The sale should see gross proceeds of around €70m. Assuming 90% ownership and a bank LTV of 20% => additional liquidity of
Read MoreGetting €45m of cash from Qatar (relating to the Metro contract) is a significant boost to liquidity. The Sidra has not yet been
Read MoreAston has resumed exporting cars to the US, indicating that pre-tariff inventory is now exhausted. Our forecasts already have
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Please find our initiation on BioGroup here.
Many of you have asked us to look at BioGroup following our detailed analysis on Cerba. Although BioGroup operate and is subject to
Read MoreThe Canalejas mediation will cost OHLA €6m rather than the €40m claimed by Mohari; we had seen the result of the mediation, but now we
Read MoreFitch has downgraded AMS Osram to B, from B+, citing the weaker-than-expected demand from end-markets, leading to lower utilisation of
Read MoreLowell announced the official completion of its restructuring program today, as well as the buy-back of Wolf-1 and a new Wolf-4 transaction for net
Read MorePricing pressure is bound to force ASDA to stretch the definition of sourcing meat from UK/Irish farmers. We expect more sourcing of cheaper
Read MoreThe sale price is undisclosed, but we estimate the gross value to be around €82 million. The hotel has 364 rooms, and we estimate the
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Clariane has issued a new 5-year, €400m Senior Unsecured bond, priced at 7.875%. Pricing tightened from 8.25% with the Use of Proceeds to
Read MoreSveafastigheter tapping its 2030 SUNs at just above par is a positive for SBB Norden as it demonstrates that the subsidiary companies
Read MoreModulaire's new €1bn TLB pushes bank maturities out to June 2031 from June 2028. The cost of the new TLB is similar at 7% (margin is 25bp higher
Read MoreThe banks are not happy with governance at OHLA. The relationship between the Amodio brothers and their lenders has been poor, and the
Read MoreFlora is holding a roadshow later today. Details are emerging, but we expect it will be to refinance its outstanding sub bonds.
Read MoreMaxeda requires a strong tailwind to assist in a likely amend and extend of its upcoming maturities. Hornbach’s Q1 numbers show
Read MoreConcern over liquidity resulted in the downgrade to Caa1. Moody’s review provides some clarity around the reason for the cash raise,
Read MoreMorrisons’ comment that competition remains significant but rational is supported by the latest data from The Grocer. ALDI/Lidl are
Read MoreThe Marseille Metro contract is a microcosm of the problems Atalian faces in its French business. The previous cleaning company
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