Antolin - comment

The Spanish newspaper El Confidencial reports that the company has received support from its banks to refinance and extend maturities more uniformly to 2029, around the time the RCF and TLA are due. However, the deal still seems to include an October 2027 clause if the refinancing is not complete. We take that to be with a view to the ’28 bonds and take the form of the same springing maturity already in place for the SFA group. The situation is therefore more stabilised in the short term, removing cash outflows to creditors this year. But the grand picture remains substantially unchanged. Antolin will still need to address this balance sheet and now only has perhaps a few months more to do so than it did before. Crucially, we expect the deal to have promised the banks a favourable class composition.