Frigoglass - comment

In a slight reshuffle of steps, we are seeing Frigoglass tap €10m of Super Sr. Bridge Notes before issuing the New Super Sr. Notes that are then supposed to refinance the bridge. It’ll mean a combination of slower implementation and faster cash burn, but in the scheme of things pulling €10m forward is not a big deal. Notably, the company has indicated that its full-year revenue outlook would be €470m, up from €456m in December. We do not know if this is merely the recognition of the business interruption claim in the revenue line or if the business is indeed going better than anticipated. Still, we will give it the benefit of the doubt. Projected EBITDA is indicated at 10% (which does include the claim), suggesting it too is slightly better.