HSE - comment

So we got it wrong, and the PIKs did sacrifice their CVR conditions in the end. The 37/63 split on the concentration uplift upon CVR repurchase or cancellation is now in force. Providence gets 63% of the benefit when CVRs are cancelled going forward. The Coop Group ultimately consented despite having blocked it through three rounds of supplements. What's left now: SSNs: the €300m new SSNs priced at 99.5 / E+650bps due January 2032. PIKs: €100.8m original principal (€111.1m accreted) of PIK notes were accepted at an 83.3% pro-ration factor, so each (and only a) Special II holder gets 90c on roughly 83% of what they tendered; the remaining 17% stays in the PIK. That leaves ca. €91m of PIK notes outstanding (€192m original less €100.8m exchanged, with the pool factor making the residual roughly €92m accreted). These holders retain a documented PIK instrument with covenants intact, stapling preserved, due April 2032 now that the opco SSNs have been redeemed, but sitting structurally behind €400m of new senior secured paper and subject to the revised CVR economics on any future cancellations.