Please find our updated analysis of Stonegate here.

Following the Q325 results we felt we should raise our projections for the company as operating expenses turned out better than expected. However,

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The update this morning is incremental. We love how a year ago the Euros were downplayed as having only a minor effect on the business, but

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Please find our updated analysis of Stonegate here.

The 18-Month plan underlying the recapitalisation was presented some 18 months ago, and we’ve had a look for its effects. We’d be cynical to say we didn’t find any, but it has almost entirely been absorbed by demand elasticity and labour cost headwinds, so that

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Following Moody’s, Fitch has now also downgraded Stonegate to CCC+. The bonds yield over 10% and so reflect the ratings, but we agree with the

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Moody’s downgrade to Caa1 is deserved, even if the company has already hired Alix partners and is trimming its management layers. These actions are

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Press reports this morning state that Stonegate has hired Alix Partners to trim its management ranks. Numbers circulate of 150

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Stonegate continues to do better than we thought, as L&T continues to do well. Managed Pubs and Operator Led are continuing their decline while

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Stonegate reported benign figures on Friday. Our concerns that, following the restructuring, management would have some unexpected

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Please find our updated analysis here.

So it’s been complicated - very much along expectations and justifying our caution about participating in this deal. The best pubs have had to be spun off into a

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The equity nature of the new 2nd Lien facility does not impact creditors directly, but it underlines that getting the A&E away has

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The completion of the Amend and Extend operation removes the maturity wall. Placing the £ SSNs at 10.75% will have stung for TDR, but they

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Stonegate is dealing with its maturity wall and undertaking the required Amend and Extend (A&E) operation. Hold-out bondholders will get repaid at par and

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Who leaked our IM? £200m happens to be the precise requirement we modelled to reach the deal. We are hearing rumours / reading

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Please find our updated analysis of Stonegate here.

So the market has been open and TDR haven’t pulled the trigger. Q2 had undeniably good news on the closing of key supply contracts that should

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Papers are ablaze with derision that Stonegate have admitted their difficulty in refinancing their debt stack. All that happened yesterday is that the company had to

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Please find our updated analysis of Stonegate here. 

The name is nearing its refinancing - the market is asking for it. Admittedly we’ve missed the trade into refinancing on this name, but we actually still feel that

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