Oddo BHF - Loxam : De retour sur le marché obligataire

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Oddo BHF

Delphine Chauvin

Loxam : De retour sur le marché obligataire

Loxam vient de boucler le placement d’une nouvelle obligation de 500 m EUR à échéance en février 2030 (5NC2). Le produit de cette émission et l’utilisation de la trésorerie disponible (188 m EUR dont ~7 m EUR pour les fees) serviront à rembourser par anticipation les obligations sécurisées 3.75% 15/07/26 (450 m EUR, callable au pair) et les subordonnées 5.75% 15/07/27 (231 m EUR encore en circulation, callable au pair).
Nous profitons de cette opération, qui était attendue, pour refaire un point sur la signature et ajuster nos recommandations sur les obligations LOXAM.

06/02/2025 1 FR

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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.

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Analysts

Delphine Chauvin

Other Reports from Oddo BHF

Delphine Chauvin

Delphine Chauvin

Loxam : Return to the bond market

Loxam has just completed a new offering of € 500m notes due February 2030 (5NC2). Proceeds from the issue and the use of available cash (€ 188m, including around € 7m in commissions) will be used to prepay the 3.75% 15/07/26 covered bonds (€ 450m, callable at par) and the 5.75% 15/07/27 subordinated bonds (€ 231m still outstanding, callable at par). We are taking advantage of this issuance, which was expected, to review the issuer and fine-tune our recommendations on LOXAM bonds.

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Loxam : De retour sur le marché obligataire

Loxam : Return to the bond market

Yay, France has a budget....a socialist one

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