Over 50% of the EUR TLB lenders have signed a cooperation agreement along with the majority of the USD TLB lenders. As a reminder, this is considered a
Read MoreA further sale of VMED’s stake in the towers business has been on the cards, and the additional £150m - £160m will reduce the debt portion of
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Stonegate reported benign figures on Friday. Our concerns that, following the restructuring, management would have some unexpected
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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 MoreThe 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
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Both AroundTown and Grand City Properties are offering investors who previously didn’t tender into the “perpetual swap” another option. The terms are
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KCA Deutag announced their Q2 results will a subsequent call to be held on Thursday. With the announcement of the $1.9725bn bid for
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Getting the first €9.8m of the €35m in super senior secured funding from bondholders is one step closer to completing the
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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
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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
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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
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