Transcom - comment

With 86% of the bonds already committed to the amend and extend proposal, it is unsurprising that, following the early tender deadline, 93.9% of holders have now acceded to the agreement. This enables the RCF to be extended to July 2029 and the bonds to 2030. However, as previously noted, the bonds are subject to a step-up in PIK and call protection, which indicates that Altor is incentivised to sell the business before December 2026.