OVHcloud, a French provider of cloud-based services, is planning an inaugural bond issue of € 470m. Proceeds from the new 2031 unsecured notes and a € 450m term loan will be primarily used to repay an existing € 500m term loan and fund a € 350m share buyback offer (OPRA) that was initially financed by a € 470m bridge loan. Net leverage will increase to 3.1x as of November 2024 (vs. 2.1x on a reported basis) as a result of the transactions. We recommend subscribing to the new 6NC2 unsecured notes...
OVHcloud, a French provider of cloud-based services, is planning an inaugural bond issue of € 470m. Proceeds from the new 2031 unsecured notes and a € 450m term loan will be primarily used to repay an existing € 500m term loan and fund a € 350m share buyback offer (OPRA) that was initially financed by a € 470m bridge loan. Net leverage will increase to 3.1x as of November 2024 (vs. 2.1x on a reported basis) as a result of the transactions. We recommend subscribing to the new 6NC2 unsecured notes...
Nous restons assez prudents pour les S&Midcaps sur le S1 2025. Nous croyons plutôt à une légère sous-performance d’ensemble des S&Midcaps, ou à une performance « au par » avec les large caps. Notre nouvelle liste européenne de valeurs Midcaps réside sur approche essentiellement fondée sur les convictions des analystes de notre plateforme multi-locale (stock-picking plutôt que thématique). Le rétablissement d’une stabilité politique pourrait servir de catalyseur pour les Midcaps.
We remain cautious over small & mid-caps in H1 2025. We indeed see small & mid-caps turn in a slight overall underperformance or a performance at par with large caps. Our new European mid-cap list was compiled based primarily on the convictions of our multi-location platform analysts (stock-picking instead of thematic approach). The restoration of political stability could serve as a catalyst for Midcaps.
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