Victoria confirmed that holders representing more than 75% of the €166.6m 2028 Senior Secured Notes have signed the Transaction
Read MorePfleiderer requesting consent for extra cash of €80m and promising to return Silekol to the restricted group should further extend the runway for
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Please find our updated analysis here.
It's taking longer. The maturity extension has gone as smoothly as was to be expected. Matalan now has more time to recover - time that is needed, considering the slower than expected recovery. But the company is on the right track, and progress is steady. So the bet in the SSNs just improved, and we are not seeing that yet in the bond price.
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First impressions are positive this morning. The company exceeded our projected revenues, but kept the cost of sales low. As a result,
Read MoreThe Aston Martin situation is coming to a head. With over half of the bonds (we don't yet know how much of each series), the bondholder group
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Social Co is still partially reflected in the Q2 figures, whereas we had already zeroed it. This distorts figures significantly, and we have to
Read MoreThe Very Group has appointed Henry Dummer as its new chief executive. Dummer is Irish and an experienced executive with a
Read MoreThames Water is raising an accordion tranche alongside its existing £2.5bn second super sr. debt. Andy Burnam can't be reached, and
Read MoreBigger investment promises less FCF for the bonds, and in our opinion, should put some pressure on this morning. 528 of the incremental
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The '30s should be a little lower on these results. UK solutions outperformed our expectations in revenue and EBITDA, but with £256m of revenue,
Read MoreMildly alarming news for the bonds this morning. Stonegate is under regulatory investigation from the Pubs Code Adjudicator over its
Read MoreNet positive news for bondholders: The Amodio brothers have increased their shareholding in OHLA to approximately 29% following the
Read MoreWe got it wrong and are closing out our 3% short position in Pasubio. The various non-deal roadshows did end up producing a deal that's in
Read MoreAssassin's Creed Black Flag Resynced sold 2 million copies on its first day, setting a franchise record and representing the strongest
Read MoreMorrisons is in discussions with Realty for a £600m-£1bn sale-and-leaseback of store properties to fund competitive reinvestment against the
Read MoreWe had expected a little more engagement from the '30s. After all, this is their chance to draw even with the 28s in the next
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Rino Mastrotto Client Call and presentation are now available on Rino Mastrotto’s page.
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