Upfield - comment

Upfield are holding an investor call today at 1:30 UK time on an amend and extend of its €, $ and £ term loan tranches, with the aim to extend the facilities by 2.5 years to January 2028.  Investor meetings are scheduled for Tuesday with commitments due Thursday 6th July.  Given the relative size of the HY bonds (€1.1bn equivalent, due in May 2026) we suspect the Amend and Extend will be executed without a springing maturity.  However, at this stage, we do not have any details.