Report
Zegona (Vodafone Spain) : Issuance Focus
Zegona plans to issue a mix of benchmark 5NC2 secured notes (Ba3/BB) in EUR/USD and 5-year term loans B to refinance a bridge loan that was used for the acquisition of Vodafone Spain (closing took place on 31 May 2023). The sponsor has an ambitious plan to turn around the business with some execution risks given the weak performance of the asset in a competitive market. We recommend subscribing to the new EUR 5NC2 notes at a yield of 6.25% or more. >...
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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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