United Group - comment

United Group (UG) has confirmed that the €1.22bn proceeds from the Tower sale will refinance the €1.075bn 2024/2025 bonds. The remaining proceeds will repay part of the €290m RCF drawings. After these repayments, the €500m PIYC SUNs are UG's next maturities, in November 25). The Towers transaction reduces leverage at United to 5.8x through the SUNs. We do not believe that BC will allow almost €1bn in investment in a business worth €5bn to flounder over <€500m of SUNs. These will be extended or repaid. We expect to learn more on the call this afternoon and will update you afterwards.