€300m make sense mathematically. KP has debt capacity of approx. €1.4bn and €300m is roughly the difference if you
Read MoreThe A&E of the SUNs, now 2LNs, is done. The new €300m paper will mature in September 2029 and have a 2.5% PIK element added to
Read MoreThe company now has support from almost 97% of SUN holders for the A&E, and the transaction is expected to settle tomorrow. The new 2nd Lien notes will receive
Read MoreAs tariffs continue to influence market dynamics, we've taken a comprehensive look across our coverage to highlight the names most likely to be affected. For full transparency, we've also included those that remain unaffected—it's just as important to understand where the impact isn't being felt.
The idea here is
Read MoreS&P view the reasonably generous offer to the SUNs as a distressed exchange and have lowered their rating to CCC-. We do not foresee
Read MoreSo we were wrong about the popularity of the deal for the SUNs. As of Friday, 87% of SUN holders had signed up to the somewhat coercive deal. We had expected a
Read MoreHolding out on the Jr. deal looks attractive. The deal is very good, but given SVP have committed to playing nice, why would any pure SUN holder want to
Read MoreSVP 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
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Thank you for the participants yesterday on the Live Discussion. Please reach out to Wolfgang, wfelix@sarria.co.uk, if you have further questions .
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We have decided to sell our 2% position in the senior secured notes at 96.5 giving us a nice profit of ten points in five months as we feel the upside is limited given the
Read MoreAs part of the wall crossing process in their current refinancing discussions, the German plastic packaging group through its advisers have asked new investors (which are
Read MoreAs the primary markets open up to “story” credits, the SVP owned German plastic packaging group appears to be pre-marketing a €2 billion debt refinancing which
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Over 50% of the EUR TLB lenders have signed a cooperation agreement along with the majority of the USD TLB lenders. As a reminder, this is considered a
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The company underperformed our Q2 2024 revenues by EUR 28 million (by nearly 6%) due to lower pharma volumes, rigid films and reduction in raw material and
Read MoreKP released preliminary trading results in which the Company have guided to higher Adj. EBITDA for Q2 and to the higher end of
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Klockner Pentaplast (Saahil): Going back to the future, it seems that the €300 million senior notes are seeing a new buyer or set of buyers with the notes up
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