Cirsa is back on the primary market to issue € 1,000m of new bonds split between 1/ new fixed-rate senior secured notes due 2031 (6NC2) and, 2/ new FRNs due 2032 (7NC1). Proceeds are earmarked to refinance the € 615m 4.5% SSNs due 2027 at par and the very expensive € 383m 10.375% SSNs due 2027 at 102.594%. The deal is leverage-neutral (2.7x post-IPO) and should generate savings of at least € 15-20m in financial expenses per year.
Cirsa is back on the primary market to issue € 1,000m of new bonds split between 1/ new fixed-rate senior secured notes due 2031 (6NC2) and, 2/ new FRNs due 2032 (7NC1). Proceeds are earmarked to refinance the € 615m 4.5% SSNs due 2027 at par and the very expensive € 383m 10.375% SSNs due 2027 at 102.594%. The deal is leverage-neutral (2.7x post-IPO) and should generate savings of at least € 15-20m in financial expenses per year.
As a fully-integrated naval solutions provider, TKMS is perfectly positioned to capture the strong growth of the market. With the phase-out of legacy contracts, we think that the company will be able to meet its medium-term guidance in terms of EBIT margin >7% as of 2027. We value the business at between € 3.6bn and € 5.8bn in the event of a spin-off from thyssenkrupp.
Moody's Ratings (Moody's) has today affirmed the Baa1 long term issuer and senior unsecured ratings, the (P)Baa1 senior unsecured EMTN program rating and the Baa3 junior subordinate ratings of Grand City Properties S.A. (Grand City, the company or GCP). The outlook was changed to stable from negativ...
The fifth ODDO BHF Iberian Forum was held virtually, gathering 62 Iberian issuers and close to 200 institutional investors, making it one of the largest dedicated Iberian conferences of the year. The event generated 47 feedbacks, 6 target price revisions (including 4 downgrades), and a rating downgrade for Ence. The main topics of discussion were the impact of US tariffs and a weak USD on industrial companies, concerns about final demand in Europe and the US, and the sustainability of Spain’s ec...
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