Better than we thought. Lowell has dropped Nordic assets into a new SPV, financed by a €200m ABS Receivables Facility, which has been
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It’s going faster than we thought. As per our previous note, hiring Teneo was never going to be about a routine business forecast. We understand the
Read MoreSky News are reporting that Lowell has hired Teneo to forecast its financials - not the sort of thing one hires Teneo for, only months after the restructuring. Fundamentally,
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As the dust is settling, we are most occupied with the idea that a smaller business should succeed in servicing the same interest burden that the
Read MoreThe Dutch auction that forms part of the restructuring has been slightly upsized to €194m and is now concluded,
Read MoreLowell announced the official completion of its restructuring program today, as well as the buy-back of Wolf-1 and a new Wolf-4 transaction for net
Read MoreFollowing a protracted negotiation with its RCF and since then a number of extensions, Lowell yesterday (on the evening of its
Read MoreLowell has extended the consent solicitation again, to June 18th. The reason for the repeated extensions appears to be the
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A lonely call this morning, as bonds are locked up and the RCF lenders have all agreed. Still, we have had difficulty modelling the significant uptick in collections that
Read MoreWe have uploaded a slightly revised analysis. We have made no changes to any of the conclusions.
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Following last week’s announcement of its agreement with the RCF lenders, Lowell have begun the execution process with a consent solicitation to
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The debt collector has reached the outstanding agreement with its RCF lenders, which for some time suffered from providing insufficient incentives. We
Read MoreThere are press reports that the company has hired Barclay’s to sell its Nordic business. The valuation of €730m that is circulating is
Read MoreThe restructuring is finally getting done with enough backing to implement the deal under the bond documentation. The deal now includes
Read MoreIt’s another early bird extension to Friday morning 10 am. Consent can’t be far off anymore, but we are not fans of the deal.
Read MoreThe company has again extended its early bird deadline, now to 10am tomorrow. The short second extension would suggest the company is
Read More50% sign-up to the restructuring plan is still a long way off. Initial levels at Intrum have been similar, but Intrum got a big boost when the 2024s rolled
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Without another Balance Sheet Velocity (asset sale/layering) transaction, Cash EBITDA leverage is naturally creeping up. However, we have not been
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