reports
- ABGSC Consumer Goods Research
- Simon Jönsson
- ABGSC Consumer Goods Research
- Simon Jönsson
- ABGSC Consumer Goods Research
- Simon Jönsson
- Anne-Barbara Nicco
Asmodee : We are initiating coverage of the new 2031 notes with a Neut...
Asmodee has successfully priced its new € 320 NC2 senior secured bond issue due 2031. The bond was priced at par with a 4.25% coupon, at the lower end of the price talk range (4.25-4.5%). The IPT was initially announced at mid-high 4%. In our issuance focus published yesterday, we estimated the fair value at 4.5%, although we deemed it possible that the bond might easily attract interests slightly below this level given the very strong current earnings momentum and the conservative financial pol...
- Anne-Barbara Nicco
Asmodee : Nous initions la nouvelle obligation 2031 à Neutre et l'obli...
Asmodee a placé avec succès son nouvel emprunt obligataire senior sécurisé de 320 m EUR et de maturité 2031NC2. L’obligation a été pricée au pair, assortie d’un coupon de 4,25%, soit le bas de fourchette du price talk (4,25%-4,5%). L’IPT avait été initialement annoncé à mid-high 4%s. Dans notre Focus émission du 09/12/25, nous avions estimé la fair value à 4,5%, même si nous jugions possible que l’obligation trouve son public légèrement sous ce niveau compte tenu du très bon momentum actuel sur ...
- Anne-Barbara Nicco
Asmodee : Issuance Focus
Asmodee has announced plans to issue € 320m of six-year NC2 senior secured notes. The issuance aims to refinance existing 2029 FRNs (€ 320m) through a call at par. These notes were issued in November 2024 as part of a dual financing package that also included senior secured notes due in 2029 with a 5.75% coupon, which remains in place (its first call date being in December 2026). Both senior secured notes will be pari passu after the issuance. The transaction is leverage-neutral at 1.8x net at e...
- Anne-Barbara Nicco
Asmodee : Focus Emission
Asmodee a annoncé un projet d’émission d’obligations senior sécurisée de 320 m EUR sur 6 ans NC2. L’objet est de refinancer l’obligation existante FRN 2029 (320 m EUR) via le call au pair. Elle avait été émise en novembre 2024 dans le cadre d’un financement dual comprenant également une émission senior sécurisée de maturité 2029 et de coupon 5,75% qui reste, elle, en place (sa première date de call étant en décembre 2026). Les deux obligations seniors sécurisées seront pari passu, post transacti...
- ABGSC Consumer Goods Research
- Simon Jönsson
- ABGSC Consumer Goods Research
- Simon Jönsson
- ABGSC Consumer Goods Research
- Simon Jönsson
- ABGSC Consumer Goods Research
- Simon Jönsson
- ABGSC Consumer Goods Research
- Simon Jönsson
- ABGSC Consumer Goods Research
- Simon Jönsson
- ABGSC Consumer Goods Research
- Simon Jönsson
- ABGSC Consumer Goods Research
- Simon Jönsson
- ABGSC Consumer Goods Research
- Simon Jönsson
- ABGSC Consumer Goods Research
- Simon Jönsson
- ABGSC Consumer Goods Research
- Simon Jönsson
- ABGSC Consumer Goods Research
- Simon Jönsson
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