Oddo BHF - Parts Europe : Notes offering and possible options after IPO cancellation

Report

Oddo BHF

Anne-Barbara Nicco

Parts Europe : Notes offering and possible options after IPO cancellation

PHE has announced an offering of € 350m senior secured FRN due 2027 (NC1) that are intended to: 1/ redeem its € 304m senior secured FRN due in May 2022 by exercising the call at par; 2/ pay back the € 25m state-backed loan obtained in France under the covid crisis scheme; 3/ fund general corporate purposes (€ 17m); and 4/ cover € 4m of transaction costs. IPT was announced at three-month EUR+450-475bp. We recommend subscribing at c. EUR+425bp and seize the opportunity of this rep...

07/07/2021 13 EN

Provider

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

Anne-Barbara Nicco

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Parts Europe : Notes offering and possible options after IPO cancellation

Euronext : Revenue growth set for c.10% in Q2, up 2025 forecasts on resilient non-volume business

Credit Morning 07/04/2025

Morning Crédit 04/07/2025

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