Please find our updated analysis here

HSE has proven to be a successful investment for us; the early execution of a debt restructuring meant our holding period was much shorter than

The cash sweep funded bond repayment (at par) adds 10bps to our P&L. PF the sweep, HSE will have €41m of cash on hand (in with

Please find our updated analysis here.

HSE 24 has executed its restructuring quickly and well ahead of our schedule. In return, there has been no debt-equity swap, and Providence/ICG will

Q1 25 results were above our expectations in terms of revenue and margins and in line regarding working capital outflows, as suppliers shortened their

Please find our unchanged analysis here.

The pace at which HSE 24 went from hoping for the best to agreeing a deal with its creditors has been a pleasant surprise. Pressure on

If the company has appointed advisors, this is positive for bondholders. The sooner the debt is restructured, the better. There is little point in the company waiting until

Please find our slightly amended analysis here.

Weak consumer confidence in Germany continues to crimp customer numbers. Operationally, HSE is performing in line with our projections, whilst new

We will be hosting a call on HSE24 on Tuesday 19th. Bondholders organising makes sense (as reported in Debtwire). The capital structure is no

Please find our new analysis here.

HSE suffers from an ageing customer base and an economy (Germany) with weak consumer confidence, but the business still generates cash, and the