A mild positive for creditors. The additional cash is nice to have, more liquidity being better than less, but €60m

As part of €750m in debt issuance, Vivion hopes to issue its first £250m hybrid, a positive step for a company where there is

A small €50m institutional investment (for 3.1% of the equity) completed in August has placed a nominal €1.6bn valuation on the equity in Vivion, and

The H1 25 operating results were broadly in line with our expectations. The amount of equity raised was less than we hoped for, but LTV is already

The €250m tap of the 2028’s are likely to have cost around 8% (assuming an issue price of 98c/€. The proceeds will be used to redeem the M&G Loan, which

The Q3 trading update had no surprises, but we will have an opportunity to ask questions on the upcoming call. Vivion has now dealt with the

The refurbishment of the Femina building is a bigger job than we have seen Vivion execute recently. However, the project is a significant one

If the Dayan family execute the 15% sale of Vivion for €375m, it implies an equity valuation of €2.5bn on the business; the impact for creditors will be

Vivion now has the cash to repay the stub of the August 2024 SUNs. The company has taken a €150m (five-year) loan secured on the nine

Please find our unchanged analysis here.

The Vivion call had some interesting information on the refinance of the 2024 bonds and the possible uses for the cash pile at Golden Partners. Our view has

Vivion is trying to raise secured debt to repay the €170m outstanding 2024 notes. Senior secured bank debt is more attractive to Vivion than selling

Please Find our updated analysis here.

Vivion’s portfolio valuations are now in line with our model. We expect yields to stabilise through 2024. The German Real Estate market will benefit from the

Vivion is leaning towards either raising debt or selling UK assets to fund the €180m outstanding 2024 notes. We think a debt raise is increasingly likely

Please find our unchanged analysis here.

Vivion has enough cash and access to liquidity to make the €183m August repayment. With no further bond repayments due until August 2028, Vivion will have the

Please find our updated analysis here.

The amend and extend operation in August resolved much of the pressure on Vivion over the 2024 bonds. The company needs to redeem the remaining €183m outstanding in