HSE - comment

2:0 for the PIKs over the weekend. HSE is visibly struggling with the block, now conceding the demand to amend the intercreditor agreement and remove prohibitions/undertakings, including making a CoC offer, as well as the CVR's enforcement right over HSE Finance shares upon a breach of the minimum EBITDA covenant, as well as the call option over Providence's and Management’s shares in PSMA. However, the company still demands that CVRs be unstapled and that tendered CVRs be cancelled. Considering the resolve of the PIKs so far, we'd be surprised if they let that pass. PIK holders will have to reconfirm their consents where given already.