Post the investor meetings last week, we have added our thoughts to the potential refinancing debate.
Ultimately, we don’t believe a refinancing is currently possible given the debate around the name. The uncertainty beyond FY26, with limited contracted sales coupled with public doubts about the “green” credentials of biomass, is juxtaposed with
Read MoreAs per the FT this morning, we are now counting four equity bids for Thames Water: KKR, CK Infrastructure (Hutchinson), Covalis (B-Holder and fronting Suez / Kraken) and
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The company met its muted 2024 guidance but did show subscriber growth in the final quarter. We had expected top-line friction as higher prices caused customers to
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The SBB results were better than we expected operationally, with LFL rental growth of 5.5%, but the balance sheet is still overleveraged, and the holding company is a long way from
Read MoreHolding out on the Jr. deal looks attractive. The deal is very good, but given SVP have committed to playing nice, why would any pure SUN holder want to
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CMA approval for the Boparan family to purchase ForFarmers may provide some scope to support Boparan, but with 75% of sales subject to ratchets
Read MoreThe devaluation of the equity in the balance sheet should not derail the restructuring discussions underway with the bondholders. However, it is evidence of how
Read MoreAnd Plan A is sanctioned! Thames Water should, therefore, have funding until May 2026. This means the immediate pressure is somewhat off the situation for now, but as per yesterday’s comment, we are awaiting
Read MoreClariane has extended the maturities of its loan facilities to May 2029. The headline also states the overall size is reduced, which aligns with its
Read MoreThis week, we should receive Judge Leech’s ruling on the A-Plan (tomorrow) and witness the hearing of the B-Plan on Wednesday. Depending on how that B-Plan hearing goes, we could see the
Read MoreThe disposal is small but in line with CPI's focus on its larger markets. Immofinanz has total investments in Slovakia of €431m. We estimate the total value of the
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Q4 and FY24 numbers were broadly in line with our and market expectations. EBITDA margins are showing modest signs of improvement, but doubts remain over
Read MoreRekeep has successfully raised €360m 2029 bonds at 9%, with the use of proceeds to take out the existing 7.25% bonds. We had said that there would be a
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In short, the call was predictably negative. Intelsat have clearly shifted their strategic focus away from the legacy business the bonds are secured on, while the delays in
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Punch results came in right on target this morning. We are initially not finding anything extraordinary to report on the name, but will scrutinise results later in the day.
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