The 2025/26 bond coupons have stepped up 315bp (PIK). We do not see the bonds being called yet given the coupon that would be required. Once the CHUM/Services and
Read MoreAccording to a statement by WaterUK, water bills across the UK are to rise by 35% in the next seven years. This forecast is well above inflation
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The additional 3.27% purchased by the Yew Tree Consortium makes no direct difference to Aston Martin but indicates that the existing
Read MoreThe sale/IPO might be back on with banks pitching debt packages for a potential buyout. The valuation of €10bn is in line with the previous IPO
Read More£200m - £250m sale of UK hotels would provide sufficient cash for Vivion to redeem the remaining £183m 2024 notes outstanding. Vivion needs
Read MoreAs part of the monthly reports from INTU SGS, they report footfall and more importantly tenant sales, which show July sales 1% higher than
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The recapitalisation plan presented by AMS Osram management is more comprehensive than we had expected with the Company planning to raise
Read MoreFollowing the sudden departure of Pepsi’s CEO, the company is announcing a profit warning for the year, along with sweeping changes in Pepsi’s
Read MoreThe sale of a Norwegian hospital brings more liquidity for SBB but less than the headline suggests. The SEK2.9bn figure in the press release falls to SEK955m when all
Read MoreWhile we could write a morning mail every day on Altice France and the various press articles, the refinancing need trumps all speculation. In apparent anticipation of
Read MoreAnother article in the French press today (Les Echos) reporting on the Altice structure and Drahi’s ambition to sell a partial stake in SFR with a minority
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Please find our unchanged analysis here.
We felt that an in-depth look at the legal scenarios facing SBB if it cannot secure sufficient liquidity, was warranted. We were never going to get comfortable being invested in SBB without understanding the documentation and what jurisdictions would
Read MoreAlthough the price paid has not been made public, the US acquisition is small. The business provides meals to 14,000 private school pupils in
Read MoreSo the refinancing of the convertibles and Schuldscheine won’t be by additional PIK, but by a new 1.5 lien piece. We alluded to that kind of tranching being
Read MoreHeimstaden Bostad, through its Czech subsidiaries, has obtained €700m sustainability-lined bank financing. Unfortunately, no tenure or rates have been
Read MoreUpfield has upsized its tap from earlier this week, in line with our previous comment. The new size is $215m fungible with the current Term
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