Klöckner - comment

SVP are playing nice. The deal is simple enough - and a lot simpler than we thought. Exchanging into 2L bonds is clearly coercive, but even a simple amend and extend would be the least painful solution for the SUNs. The 75% will be partially made up by SVP’s own holdings in the bond, but we expect the deal to go through with near unanimous consent anyway. The fresh cash - if any - needed to deal with the SSNs should now be more limited.