With options exhausted, the proposed A&E represents the Company’s only viable path. 66% of bondholders, alongside Glencore, have agreed to
Read MoreRangit and Baljinder’s private office has bought German turkey producer Heidemark through its European arm,
Read MoreWe are not convinced that any chemical analyst can confidently forecast the sector’s short- to medium-term outlook beyond maintaining a
Read MoreIneos Quattro was downgraded by two notches, reflecting its weaker credit profile relative to Ineos Group on a standalone basis. This is consistent with
Read MoreAML will have >GBP300m of liquidity after the F1 transaction, but 2025 has ended even weaker than expected. 2026 is expected to see some
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The acquisition of Neomnia by Nexfibre will result in a cash inflow of GBP950m for VMED, leading to a reduction in leverage of 0.3x. It is a
Read MoreOur key takeaway from INEOS’s announcement of €300 million in grant aid from the French state is the scale of support industries are receiving, and
Read MoreCorrection: In our Q325 update yesterday, we should have chosen our words more carefully. The company has a net leverage - maintenance - covenant of 4.6x that
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Headline leverage metrics show an apparent reduction, but this improvement was driven almost entirely by the €50m sponsor equity injection rather than
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We have heard press reports that the company is working with Rothschild on refinancing its debt (including a possible equity raise). We see this
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Subscriber numbers were a little above our expectations, but the friction in Revenue and EBITDA continues. There will be at best a modest rise in
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Getting the Domination Agreement approved paves the way for the Amend and Extend operation for the 2026 SUNs. The full-year results will
Read MoreIn October 2025, we estimated the value of the full Morrisons Pharmacy business to be £170m. Press reports now suggest only a partial sale of
Read MoreCarlyle has equitised £150m of subordinated debt, satisfying the deleveraging condition under the Group’s senior secured notes. As a result, the
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[Delayed] The company reported Q126 revenues on target on Tuesday, but we had probably been too optimistic on the margin for a Q1m, which is typically
Read MoreThus far, Thames Water's cash planning has been accurate; liquidity is running thin into March. The two Accordion Facilities of
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