eDreams ODIGEO : Issuance Focus
eDreams Odigeo (B3/CCC+) plans to issue € 375m of new secured notes due 2027 (rated Caa1/CCC+), one week after the completion of a € 75m capital increase. Proceeds from the two transactions will be used to call the existing secured notes due 2023 (€ 425m outstanding) at a price of 101.375%, pay transaction costs (€ 12m) and increase cash in hand (€ 13m). We revise our credit opinion to Positive from Stable to factor in the € 63m net debt reduction as well as prospects for a recov...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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