Stonegate - comment

The 10.75% ‘29s are up by a point to par. This is the month that Apollo's Platinum financing becomes callable, and the robust performance of L&T Wet Led pubs (the underlying Platinum Portfolio) should either receive a better structure, or more likely, be sold. We think Fortress might feel quite good about their Punch business and could be interested, but the pubs will be compatible with almost any portfolio.