Following its announcement of a large framework agreement with the French armed forces, Eutelst went further yesterday afternoon in also
Read More
Strong cash flow and recovery from the Hacking issues in Q1 were a relief. Higher taxes will be a headwind in H2, but management is still
Read MoreArdagh Group can support its senior debt, reinstating the SSNs with an uplift in coupon, with the SUNs getting the equity is the
Read MoreWe believe the Canalejas arbitration was always a price negotiation; the settlement should pave the way for the asset to be sold
Read MoreThe company has disclosed a 10-year framework agreement with the French DGA (Defence Procurement Agency) in the context of the
Read MoreFollowing a protracted negotiation with its RCF and since then a number of extensions, Lowell yesterday (on the evening of its
Read MoreThe new €700m 8% 2031 SSNs will increase the cash interest bill by €33m. However, the new issue also pushes out ASDA’s next
Read MoreSES are moving closer to replacing the acquisition of Intelsat. The company priced two €500m tranches at 4.125% and 4.875% for
Read MoreAs part of the restructuring process, Altice France SA filed for Chapter 15 yesterday. An initial hearing is expected today (Wednesday), with a
Read MoreIn acknowledgement that Tullow will not be able to make it on its own, management has been attempting to initiate merger talks with
Read MoreSelecta are moving fast with the implementation. The Exchange Offer Memo is out (for holders only). The offer is set to expire in
Read MoreIt is odd to see the deadlines being postponed again. We don’t know the detail, but note the growing chatter about a group of accounts perhaps
Read More
Q4 saw lower revenue than we had modelled, but at even better margin, which is consistent with management’s strategy. The rea
Read MoreLiam Nolan, from FTI Consulting, has been appointed CFO at Kem One. Mr Nolan, who has extensive experience in restructuring,
Read MoreDear all,
Please note that the commentary sent earlier today regarding the SEK 2.0bn SUN exchange offer related to SBB Norden SUNs and Hybrids was based on information that is 12 months old.
We apologise for the oversight and any confusion this may have caused.
Should you have any questions or wish to discuss further, please don’t hesitate to reach out.
Kind regards,
Aengus
Lowell has extended the consent solicitation again, to June 18th. The reason for the repeated extensions appears to be the
Read MoreThe Very Group announced that a further £ 900k of bonds were successfully tendered, resulting in £99.3 million outstanding. We have not partic
Read More
Revenue and EBITDA (including margins) were ahead of our estimates. Poultry benefited from destocking, which boosted prices. However,
Read MoreSEK 2.0 bn SUN being offered to SBB Norden SUN and Hybrid holders gives a chance to get closer to the assets and will be attractive. The exchange offer will be via an unmodified Dutch auction satisfied by 80% new notes and 20% cash. The 2027 SUNs and Hybrids trade around 70%, and we expect there will be plenty of demand. The main thrust of the reorganisation of debt is the SEK10.4bn of bank debt that Sveafastigheter is moving closer to the resi assets.
Purchasing the other 50% of the Hook2Sisters will give the Boparan Family Office more opportunities to manage the margins at
Read More