KCA Deutag held a shortened conference call for their Q2 results. Bluntly no one cares, as we wait for the closure of the Helmerich & Payne bid to be completed, likely before
Read More
The private placement of €200m additional senior Notes, due in 2029 removes the uncertainty of AMS Osram’s liquidity in the short term. We are a little surprised that
Read MoreVery tempting. We read that the short-end hold-outs are making a last stand behind Lazard in a bid to improve deal economics in return for paving the way to
Read MoreWe are staying our course on OHL. We imagine the consent solicitation is going to get done - if not now then in a month - as PJT are private and the solicitation did not
Read More
Both AroundTown and Grand City Properties are offering investors who previously didn’t tender into the “perpetual swap” another option. The terms are
Read More
KCA Deutag announced their Q2 results will a subsequent call to be held on Thursday. With the announcement of the $1.9725bn bid for
Read More
Getting the first €9.8m of the €35m in super senior secured funding from bondholders is one step closer to completing the
Read More
As September rolls in, the creditors of Thames Water are getting restless as they put together a plan to avoid nationalisation. A group holding around
Read MoreStandard Profil management again reiterated their aim of refinancing the RCF (due April 2025) and their HY bond (due May 2026) together, before
Read More
Our main takeaway from the Q2 call was tidying up CPI's capital structure. CPI is selling its stake in S Immo to Immofinanz, leaving Immofinanz with
Read More
The 38.4% of S Immo directly held by CPI will cost around €620m. Our analysis shows a gap in Immofinanz's cash of about €325m. CPI Property may arrange finance to
Read MoreBondholders should hold out for a higher coupon. A coupon of 10% (rather than the 6% the company has proposed) offers a balance between risk and
Read More
Ahead of its restructuring, the debt collector has appointed as CFO, Johan Akerblom, a McKinsey-trained banker from SEB with an eye for
Read MoreImmofinanz’s squeeze out of minorities at S Immo will cost €116m; the price proposed is €22.05 per share. Immofinanz will likely be able to fund
Read More