Oddo BHF - VodafoneZiggo : Enviable debt maturity profile after recent refinancing actions

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Oddo BHF

Pierre François Merveille

VodafoneZiggo : Enviable debt maturity profile after recent refinancing actions

>The refinancing of the 2025 subordinated notes follows several debt extensions - The Dutch 50-50 JV between Liberty Global (Ba3/BB-) and Vodafone (Baa2 neg/BBB) issued yesterday â‚¬ 1.36bn-equivalent of new 10NC5 subordinated notes, split into a EUR 3.375% tranche of â‚¬ 900m and a USD 5.125% tranche of $ 500m, to refinance the existing subordinated notes due 2025 in full. This transaction will have no impact on leverage ratios. and will complete the major refinancing ...

06/02/2020 9 EN

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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

Pierre François Merveille

Other Reports from Oddo BHF

Pierre François Merveille

Pierre François Merveille

SES : New benchmark bond issue to replace the Intelsat bridge facility

SES is taking advantage of favorable market conditions to offer 5-year and 8-year of benchmark senior notes. The bond issue will help to fully address the long-term funding of the $ 4.6bn (€ 4.2bn) Intelsat acquisition, by replacing in all or in part the € 1.07bn bridge loan that was raised prior to the deal (closing expected in H2 2025). Based on the existing curve, we would derive yields of c. 3.9% on the new 5-year notes and 4.5% on the new 8-year notes. Given the risk entailed with the Intelsat acquisition and the competitive environment, we would add a 30 premium on top and recommend subs...

1h / 10m 1h / 10m 1 FR

Pierre François Merveille

Pierre François Merveille

SES : New benchmark bond issue to replace the Intelsat bridge facility

1h / 10m 1h / 10m 1 EN

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VodafoneZiggo : Enviable debt maturity profile after recent refinancing actions

SES : New benchmark bond issue to replace the Intelsat bridge facility

SES : New benchmark bond issue to replace the Intelsat bridge facility

Credit Morning 06/17/2025

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