Branicks - comment

News of the bond extension at Branicks concerns only the extension of the 2026 bond to year-end to give time for the implementation of the restructuring that will extend maturities out to 2030. It is therefore merely a procedural step. Noteholders had authorised the extension back in August. The next step is the comprehensive restructuring vote, 17–19 October. That is a noteholder ballot on the full amendment of the EUR 400m bond's terms: maturity extended to 2030, and the broader restructuring of the instrument as agreed in the 30 July framework. If that vote passes, the bond gets restructured into the Step 2 split: EUR 375m Senior Secured at 7.5% cash coupon to 2030, with a EUR 220m subordinated PIK instrument at 15% to 2038. Following the Q226 results, we have yet to rebuild our forecast.