Report
Douglas : Issuance Focus
Douglas is poised to issue a € 1.08bn Term Loan B (5Y NC1), € 1bn of HY senior secured notes (5Y NC2) and € 300m of senior PIK notes (5.5Y NC2) with the objective of refinancing all existing debt at par. Despite particularly high leverage at 31 December 2020 (7.9x when seasonality was at its most favourable), making a refinancing at par of the 2022 and 2023 maturities highly unlikely, the group has managed to propose this plan thanks to a € 220m equity injection (preference share...
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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.
Anne-Barbara Nicco
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