The Q2 topline was disappointing, but gross margin improvement is encouraging. 24H2 trading is going to be tough, albeit against some easier
Read More
€94m in additional liquidity at Branicks is good news for investors.
However, we are surprised at the timing of another sale from Branicks to VIB. VIB has a strategy of diversifying away from Logistics, but we expect
Read More
H1 results in line with expectations following the lowering of guidance at the AGM in May. Tullow still targets reducing Net Debt to $1.4bn or 1.0x Net Debt/EBITDAX. CAPEX and
Read MoreNow back from vacation, the negative news flow from Thames Water continues. This time the company has agreed to an independent monitor to access its records
Read More
Clariane continues to see operational improvement, with revenue, EBITDA, and occupancy rates all showing year-on-year growth. On a country-specific basis,
Read MorePlease find a short note post Altice International’s sale of Teads to Outbrain Inc. We will update our models after the Q2 results, released on Thursday, August 29th.
Ultimately this is a better valuation and cash proceeds than we had envisaged. Valuations have always fluctuated for the Teads business, with
Read MoreGetting a group of Bondholders to lend Accentro the money to pay coupons on their debt is a slight positive. The bondholder group would prefer a
Read MoreOcado’s tender for the 2026 SUNs at 93p/£ looks more attractive than 93p/£ for the 0.875% converts. This makes sense as Ocado will want to
Read MoreGetting one step closer to the capital injection is a positive for credit investors, but the OHLA still needs to execute, and the agreements are all still
Read MoreThe equity nature of the new 2nd Lien facility does not impact creditors directly, but it underlines that getting the A&E away has
Read MoreIt’s encouraging that Ocado secured the SUNs at the tight end of guidance (10.5%, priced at par) and upsized from £350m to £450m. As we mentioned
Read MoreThe Moody’s upgrade is good news for investors, though it is likely already priced into bonds following last month'
Read MoreThe $725m of cash from the Teads sale will help de-leverage Altice International and is a positive for bondholders. The deal also
Read MoreThe new debt/convertible will cost around £38m more in interest, but it fills the maturity gap for the company and is positive for creditors. We are
Read MoreThe completion of the Amend and Extend operation removes the maturity wall. Placing the £ SSNs at 10.75% will have stung for TDR, but they
Read MoreAny decision on a Special Administration will be political, and the licence breach will not dictate any Ministerial decision or its
Read MoreThe latest update doesn’t change anything for creditors. With €21bn in assets, a block on reducing assets beneath €535m will only have a small impact on
Read More
The £30m additional spending on staff hours is a pinprick in cash terms, but when added to limited staff strikes and poor
Read More