Given the new bond was issued after this quarter ended, there are no surprises in the FYE25 Q1 figures. On a positive note, volumes continue
Read MoreThe company now also has struck an agreement with its swap counterparties to back the restructuring for up-front fees and an additional 1% premium. We are
Read MoreAltice creditors have recommenced discussions with the Company, with senior lenders laying down some red lines for future negotiations. Senior lenders, advised by
Read MoreThe €250m tap of the 2028’s are likely to have cost around 8% (assuming an issue price of 98c/€. The proceeds will be used to redeem the M&G Loan, which
Read MoreThe first €70m of the proposed €150m equity has arrived at OHLA, and the new investors now have board seats. The Amodio brothers are on the hook for
Read MoreThe tender and exchange offer from SBB for the SUNs/Hybrids is designed to reduce the impact if the English High Court finds SBB is in breach of the
Read MoreFitch has caught up with the reality of Victoria's situation and downgraded the bonds to B+ from BB. This is a reaction to the deterioration of EBITDA as
Read MoreWhat a difference a word makes. Tullow and Kosmos have both made statements stating the preliminary discussions between the two are taking place, with a
Read MoreS&P have downgraded Altice France to CCC, due to the risk of a distressed exchange of the bonds is increasing. We see a distressed
Read MoreGrifols rating was upgraded to B+ from B, resulting from the private placement of €1.3bn bonds at 7.125% on a senior secured basis. The bond was raised
Read MoreAfter everything that has been discussed and released in recent months, we find little new information in the September accounts that were released
Read MoreAfter Standard Profil’s Q3 results, Moody downgraded the bonds to Caa3 from Caa1, coupled with a negative outlook. This is primarily driven by the
Read MorePlease find our model on Kem One here.
After a brief conversation on the desk, the consensus is that Kem One is not investible at the current time. The current outlook for PVC and caustic soda, especially given the excess capacity in the European market, implies EBITDA will remain subdued in
Read MoreThe tender/exchange offers announced today seem to offer plenty to investors without a significant increase in risk. We suspect this operation has a lot to do with
Read MoreGrifols have ceded to pressure from minority shareholders and appointed two further directors to the Board. Mr Paul Henderson’s appointment follows
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