yielding 29.6%.

Antolin reported FY25 results and held its 4Q25 earnings call on 29 April. Management noted that the company will not wait until the last moment to address its 2028 bond maturity, given there is the RCF springing maturity covenant, and the company is assessing all options to address its capital structure, with solutions including M&A or bond buybacks.

Given the RCF’s springing maturity, a refinancing of Antolin’s April 2028 bond maturity will need to be completed by October 2027, which could prove difficult. The company's EUR 193.2m RCF (of which EUR 4.5m was auto-utilised as ancillary facilities) has a 30 June 2029 maturity date, following an amend-and-extend exercise in 2024. However, maturity accelerates to 29 October 2027 if the 2028 notes are not refinanced in full by that date, according to the company’s 10.375% 2030 bond prospectus, which was issued in July 2024.

S&P on 29 April downgraded Antolin’s issuer credit rating to CCC+ from B- and noted the company’s senior facilities agreement has the springing maturity clause where the maturity of the TLA (EUR 258m outstanding at 4Q25) and RCF (EUR 64m drawn at 4Q25) is brought forward to October 2027 from June 2029 if the EUR 380m 2028 senior secured notes are not fully refinanced by that date.

This followed a Moody’s downgrade to Caa1 from B3 on 31 March.

Refinancing solutions could involve an amend-and-extend transaction or an exchange, according to two of the sources polled.

“The springing maturity is only six months before the 2028s are due, so the company’s path of least resistance would have it exchange the 2028s, potentially with a cash element. But the 2028s are a cheap interest cost, and the family will prefer playing straight, addressing the banks first,” independent special situations desk Sarria told Debtwire. “Some cash pay-down, together with another state-backed facility to shift into, could remove the first hurdle in 2027. But the family does not seem to have spare cash, and so they’d postpone as long as possible, working on the front end of maturities, leaving the expensive 2030s untouched.”

“By October 2027, if the company hasn’t addressed the capital structure, then the springing maturities kick in, and this means the Antolin family is at risk of giving up some control,” one buysider said. “There could be government intervention, and Antolin employs a lot of people in Spain. There could also be a third-party investor that dilutes the Antolin family stake. Documentation is tight and prevents an LME.”

Antolin announced it secured a EUR 150m syndicated loan agreement on 4 August 2025. The loan, issued under the Spanish state-owned lending institution Instituto de Credito Oficial's (ICO)-backed guarantee scheme, was designed to improve financing access for companies exposed to international tariffs.

Antolin is fully owned by the Antolín family through different holding vehicles, including Avot Inversiones SL, according to the company’s 2028 note bond prospectus.

Intake turbocharge

Antolin reported an FY25 EBITDA of EUR 296m, which was 6% YoY down versus EUR 315m at FY24. Revenues were down 11.1% YoY at EUR 3.726bn in FY25, while EBITDA margins climbed 0.43 percentage points YoY to 8.0%.

There was a strong order intake recovery with orders for new programs up 81% YoY at EUR 4.7bn for FY25, according to the investor presentation.

“The EUR 4.7bn of orders was a positive, but there are questions on margin," a second buysider said. "We’d be surprised if there is an A&E and it is hard to see an A&E without a dilution of shareholders. An exchange offer is possible, but the bonds are indicated in the 60s. It is unclear how much money the Antolin family can inject.”

The first buysider was also positive on the order intake being around EUR 4.7bn.

Lights, waive for the camera, action

The company reported net leverage of 3.2x at 4Q25 (see chart below), below its 3.5x covenant threshold. The company has a covenant waiver in place for FY26.

Source: Antolin FY25 investor presentation

High adjusted leverage is also a concern. One can consider the EUR 848m covenant net debt (excluding leases). Then, one can deduct the cashflow item of intangible asset capital expenditure of EUR 92.8m at FY25 (taken from the cashflow statement) from LTM FY25 reported pre-IFRS 16 earnings (excluding covenant add-backs) of EUR 224.2m, and divide EUR 848m by EUR 131.4m to estimate adjusted net leverage of 6.5x. Debtwire reported in April 2024 that the company’s underlying leverage climbed if adjusting for non-recourse factoring and intangible asset expenditures, with future cash generation to be constrained by any potential coupon hike.

Antolin was free-cashflow negative in FY25. With pre-IFRS 16 EBITDA of EUR 224m it faced EUR 183m capex, EUR 28m taxes, a EUR 22m working capital outflow excluding factoring, EUR 97m interest, and benefitted from an inflow of EUR 9m one-off financing costs and inflow of EUR 28m restructuring costs, meaning negative adjusted free cashflow of EUR 68m, according to its investor presentation. The company collected around 141m from disposals in FY24 and FY25 and additional proceeds are expected from asset sales in FY26.

Sarria noted there is no reason to believe any of the bonds are cheap to buy and the lack of free cashflow does not allow for a sensible DCF valuation of the company, adding that will make it difficult for stakeholders to agree on a valuation on which to restructure the balance sheet. Sarria added that Antolin has little debt capacity.

“The free cashflow was impacted by a lot of fees, but recently Forvia sold its interiors business at around a 4.8x EV/EBITDA multiple without IFRS. If you apply this towards Antolin on an EBITDA without IFRS [EUR 224m at FY25], then the bonds look covered [given EUR 848m covenant net debt at FY25]. The company needs time and the documentation is tight so an A&E can be done,” the first buysider said. “An A&E would require consent from all bondholders, or an exchange offer can be done, with the company already CCC [rated]. Without an exchange offer or an A&E, then there is a risk of default.”

The company had EUR 441m of available liquidity at 4Q25, including EUR 256m cash and EUR 185m of available credit lines.

Antolin’s net leverage was unlikely to meaningfully reduce organically anytime soon. But its 2028 notes could be refinanced as disposals offered upside, Debtwire reported on 1 December 2025.

The Antolin 4Q25 capital structure is illustrated below (seeDebtwire analyst calculations).

Antolin declined to comment.

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