AMS Osram - comment

Bankers continue to outdo each other with ever-more adjustments and pro-forma metrics for new issuers, and ams OSRAM is no exception, introducing a new category of EBITDA (further adjusted). We see little necessity for these adjustments and broadly ignore them in our analysis. That said, the logic of the transaction is sound: maturities are extended, funding costs reduced, and the balance sheet further rationalised. We therefore maintain our position in the credit.