Fedrigoni - correction

In our Q325 update yesterday, we should have chosen our words more carefully. The company has a net leverage - maintenance - covenant of 4.6x that we think it will likely surpass in the next 9 months. Several among you have subsequently contacted us to enquire about the covenant, as our email seemed to suggest it was a default covenant.

There is no further change. As per the email, the company has significant baskets available. So while we think it won’t be pretty, we are not seeing the bonds drop into the abyss (see email). We have adjusted the language retrospectively on the website.