New Street Research - Liquid Intelligent Technologies (High Yield) – Q3 25: Deleveraging appears on track

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New Street Research

Chris Hoare

EUR 9597.00 For Business Accounts Only

Liquid Intelligent Technologies (High Yield) – Q3 25: Deleveraging appears on track

Liquid faced a tougher comparable this quarter but is still growing on an underlying basis. Net debt/Adj. EBITDA was 3.25x as of end November 2024 but if we consider the $90m equity raise and assumed $50m as bond relief, we estimate today’s leverage at 3.08x. This is important because the company needs to step down its leverage to the term loan covenant of 3.0x by February 2025.

30/01/2025 1 EN

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Pan European Telecom Services and Cable
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Analysts

Chris Hoare

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Liquid Intelligent Technologies (High Yield) – Q3 25: Deleveraging appears on track

Comcast Post-4Q24 Model Update

CMCSA: Quick thoughts following the call 4Q24

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