Report
Kantar : Issuance Focus
Kantar plans to issue $ 1.875bn of new secured debt split into a min. $ 250m fungible TLB 2029 and $ up to 1.625bn of 2030 secured notes (min. € 350m and min. $ 500m 5NC2 SSNs and min. € 350m 5NC1 FRNs). Net proceeds will be used to refinance the 2026 secured notes, repay RCF drawings and a stub $ 99m term loan, and pre-fund a $ 130m incentive payment linked to the Numerator acquisition. We recommend subscribing the new EUR secured notes at a yield of min. 6.0% for the fixed tranche and min. E+400bp for the FRN tranche.
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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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