Press reports this morning state that Stonegate has hired Alix Partners to trim its management ranks. Numbers circulate of 150
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Stonegate continues to do better than we thought, as L&T continues to do well. Managed Pubs and Operator Led are continuing their decline while
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Stonegate reported benign figures on Friday. Our concerns that, following the restructuring, management would have some unexpected
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The equity nature of the new 2nd Lien facility does not impact creditors directly, but it underlines that getting the A&E away has
Read MoreThe completion of the Amend and Extend operation removes the maturity wall. Placing the £ SSNs at 10.75% will have stung for TDR, but they
Read MoreStonegate is dealing with its maturity wall and undertaking the required Amend and Extend (A&E) operation. Hold-out bondholders will get repaid at par and
Read MoreWho leaked our IM? £200m happens to be the precise requirement we modelled to reach the deal. We are hearing rumours / reading
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Papers are ablaze with derision that Stonegate have admitted their difficulty in refinancing their debt stack. All that happened yesterday is that the company had to
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We suspect more details will emerge on the call at 4 pm today, EBITDA has come in slightly higher than our model at £98m. The discrepancy is
Read MorePlease find our unchanged analysis here.
Stonegate has increased the number of pubs (from >1,000 versus c.800 originally) and raised only £600m (versus an original target of £1bn). This is partially explained by this transaction not being an outright sale, with Stonegate placing the pubs into an SPV,
Read MoreReports that Apollo is nearing a £630m loan deal with Stonegate. We are disappointed that the original £1bn proceeds to reduce debt, has now morphed into a
Read MoreLosing its founder and CEO from the beginning of 2024 is awkward timing given the
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