Pfleiderer - comment

Today Pfleiderer announced that it has signed a supplemental indenture to extend its existing €750 million senior secured notes to April 15th 2029. The deadline for the A&E is today the 13th August 2024 and is subject to a €75 million equity contribution and an early bird fee of €7.4 million (100 bps early bird fee). The company also announced that it has secured 99% of votes from bondholders which implies it can implement the transaction consensually under the bonds' documentation. 

This completes the refinancing process of the Pfleiderer bonds which we highlighted earlier in the year and took a position in.