Following a protracted negotiation with its RCF and since then a number of extensions, Lowell yesterday (on the evening of its
Read MoreLowell has extended the consent solicitation again, to June 18th. The reason for the repeated extensions appears to be the
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A lonely call this morning, as bonds are locked up and the RCF lenders have all agreed. Still, we have had difficulty modelling the significant uptick in collections that
Read MoreWe have uploaded a slightly revised analysis. We have made no changes to any of the conclusions.
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Following last week’s announcement of its agreement with the RCF lenders, Lowell have begun the execution process with a consent solicitation to
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The debt collector has reached the outstanding agreement with its RCF lenders, which for some time suffered from providing insufficient incentives. We
Read MoreThere are press reports that the company has hired Barclay’s to sell its Nordic business. The valuation of €730m that is circulating is
Read MoreThe restructuring is finally getting done with enough backing to implement the deal under the bond documentation. The deal now includes
Read MoreIt’s another early bird extension to Friday morning 10 am. Consent can’t be far off anymore, but we are not fans of the deal.
Read MoreThe company has again extended its early bird deadline, now to 10am tomorrow. The short second extension would suggest the company is
Read More50% sign-up to the restructuring plan is still a long way off. Initial levels at Intrum have been similar, but Intrum got a big boost when the 2024s rolled
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Without another Balance Sheet Velocity (asset sale/layering) transaction, Cash EBITDA leverage is naturally creeping up. However, we have not been
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Being a slow-moving underlying business, quarterly figures did not deviate far from projections, which themselves were closely guided already. The call did
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It’s been coming. Lowell and its bondholders have picked GS+PJT and PWP respectively. As per our previous stance, Lowell is the far
Read MoreCompared to Intrum, Lowell is a far simpler company with less geographical diversification and only a small servicing business that won’t
Read MoreWe understand the company has hired GS to advise on its balance sheet. The choice of advisors is remarkable as we believe GS to have
Read MoreLast week, we had the Q1 call without the financials. Those, management promised, would be signed the same day. As of this
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Looks like we have to engage with management to get us white-listed again. We were again culled from the Q&A. The quarter offered little
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