Please find our updated model here.
The performance of Altice International bonds will be determined in two distinct areas - operational performance and structural considerations. Although there are likely to be increased competitive pressures in the Portuguese operations, we retain our new
Read MoreOnly $141m of Tullow Sub Bonds were tendered at 92%, spending c.$130m of the $300m allocated to the tender. With the bonds trading in the
Read MoreASDA has closed the ground lease transaction, completing the financing of the forecourt business acquired from EG. The structure is interesting; ASDA has raised
Read MoreAfter losing two directors last week, SBB has gained an advisor this week. Lennart Sten has impressive credentials in Real Estate. However, we are
Read MoreSo Punch management had the nerve to hold an entire FY23 conference call without telling us that they paid a €20m dividend the day after closing the accounts. We understand that the
Read MoreWith a refinancing coming in November (using FY24 results), Boparan’s results continue to improve. We have been here before, and it would be a brave man to bet against the
Read MoreAroundTown are not calling their €400m 2.125% Hybrid bonds, with a first call in January. This is in keeping with previous non-calls of their other
Read MoreSTC (Saudi Telecom Company) Group, who have bought a 9.9% equity stake in Telefeconica in September 2023, and also acquired United Group’s Tower assets in
Read MoreTriggered by a small dividend to fund interest payments at Kemble, the stand off between the utility and its regulator underwent another round yesterday as
Read MorePepco this morning alluded to data suggesting Central and Eastern European shoppers will rebound over the next year. Management has sensibly scaled back it
Read MoreThe loss of two directors in two days (albeit one for health reasons) is awkward for SBB but doesn’t change the metrics. Fredrik Svensson (who resigned today) represented
Read MoreAMS Osram completed their rights issue yesterday, with the listing and admission to trading expected tomorrow (Friday 8th). This will trigger th
Read MoreS&P downgraded Tullow’s corporate rating to SD (selective default) as a result of the sub-par tender for the 2026 Senior Secured Notes. We have previously highlighted that this was probable, but still
Read MoreH1 results today showed higher-than-expected revenue and EBITDA for reasons we are yet to go through. The higher numbers should help firm up
Read MoreTele Columbus (TC) is struggling to get sufficient creditors on board for its debt rescheduling. We are surprised that bondholders are pushing back
Read MoreManagement confirm that the company is in talks to sell parts of its back-book. We assume Lowell’s past transactions as a blueprint. The transaction should
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