Steinhoff - Final update for May
All,
Following a number of iterations, please find the final major update to our May Steinhoff model here.
As various instruments are nearing full recovery, attention has shifted to the limits presented in CPU language and the PIK interest on instruments we are invested in or those ranking ahead of them.
Aside from further various updates, our model now allows for setting different dates for a potential refinancing of the structure, PIKing instruments until such dates and then allows for the recovery calculation based on outstanding values today.
We remain very constructive on Steinhoff’s underlying assets and retain our positions in Luxfinco 1 A1s and A2s.
Happy to discuss,
Wolfgang
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E: wfelix@sarria.co.uk
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