Reports that Emeria lenders are forming a coop mark a deterioration in expectations. The debt may be difficult for the company to
Read MoreIt’s only incremental for the bonds this morning. The company’s announcement of concrete details on its fully underwritten rights issue concern really only
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Pasubio’s P&L came in line with our expectations, while cash flow exceeded our forecasts for many factors. Importantly, the core rationale for
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All,
Please find our updated analysis on Transcom here.
We previously believed the Company had no viable option for a full refinancing and that an Amend and Extend (A&E) represented the only realistic outcome for all stakeholders. We were therefore surprised when Altor provided €50m of equity (we had assumed €20–30m) to support the A&E process. With over 80% of bondholders committed from the outset, the transaction closed successfully and extended maturities to 2030. With the bonds now trading in the high 80s, we believe the risk-reward merits re-engagement.
Read MoreThe bonds will be firmer today on more clarity in the timeline for the sale of the Services business. Expansion reports that a
Read MorePatrick Drahi continues his financial wizardry stateside, with Optimum Communications (previously Altice USA) transferring its most
Read MoreOHLA’s desire to call the bonds places a floor at 100c/€ (the call price); the bonds should move higher on this news (they currently trade at 94%). The bonds are
Read MoreVictoria PLC has confirmed the retirement of Group CEO Philippe Harmes, as flagged in October, and will not replace the role, instead empowering
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ASDA’s numbers on Friday will have seen the bonds softer, but the slowing pace of revenue decline is supportive. We
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We understand bondholders have hired Houlihan and Lokey ahead of the inevitable restructuring of Air Baltic. The company showed the
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Following their recent jump, bonds will struggle to do any better on the Q126 release. Revenues in the LPCS division beat our expectations by
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Klöckner bonds could be a little friendlier on the Q126 results. Revenues were €10m light of our projections, but EBITDA was €10m stronger
Read MoreThe €280m of net cash proceeds are right in the middle of the guidance given on the last call. The company has now concluded
Read MoreThe bondholders are finally taking over Atalian. We see the package as worth around 47c/€, and with the leverage at 4.6x, the reinstated debt
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Bonds won’t be moving much, considering the information cleansing inherent in the report today (we have the presentation, but
Read MoreThe partnership is a small positive for both companies' bonds. ASDA is adopting a lighter version of the Ocado proposition, broadly similar to
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The deconsolidation of Wolf IV is now visibly cascading through the financials, but on a net basis the ultimate change in cash was on par with
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Although Standard Profil has improved margins and delivered higher reported EBITDA, the overall numbers remain weak. Revenue fell by
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