eDreams Odigeo : Focus Emission
eDreams Odigeo (B1/B) plans to issue € 425m of new secured notes due 2023 (rated B2/B) in order to refinance the existing secured notes due 2021 (€ 425m outstanding), which will be called at a price of 104.25%. We reiterate our Positive credit opinion on the issuer based on its solid FCF generation and the prospects of a material de-leveraging in 2019/20, once the shift towards greater price transparency will be well advanced. We recommend investors to subscribe to the new notes ...eDreams Odigeo SA is a Luxembourg-based company principally engaged in the travel and recreational services. The Company is a travel group composed of various brand names, such as eDreams, GO Voyages, Opodo, Travellink, Liligo and Budgetplaces. It offers flights, cruises, car rental, travel insurance, as well as short and long-stay packages. It provides online travel services, including booking of scheduled, charter and low-cost flights, hotels, self-catering accommodation and cruises, traditional and non-traditional package holidays, car hire, train tickets and bus tickets, as well as travel insurance; corporate travel; white-label services, which allow access to various Web platforms; media services, such as targeted advertising, and venture farm to invest in companies with different types of business models and technologies.
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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