Accentro - comment

Big positive news this morning on Accentro. It’s been a long time, but the debt reprofiling is wider than expected. The SSSNs get a two-year extension and are stripped from their amortisation schedule, the sweep on the East Refi Notes has been loosened, and proceeds applications have been waived, allowing for CapEx spend. Also, their tap issue cap has been raised from €15m to €30m. The SSNs were also extended to 2031 and for the Sub PIK 2036, respectively. No more independent asset experts threatening default (what broke auditor relationship and triggered StaRUG), acquisition restrictions have been loosened, and more. Reporting breaches for the long stretch without financials and any indebtedness have been waived through year-end, and the company is allowed to buy back bonds.