Atos - comment

Atos has used proceeds from its May issuance to repay the 1L Term Loan and launch an offer to purchase the 1L Notes at the 114.8% redemption price (accrued PIK plus the 8% redemption premium). This partially simplifies the capital structure, but the 1.5L and 2L debt remain outstanding. The move was widely anticipated and should be neutral for the remaining debt.