Report
Banijay : Issuance Focus
Banijay (BANIJA, B2/B+) intends to issue € 910m of new 5.5NC2 secured notes in order to call its 2025 secured notes and finalize the refinancing of its 2025 maturities, a few months after the extension of its term loans to March 2028. We like Banijay’s resilient business model and believe that it can steadily de-leverage towards its target of below 4x by 2025 (vs. 4.4x as per management definition as of Q2 2023). One of the main risks are potential large acquisitions. Banijay’s g...
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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.
Pierre François Merveille
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