United Group - comment

New bond issuance has been announced, with the PIYKs to be repaid from the proceeds. The company is raising €1,250m in cash (including €300m in HoldCo PIKS) and redeeming €1,220m in SSNs and PIYKs). An increased RCF reflects possible further acquisition activity, which is no surprise for an ambitious company. We moved United Group to the shelf in December 23.