Transcom - Altor on hold - Positioning

With the upcoming debt maturities now well understood by the market, we have revisited the full range of options available to all stakeholders. Building on our earlier analysis, we continue to assess scenarios that include both an equity injection and a partial write-off of existing debt as possible routes to achieving an extension of Transcom’s maturity profile. That said, the most recent set of financial results, which were notably below expectations, offer little support to the Company’s refinancing ambitions. In the aftermath of the second quarter results, we have re-examined the probability of each refinancing scenario materialising, which in turn has led us to reconsider our previous investment view.