AMS Osram - Balance sheet questions - Model Update

AMS Osram has been a successful trade for us, and following the announced asset sale we have revisited our analysis to assess whether value remains within the capital structure. We look beyond the headline deleveraging and consider what a post-transaction refinancing could entail, evaluating the outstanding bonds with particular focus on call protection and potential yield across the structure. To assess the refinancing case, we have refreshed our assumptions for the remaining business, which differ from the company’s own presentation, and examined how these feed into refinancing incentives and outcomes. Despite the shift in the credit profile, we continue to see selective opportunities within the capital structure of AMS Osram.