Branicks - comment

The sale to VIB will provide under €15m in fresh liquidity for Branicks. Net proceeds will be >€50m, but much of that will be swallowed by the €40m repayment of the bridge. Given the remaining €120m needs repaying by the end of the year, it makes sense for Branicks to chip away at it.

€125.8m (proceeds) – €50m (Bank debt assumed LTV 40%) = €75m * 69% (Branicks ownership) = €52m – €40m (Bridge repayment) = €12m