Vivion - comment

Vivion is trying to raise secured debt to repay the €170m outstanding 2024 notes. Senior secured bank debt is more attractive to Vivion than selling hotel assets in the UK. The LTV of €170m of debt would be c10% LTV on the unencumbered UK assets. We expect the debt raised will be at least €170m as there is only €82m of cash at the Vivion level. Cash at Golden Partners is €383m vs our expectation of €437m, with the difference largely down to the timing of interest payments. Vivion has not commented on the maturity or cost of the new facilities. A Q1 presentation from Vivion is unusual and is likely a cleansing exercise.  The company will host a call on 19th June at 1200 BST (registration is required, link below).

https://www.netroadshow.com/events/login?show=5dafe976&confId=67284