Modulaire Group - comment

A successful refinancing operation, with the new TLB and SSN both being upsized and priced within the initial price talk. The TLB was upsized from €1bn to €1.3bn and the SSN from €500m to €600m with a coupon of 6.5%. The next maturity will be the 2028 SSNs, which we expect will be refinanced along with the 2029 SUNs, but there is no rush for Modulaire.