Oddo BHF - CIRSA ENTERPRISES S.A. (CIRSA) Cirsa Enterprises : Issuance Focus

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Oddo BHF

Joan Sehim

Cirsa Enterprises : Issuance Focus

Cirsa is back on the primary market to issue € 1,000m of new bonds split between 1/ new fixed-rate senior secured notes due 2031 (6NC2) and, 2/ new FRNs due 2032 (7NC1). Proceeds are earmarked to refinance the € 615m 4.5% SSNs due 2027 at par and the very expensive € 383m 10.375% SSNs due 2027 at 102.594%. The deal is leverage-neutral (2.7x post-IPO) and should generate savings of at least € 15-20m in financial expenses per year.

14/10/2025 1 EN

Underlying

CIRSA ENTERPRISES S.A.

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ES0105884011 Spain

Provider

Oddo BHF

Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

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Analysts

Joan Sehim

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Cirsa Enterprises : Issuance Focus

Cirsa Enterprises : Focus Emission

Credit Morning 10/14/2025

Carlsberg : A beer with a twist - Coverage initiated at Outperform and DKK 985 TP

Lufthansa : Improvement in profitability expected but CMD targets seem optimistic

Lufthansa : Improvement in profitability expected but CMD targets seem optimistic

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