The FT article on the Ocado/Kroger CFC closures fleshes out a few interesting points. We still expect CFCs to be the major part of the
Read MoreThe bank debt is moving with the assets (we estimate bank debt LTV of c25%). The deal involved just under €900m of assets moving from
Read MoreThe consent request from the 10th of November has now been approved, leaving a mere €300m more to draw, which should focus
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Interesting colour, but nothing new here, Proman will not be repaying its loans from CONSEN anytime soon (as we expected). The $360m loan and $280m guarantee have
Read MoreThe CFC model is not dead, but is evolving. ODO Systems is a competitor to Ocado, and we agree with the sentiment that
Read MoreTullow’s endgame may be approaching, or perhaps not. As we stated previously, a delisting, debt for equity and/or Amend and Extend are the only
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The impact of the deal will be to layer the SSNs and SUNs with another £568m of debt. The use of the cash will be to support the turnaround of
Read MoreAs part of €750m in debt issuance, Vivion hopes to issue its first £250m hybrid, a positive step for a company where there is
Read MoreThe rationale behind Michael Hintze’s fund taking 15.8% of Accentro isn’t immediately clear. The purchase is via Deltroit Directional Opportunities Master fund,
Read MoreThe French police, supported by Eurojust, have conducted raids on several homes and businesses in France as part of an investigation into
Read MoreKroger’s closure of three sites was at the worst end of our expectations. The closure fees from Kroger for the CFC closures imply a valuation of
Read MoreViridien is splitting the CEO/Chair role when Sophie Zurquiyah steps down in June 2026, which is evidence of good corporate governance. Keeping
Read MoreProman is happy that CONSEN can export fertiliser to the US tariff-free. For the avoidance of doubt, this returns the
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Altor has provided a larger equity injection than we anticipated, with the €50m contribution funding the 15% cash element under the
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Creditors received no update on the two key issues that will drive credit spreads in the medium term during AMS Osram’s Q3
Read MoreLast week, the US dropped the 15% tariff on fertiliser products from Trinidad and Tobago (T&T), which will protect the profitability of its
Read MoreRedeeming the $260m Preference shares (held by Ardagh Group) makes sense for AMP, as these shares were originally put in
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