Vivion - comment

As part of €750m in debt issuance, Vivion hopes to issue its first £250m hybrid, a positive step for a company where there is no traded equity. The €500m 2030 SSNs also being marketed are talked at 6.0% to 6.5%. In addition to extending maturities, the coupon would be a discount to the 6.5% + 1.5% PIK on the existing €881m 2028 SSNs. The method of buying back the 2028 SSNs is likely to be a tender. We will be taking this opportunity to exit a very profitable trade.