AMS Osram - Reading the Tea Leaves - Positioning

As previously noted, there has been a divergence between the credit and equity outlook, presenting several compelling trading opportunities. In light of the Company’s recent private placements, we believe this is an appropriate time to reassess our positioning. Building on our prior cash flow analysis, we are now placing greater emphasis on the expected timing of asset sales and upcoming refinancing events. Taken together, these factors support an adjustment to our position ahead of the Q2 earnings release.