Birkenstock - comment
The $250m buyback shouldn’t impact the bonds, as it was confirmed on 14th May with the Q2 numbers. The size is $50m more than we expected. At 31st March, cash on hand was $220m, but as Q3 (ending June 30) is strongly cash flow positive, no draw on the RCF may have been needed. Birkenstock is making a $250m up-front payment to Goldman Sachs, and will involve around 7.5m shares being acquired. The buy-back is expected to complete by the end of June.