Please find our unchanged model here.

Is the Lowen Play deal a good one for bondholders? The truth is it is the only deal possible. It is a self-help deal and bondholders are taking (nearly) all of the economics. Bondholders are

Please find our unchanged model here.

Despite rumours, Lowen Play have not been able to do a straight refinanicng. Instead they have reached agreement

Please find our unchanged model here.

Lowen Play are an arcade operator but for majority of FY21 they have played the state aid game and won. They have received €78m in state aid during the FY21 - to put in

With the High Yield market buoyant most market participants were expecting a refinancing of the Löwen Play bonds. However, they have

The last 15 months have seen an incredible rotation of risk and returns and many of the names that offered opportunities last year have done phenomenally well, either because the feared drop in revenues never occurred, or because

We have updated our model on Lowen Play here.

We remain on the sidelines and frankly amazed that the bonds have traded back up into the 90's. The business has

Please find an updated model on LowenPlay here.

As projections are very sensitive to two assumptions - the drop

Rumour has it that Ardian (Axa PE) have engaged CS to sell the company.

Selling the company in times as uncertain

Lowen Play reported their numbers this morning, with conference call not due until next Friday evening. As expected leverage has continued to increase, at 3.7x, with our models showing

Please find our analysis of Löwen Play here.

We are not taking a position in Lowen Play. While the company has a chance of