Moody’s also downgraded by one notch the Altice France entity. This rating change is based on operational issues, with cash flow generation remaining
Read MoreEveryone knew Altice International would pay the dividends to maintain its leverage between 4.0x and 4.5x. Moody’s downgrading their debt by one
Read MoreAnother day, and another announcement. This time, confirming that Fimalac is considering a €150m participation as part of the Křetínský proposal. We are debating the rationale/motivation of these announcements, and
Read MoreAnother announcement from the Company, but not the one we are all waiting for. Casino confirmed, what was already circulating via press reports, that
Read MoreWe were critical when Accentro chose not to have a Q1 call, so we need to give credit for the Q123 presentation published today
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As we have suggested since late last year, Tullow is buying back some of its 2025 Senior Notes (subordinated to the Senior Secured). Tullow has launched an Unmodified Dutch Auction with $75m of cash proceeds. We have been expecting an announcement from
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Please find our updated analysis of Aggregate here.
The bonds have not bounced following the waiver. Bondholders must fear that they are dominated by a majority that is friendly with the company or holds
Read MoreThe wedding is off, but there still might be a marriage! Teract and Casino announced last night the end of the discussions between Teract and Casino. However, subsequently, there is an announcement that Zouari, Pigasse and Neil are still
Read MoreThe sliver of hope for Amigo in today's announcement is unlikely to lead to the revival of the company. Exclusivity has been given to Michael Fleming to seek debt investment. Fleming is a shareholder and was previously a wealth manager
Read MoreThe rating cut by S&P from BB+ to BB- referenced covenant compliance issues due to accounting changes. The covenant language in the EMTN documentation
Read MoreLawrence Stroll’s vision for Aston Martin as a low-volume manufacturer is welcome news. Chasing a mass-production audience is the opposite
Read MoreStandard Profil is holding their Q1 conference call at 1 pm today. This will be an upbeat call following the confirmation of the passthrough agreement with customers for
Read MoreAdria Midco is the TopCo for the restricted group, and the change to B2 Stable reflects the completion of the sale of the Tower Assets. The impact on the
Read MoreAlmost all ARE 24s have tendered their bonds - as was to be
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Please find our updated analysis here.
The SBB board and its banks are taking control of what happens to the business next. The strategic review is now contemplating a sale of part or all of the business. Several questions immediately come to mind; what is the business worth; is there a buyer
Read MoreFurther press reports on lower food inflation, with the FT citing “softening” butter prices due to a reduction in dairy producers’ costs. In Germany, prices are
Read MorePepco’s H123 underlying EBITDA came in slightly low at €211m vs our expected €230m. “The Group remains confident…” in its EBITDA guidance for the year
Read MoreUpfield have partially extended its Bank Loan Facilities, the RCF to October 2027 and Polish Zloty Term Loan Facilities to January 2028. However, the
Read MoreStandard Profil will hold their Q1 call on Wednesday at 1 pm, and we expect management to strike an upbeat tone on future revenue growth. This is
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