Iceland - Bagging The Refinance - Model Update

Given the maturity profile, we have examined how and when a refinancing of Iceland Foods could unfold. Our work assesses the interaction between operating performance, cash deployment, and call dynamics across a range of refinancing scenarios, and considers what this implies for risk and value as the company approaches its next funding event. We also map the options available to management and frame how leverage and interest coverage evolve under different funding costs.