/raid1/www/Hosts/bankrupt/TCREUR_Public/240527.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Monday, May 27, 2024, Vol. 25, No. 106
Headlines
A U S T R I A
SIGNA PRIME: Files for Debtor-In-Possession Restructuring
B O S N I A A N D H E R Z E G O V I N A
POLIETILENKA D.D.: Sarajevo Stock Exchange Delists Shares
G E R M A N Y
DOUGLAS AG: S&P Upgrades ICR to 'B+' After Successful Refinancing
GALERIA KAUFHOF: Administrator Expects 2.5%-3% Insolvency Ratio
SOLARSPRING GMBH: To File for Insolvency Proceedings in Germany
I R E L A N D
NAC AVIATION: Invesco Dynamic Writes Off $1.92MM Loan
NAC AVIATION: Invesco Dynamic Writes Off $1.96MM Loan
N O R W A Y
ERLING LUX: 91% Markdown for Sixth Street's NOK7.4MM Loan
S W E D E N
HIPPO XPA: 91% Markdown for Sixth Street's SEK78.1MM Loan
T U R K E Y
KOC HOLDING: S&P Upgrades LongTerm ICR to 'BB', Outlook Positive
U N I T E D K I N G D O M
AA BOND: S&P Affirms B+(sf) Rating on Class B3-Dfrd Notes
BODY SHOP: Administrators Set Initiate Auction After CVA Fails
CAZOO: G3 Vehicle Acquires Wholesale Business
SELINA HOSPITALITY: Shows Strong Q1 2024, FY 2023 Performance
X X X X X X X X
[*] BOND PRICING: For the Week May 20 to May 24, 2024
- - - - -
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A U S T R I A
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SIGNA PRIME: Files for Debtor-In-Possession Restructuring
---------------------------------------------------------
Libby Cherry at Bloomberg News reports that Signa Prime Beteiligung
GmbH has filed for debtor-in-possession restructuring proceedings
at the Vienna Commercial Court on Friday, May 24, according to
creditor association KSV1870.
Its subsidiary, Signa Prime Holding GmbH, also applied for the
opening of proceedings, the creditor association said in an emailed
statement on May 24, Bloomberg states.
According to Bloomberg, the reorganization plan submitted to the
court would see 20% of claims payable within two years of the
acceptance of the plan.
KSV1870 says it can be assumed that restructuring proceedings
without self-administration will be opened by the insolvency court
in the near future, Bloomberg discloses.
It notes that the debtor no longer expects any profit distributions
from its investments or financing from its shareholders in the
short term, Bloomberg relates.
Signa Prime Beteiligung is the sole owner of Signa Prime Holding,
which holds a 12.6% direct stake in Signa Prime Selection, the
flagship property unit of Signa, according to a Signa Holding
insolvency report dated Jan. 29
Signa Prime Beteiligung is a subsidiary of Signa Holding, with a
unit of Benko's Laura Private Foundation also holding a minority
stake.
Signa Prime Holding reported liabilities of about EUR1.3 billion,
while Signa Prime Beteiligung has EUR38 million, Bloomberg states.
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B O S N I A A N D H E R Z E G O V I N A
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POLIETILENKA D.D.: Sarajevo Stock Exchange Delists Shares
---------------------------------------------------------
The Sarajevo Stock Exchange on May 20 disclosed that the shares of
Polietilenka d.d. Bihac, in bankruptcy, with symbol POETRK2
(802.671 shares, nominal value 16,00 KM) have been deleted from the
records of the Registry of Securities in the FBiH.
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G E R M A N Y
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DOUGLAS AG: S&P Upgrades ICR to 'B+' After Successful Refinancing
-----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Douglas AG to 'B+' from 'B-' and removed the rating from
CreditWatch, where it was placed with positive implications on
April 3, 2024 following the IPO.
S&P subsequently withdrew its 'B+' long-term issuer credit rating
on Douglas AG at the company's request. S&P's outlook on the
company was stable at the time of withdrawal.
Douglas AG has refinanced its capital structure and published the
trading update for the first quarter of fiscal year 2024, ending
Dec. 31, 2023. Its resilient results support our forecast that it
will continue to improve operating performing, resulting in our
updated base case of consistently stronger credit metrics.
Rating Action Rationale
The upgrade follows the completion of the IPO on March 21 and the
full refinancing of Douglas AG's capital structure. The refinancing
significantly improves the group's leverage, such that S&P expects
S&P Global Ratings-adjusted debt to EBITDA to reduce to 4.2x in
2024 and to less than 4.0x by 2026, from 5.4x in 2023, reflecting
both the significant reduction in gross debt and an expanding
EBITDA base.
S&P said, "Post refinancing, private equity sponsor CVC Capital
Partners maintains control of the company, but we expect Douglas AG
to pursue a less aggressive financial policy under new ownership
and governance. We estimate CVC holds around 54.4% of the company
following the IPO (from 85% previously), and the Kreke family has
around 10.2% (from 15%). We expect S&P Global Ratings' adjusted
debt to EBITDA to remain at about 4.0x, with a low risk that it
will releverage above 5.0x over our 2024-2026 forecast period.
"We withdrew the long-term issuer credit rating on Douglas AG at
the issuer's request. The outlook was stable at the time of the
withdrawal as we expect Douglas' operating performance to remain
resilient in a challenging macroeconomic environment. We anticipate
that it will pursue topline growth, maintain solid profitability by
executing its strategic initiatives, and continue to gradually
reduce leverage. However, rating constraints include the
still-aggressive financial policy under CVC's control; higher than
peers' cash outlays on leases, which results in a higher operating
leverage and intrayear seasonality; and our forecast of low, albeit
positive, free operating cash flow after leases for the next 12-24
months."
GALERIA KAUFHOF: Administrator Expects 2.5%-3% Insolvency Ratio
---------------------------------------------------------------
According to Bloomberg News' Paula Doenecke, Galeria Kaufhof's
insolvency administrator expects an insolvency ratio of 2.5% to 3%,
German magazine Capital reports, citing a plan the administrator
submitted to the Essen district court at the end of April.
If the insolvency plan is accepted, EUR22.5 million will initially
be available for distribution to creditors, Bloomberg.
Unsecured creditors of the department store group can "probably"
expect a total dividend of 2.5% in the end, according to the plan,
Capital writes, Bloomberg notes.
First, the creditors are expected to receive a "basic quota" of
0.5% of their claims against the company, EUR4.5 million is
earmarked for this, Bloomberg states.
Supplementary payment is then planned at a later date, the amount
of which "cannot yet be conclusively quantified", according to the
insolvency plan; this "recovery rate" is expected to amount to 2%,
Bloomberg discloses.
Administrator estimates the registered claims of non-subordinated,
unsecured creditors at as much as EUR886 million, Bloomberg
states.
SOLARSPRING GMBH: To File for Insolvency Proceedings in Germany
---------------------------------------------------------------
The Board of Directors in Clean Industry Solutions Holding Europe
AB (publ) ("CISH Holding" or the "Company") on May 21 disclosed
that its wholly owned subsidiary SolarSpring GmbH is left with no
other option but to file for insolvency and that the Board of
Directors in the Company will propose that the Annual General
Meeting of CISH Holding resolves on liquidation of CISH Holding.
The assessment is based on a thorough analysis of CISH Holding's
future opportunities and the fact that the holding company has no
remaining operational assets or business activities. As a result,
the most prudent course of action is to liquidate the holding
company to ensure that as large part as possible of the Company's
remaining assets benefit the shareholders.
SolarSpring GmbH's operations have not progressed in 2024 to an
extent that will enable a break-even result in the foreseeable
future, without a significant investment. Due to the current market
value of CISH Holding, the raising of such an amount is not deemed
possible. Even if further loans were granted by CISH Holding,
which would allow the business to continue in the short to medium
term, SolarSpring GmbH would still be at risk of insolvency in the
coming months. It was a very difficult decision for the board of
CISH Holding as its objective is to protect the value of CISH
Holding's assets. Providing further equity to SolarSpring GmbH with
no likely possibility to prevent insolvency of the subsidiary could
not be justified by the board. It has therefore been decided to
apply for insolvency proceedings in Germany for SolarSpring GmbH in
the coming days. Should the insolvency proceedings not be
successful, but instead result in a bankruptcy, CISH Holding will
have to write off the asset causing a loss of approx. 5.4 mSEK.
The Board of Directors is confident that this decision is in the
best interest of its shareholders under the current circumstances
as it is preserving the maximum possible value of the Company.
Given that both subsidiaries have filed for insolvency and all
operations were conducted through these entities, the holding
company has no remaining operational assets or business activities.
As a result, the most prudent course of action is to liquidate the
holding company to distribute any remaining assets to
shareholders.
Against this background and to ensure that as much as possible of
the Company's remaining assets benefit the shareholders, the Board
of Directors has decided to propose that the Annual General Meeting
resolves to distribute as large a portion of capital as possible
and take a decision that the Company is to be liquidated.
Assuming that the Annual General Meeting resolves in accordance
with the Board of Directors' proposal, the Board of Directors will
apply for delisting of the Company's shares from Nasdaq First North
Growth Market.
Clean Industry Solutions Holding Europe AB holds 100% of
SolarSpring GmbH, located in Freiburg/Germany.
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I R E L A N D
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NAC AVIATION: Invesco Dynamic Writes Off $1.92MM Loan
-----------------------------------------------------
Invesco Dynamic Credit Opportunity Fund has marked its $1,920,000
loan extended to NAC Aviation 8 Ltd. (Ireland) to market at $0 as
of February 29, 2024, according to a disclosure contained in
Invesco Dynamic's Form N-CSR for the fiscal year ended February 29,
2024, filed with the U.S. Securities and Exchange Commission.
Invesco Dynamic is a participant in a Term Loan to NAC Aviation 8.
The loan accrues interest at a rate of 9.44% (1 mo. Term SOFR +
4.11%) per annum. The loan matures on December 31, 2026.
Invesco Dynamic said the loan is "valued using significant
unobservable inputs." Invesco Dynamic also noted that NAC Aviation
8, along with MLN US HoldCo and IAP Worldwide, were the largest
detractors from the Fund's absolute returns.
Invesco Dynamic is a Delaware statutory trust registered under the
Investment Company Act of 1940, as amended, as a closed-end
management investment company that is operated as an interval fund
and periodically offers its shares for repurchase.
Invesco Dynamic is led by Glenn Brightman, Principal Executive
Officer; and Adrien Deberghes, Principal Financial Officer. The
Fund can be reached through:
Glenn Brightman
Invesco Senior Income Trust
1555 Peachtree Street, N.E., Suite 1800
Atlanta, GA 30309
Tel: (713) 626-1919
NAC Aviation 8 Ltd. (Ireland) is a Private limited company.
In December 2021, NAC Aviation 8 filed for Chapter 11 bankruptcy in
U.S. Bankruptcy Court for the Eastern District of Virginia, along
with affiliates including Nordic Aviation Capital Designated
Activity Company (Bankr. E.D. Va. Lead Case No. 21-33693), the Hon.
Kevin R. Huennekens presiding. The Debtors exited Chapter 11
protection in January 2023. NAC is a regional aircraft leasing
company. It is based in Ireland and has offices in Singapore,
Denmark, Toronto and Beijing. NAC served almost 70 airlines in
approximately 45 countries at the time of the bankruptcy filing.
In July 2023, NAC Aviation 29 Designated Activity Company commenced
an offer to buy back its 4.75% Senior Secured Notes due June 30,
2026, and -- by way of assignment from lenders -- the loans under
its term loan B credit agreement dated as of June 1, 2022. The
maximum aggregate amount (at face value) of NAC 29 Debt to be
purchased by the Company was $80 million. The accepted bid price
ranged was $875.00 to $905.00 per $1,000.00 principal amount of NAC
29 Debt.
NAC AVIATION: Invesco Dynamic Writes Off $1.96MM Loan
-----------------------------------------------------
Invesco Dynamic Credit Opportunity Fund has marked its $1,962,000
loan extended to NAC Aviation 8 Ltd. (Ireland) to market at $0 as
of February 29, 2024, according to a disclosure contained in
Invesco Dynamic's Form N-CSR for the fiscal year ended February 29,
2024, filed with the U.S. Securities and Exchange Commission.
Invesco Dynamic is a participant in a Term Loan to NAC Aviation 8.
The loan accrues interest at a rate of 9.56% (1 mo. USD LIBOR +
4.12%)per annum. The loan matures on December 31, 2026.
Invesco Dynamic said the loan is "valued using significant
unobservable inputs." Invesco Dynamic also noted that NAC Aviation
8, along with MLN US HoldCo and IAP Worldwide, were the largest
detractors from the Fund's absolute returns.
Invesco Dynamic is a Delaware statutory trust registered under the
Investment Company Act of 1940, as amended, as a closed-end
management investment company that is operated as an interval fund
and periodically offers its shares for repurchase.
Invesco Dynamic is led by Glenn Brightman, Principal Executive
Officer; and Adrien Deberghes, Principal Financial Officer. The
Fund can be reached through:
Glenn Brightman
Invesco Senior Income Trust
1555 Peachtree Street, N.E., Suite 1800
Atlanta, GA 30309
Tel: (713) 626-1919
NAC Aviation 8 Ltd. (Ireland) is a Private limited company.
In December 2021, NAC Aviation 8 filed for Chapter 11 bankruptcy in
U.S. Bankruptcy Court for the Eastern District of Virginia, along
with affiliates including Nordic Aviation Capital Designated
Activity Company (Bankr. E.D. Va. Lead Case No. 21-33693), the Hon.
Kevin R. Huennekens presiding. The Debtors exited Chapter 11
protection in January 2023. NAC is a regional aircraft leasing
company. It is based in Ireland and has offices in Singapore,
Denmark, Toronto and Beijing. NAC served almost 70 airlines in
approximately 45 countries at the time of the bankruptcy filing.
In July 2023, NAC Aviation 29 Designated Activity Company commenced
an offer to buy back its 4.75% Senior Secured Notes due June 30,
2026, and -- by way of assignment from lenders -- the loans under
its term loan B credit agreement dated as of June 1, 2022. The
maximum aggregate amount (at face value) of NAC 29 Debt to be
purchased by the Company was $80 million. The accepted bid price
ranged was $875.00 to $905.00 per $1,000.00 principal amount of NAC
29 Debt.
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N O R W A Y
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ERLING LUX: 91% Markdown for Sixth Street's NOK7.4MM Loan
---------------------------------------------------------
Sixth Street Specialty Lending, Inc has marked its NOK7,427,000
loan extended to Erling Lux Bidco SARL to market at NOK 691,000 or
9% of the outstanding amount, as of March 31, 2024, according to a
disclosure contained in Sixth Street's Form 10-Q for the quarterly
period ended March 31, 2024, filed with the Securities and Exchange
Commission.
Sixth Street is a participant in a First Lien Loan to Erling Lux
Bidco SARL. The loan accrues interest at a rate of 11.45% (N +
6.75%) per annum. The loan matures in September 2028.
Sixth Street is a Delaware corporation formed on July 21, 2010. The
Company was formed primarily to lend to, and selectively invest in,
middle-market companies in the United States. The Company has
elected to be regulated as a business development company under the
1940 Act. In addition, for tax purposes, the Company has elected to
be treated as a regulated investment company under Subchapter M of
the Internal Revenue Code of 1986, as amended. The Company is
managed by Sixth Street Specialty Lending Advisers, LLC.
On June 1, 2011, the Company formed a wholly-owned subsidiary, TC
Lending, LLC, a Delaware limited liability company. On March 22,
2012, the Company formed a wholly-owned subsidiary, Sixth Street SL
SPV, LLC, a Delaware limited liability company. On May 19, 2014,
the Company formed a wholly-owned subsidiary, Sixth Street SL
Holding, LLC, a Delaware limited liability company. On December 9,
2020, the Company formed a wholly-owned subsidiary, Sixth Street
Specialty Lending Sub, LLC, a Cayman Islands limited liability
company.
Sixth Street is led by Joshua Easterly, Chief Executive Officer;
and Ian Simmonds, Chief Financial Officer. The fund can be reach
through:
Joshua Easterly
Sixth Street Specialty Lending, Inc
2100 McKinney Avenue, Suite 1500
Dallas, TX 75201
Tel: (469) 621-3001
Erling Lux Bidco SARL does business as EcoOnline, which offers a
comprehensive and configurable suite of software solutions, with
expertise in Chemical Safety, Sustainability Reporting, and all
aspects of Environmental, Health, and Safety (EHS) including
Learning and Training.
===========
S W E D E N
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HIPPO XPA: 91% Markdown for Sixth Street's SEK78.1MM Loan
---------------------------------------------------------
Sixth Street Specialty Lending, Inc has marked its SEK78,125,000
loan extended to Hippo XPA Bidco AB to market at SEK7,102,000 or 9%
of the outstanding amount, as of March 31, 2024, according to a
disclosure contained in Sixth Street's Form 10-Q for the quarterly
period ended March 31, 2024, filed with the Securities and Exchange
Commission.
Sixth Street is a participant in a First Lien Loan to . The loan
accrues interest at a rate of 10.58% (incl. 3.50% Payment In Kind)
(STIBOR + 6.50%) per annum. The loan matures in February 2031.
Sixth Street is a Delaware corporation formed on July 21, 2010. The
Company was formed primarily to lend to, and selectively invest in,
middle-market companies in the United States. The Company has
elected to be regulated as a business development company under the
1940 Act. In addition, for tax purposes, the Company has elected to
be treated as a regulated investment company under Subchapter M of
the Internal Revenue Code of 1986, as amended. The Company is
managed by Sixth Street Specialty Lending Advisers, LLC.
On June 1, 2011, the Company formed a wholly owned subsidiary, TC
Lending, LLC, a Delaware limited liability company. On March 22,
2012, the Company formed a wholly-owned subsidiary, Sixth Street SL
SPV, LLC, a Delaware limited liability company. On May 19, 2014,
the Company formed a wholly-owned subsidiary, Sixth Street SL
Holding, LLC, a Delaware limited liability company. On December 9,
2020, the Company formed a wholly-owned subsidiary, Sixth Street
Specialty Lending Sub, LLC, a Cayman Islands limited liability
company.
Sixth Street is led by Joshua Easterly, Chief Executive Officer;
and Ian Simmonds, Chief Financial Officer. The fund can be reach
through:
Joshua Easterly
Sixth Street Specialty Lending, Inc
2100 McKinney Avenue, Suite 1500
Dallas, TX 75201
Tel: (469) 621-3001
Hippo XPA Bidco AB does business as Hypergene --
https://www.hypergene.com/ -- a SaaS company in the North European
market for corporate performance management and project management.
Hypergene provides solutions within corporate performance
management and project management for those seeking to drive change
or to boost efficiency and quality.
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T U R K E Y
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KOC HOLDING: S&P Upgrades LongTerm ICR to 'BB', Outlook Positive
----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on Koc
Holding A.S. and its issue rating on its unsecured notes to 'BB'
from 'BB-' and affirmed its 'B' short-term rating on the company.
In addition, S&P revised its stand-alone credit profile (SACP) on
Koc to 'bbb-' from 'bb+', reflecting the company's track record of
minimal leverage and portfolio resiliency.
The positive outlook on Koc mirrors that on Turkiye.
On May 3, 2024, S&P raised its unsolicited long-term foreign
currency sovereign rating on Turkiye to 'B+' from 'B' and revised
its transfer and convertibility (T&C) assessment to 'BB-' from
'B+'. The outlook on the rating is positive.
S&P said, "The upgrade follows a similar action on Turkiye. We
continue to apply a criteria exception on our rating on Koc, based
on our expectation that the holding company can maintain sufficient
cash in U.S. dollars to repay its $750 million bond due in March
2025. As a result, Koc can be rated one notch above our 'BB-' T&C
assessment on Turkiye, and at a maximum of two notches above our
'B+' sovereign credit rating on Turkiye. The two-notch cap is
because we view domestic investment holding companies, in general,
as having high sensitivity to their home country's risk.
"The criteria exception that enables us to rate Koc one notch above
our T&C assessment on Turkiye reflects our expectation that the
company can maintain sufficient cash in U.S. dollars at
international banks to fully repay its U.S.-dollar-denominated debt
and related interest. We would typically apply our T&C rating cap
to companies such as Koc that are not exporters and generate more
than 90% of their stand-alone cash flow in Turkiye, implying a
rating of 'BB-'. In Koc's case, more than 90% of its income
represents dividends from investments in the country. As of Dec.
31, 2023, the company's only financial debt liability pertains to
its $750 million bond due in March 2025. We think Koc has enough
U.S. dollars sitting offshore to repay its debt, and we do not
anticipate this cash would be depleted for other reasons. In
addition, the company has passed our sovereign stress tests,
indicating that it would have enough liquidity resources to cover
its obligations in the next 12 months, in the event of a sovereign
default. We do not expect Koc's ability to use its U.S. dollar cash
to pay U.S.-dollar-denominated debt to be restricted by exchange or
repatriation controls. As a result of these factors, we are
deviating from our criteria for rating above the sovereign by
adding one notch, and therefore rate Koc one notch above our 'BB-'
T&C assessment on Turkiye." S&P will continue to apply this
criteria exception so long as:
-- The company is able to meet our T&C stress test requirements;
-- The amount of cash in U.S. dollars held offshore exceeds Koc's
U.S. dollar liabilities; and
-- S&P perceives no heightened risks of a repatriation of Koc's
offshore U.S. dollar holdings.
These three factors, which are the conditions to be rated one notch
above the T&C assessment, remain monitored on a quarterly basis.
The company passed all our requirements as of the end of December
2023.
S&P said, "We raised our SACP on Koc to 'bbb-' from 'bb+' based on
the company's track record of minimal leverage and portfolio
resiliency. We estimate Koc's net cash position was about Turkish
lira (TRY) 22.7 billion (or about $773 million) at Dec. 31, 2023,
based on the portfolio value at the same date and pro forma the
recent disposal of Tat Gida for about TRY2.2 billion, the
redemption of Yapi Kredit's additional Tier 1 (AT1) instrument for
$200 million (TRY6.3 billion) and the acquisition of Kemer Medical
Center for about TRY2.9 billion. This in line with the company's
track record of maintaining a net cash position or very low debt
levels, with its adjusted loan-to-value (LTV) ratio staying well
below our 10% maximum level for the 'bbb-' SACP since 2014. Under
our base-case scenario, we anticipate that Koc will retain a net
cash position, supported by a conservative financial policy and a
sizable recuring dividend stream from its investee assets. For
2024, we estimate the company will receive dividends, fees, and
interest income over TRY48 billion, up from TRY29.2 billion a year
ago. This is supported by its key assets' solid operating results,
with the exporting nature of companies such as Ford Otosan or
Arcelik providing resiliency in case of weaker domestic market
conditions. We estimate that about 50% of the revenue from Koc's
investee assets was linked to hard currencies (U.S. dollars and
euros for the most part) in 2023, including Tupras' sales, which
are mostly settled in U.S. dollars. As a result, we view Koc's
portfolio as relatively protected from Turkish lira depreciation.
Overall, the holding has a track record of portfolio value creation
thanks to steady asset value and dividend income growth. We
estimate its pro forma adjusted portfolio value increased to about
$17.2 billion as of Dec. 31, 2023, from about $10.2 billion as of
Dec. 31, 2015. Therefore, we think Koc can maintain a net cash
position for the foreseeable future. Even in a hypothetical Turkish
sovereign default, we anticipate the company would retain a net
cash position and a negative LTV ratio.
"Koc's strong liquidity position and net cash position in hard
currency are pivotal for our ratings. We view the company as having
strong liquidity as of Dec. 31, 2023, and expect sources to exceed
uses by 2.7x for the next 12 months and 1.6x for the subsequent 12
months, according to our estimates. In addition, about 96% of the
company's gross cash held as of Dec. 31, 2023, was in U.S. dollars
and predominantly held at international banks. In a hypothetical
scenario in which the Turkish sovereign were to default, we think
Koc would be able to continue to service its obligations. Under our
stress test, which assesses the company's liquidity for a one-year
period under a hypothetical sovereign default scenario, we estimate
that Koc's liquidity sources would remain sound at about 1.4x of
its uses, even including the repayment of its $750 million Eurobond
and excluding dividend income. We notably estimate that the
company's high share of cash denominated in hard currency would
benefit from a devaluation of the lira and offset the potential
lack of dividend income and higher operating and interest expense.
In addition, our T&C stress test points to a continued positive
liquidity ratio of foreign sources of cash to foreign uses of cash,
because Koc's U.S. dollar cash balances held offshore are
sufficient to cover its $750 million bond maturing in March 2025
and associated interest payment."
The positive outlook on Koc mirrors that on Turkiye.
S&P could take a negative rating action on Koc following a similar
rating action on Turkiye, or if, during the coming quarters:
-- Koc is unable to pass our T&C stress test;
-- The company depletes its U.S. dollar cash balance abroad and
can no longer cover its U.S.-dollar-denominated debt maturing in
2025; or
-- Its U.S. dollar cash held abroad becomes subject to
repatriation requirements or exchange controls.
S&P said, "We could take a positive rating action on Koc following
a similar rating action on Turkiye, implying a revision of the
sovereign long-term rating by one notch to 'BB-' and of the T&C
assessment to 'BB'. An upgrade will also require that the company
meets our requirements to be rated up to one notch above our T&C
assessment."
Environmental factors are a negative consideration in our credit
rating analysis of Koc. This is because the company's portfolio has
material stakes in companies exposed to high greenhouse gas
emissions, such as Ford Otosan, Otokoc, Turk Traktor, Tofas, and
Otokar. Also, Koc is exposed to refineries through its stake in
Tupras. These assets make up close to 65% of the total portfolio
value, with the remainder in less exposed sectors such as finance
and consumer durables.
Koc's governance is exposed to high country risk in Turkiye, a
negative factor compared with that of other investment holdings in
Europe, but S&P views as positive that the group has an extensive
strategic planning process, a track record of delivering on its
strategy, and very comprehensive risk-management and
performance-monitoring procedures.
===========================
U N I T E D K I N G D O M
===========================
AA BOND: S&P Affirms B+(sf) Rating on Class B3-Dfrd Notes
---------------------------------------------------------
S&P Global Ratings assigned its 'BBB (sf)' credit rating to AA Bond
Co. Ltd.'s class A12 notes. Its rating addresses the timely payment
of interest and ultimate payment of principal on the legal final
maturity date.
S&P's rating is primarily based on its ongoing assessment of the
borrowing group's underlying BRP; the integrity of the
transaction's legal and tax structure; and the robustness of its
operating cash flows, supported by structural enhancements.
On the closing date, the issuer issued GBP434.8 million class A12
notes to partially redeem the class A2 notes. The balance of the
class A2 notes will reduce to GBP10.8 million from GBP438.5
million. The remaining GBP10.8 million surplus proceeds from the
class A12 notes' issuance will be held in a mandatory prepayment
account with the existing borrower transaction bank account
provider, until they can be used to further repay the class A2
notes. While the surplus could be used to repay the class A2 notes
on any interest payment date this is not a contractual obligation.
Therefore, in S&P's analysis it assumes that the class A2 notes'
balance will remain at GBP10.8 million until their expected
maturity date (EMD) in July 2025.
AA Bond Co.'s financing structure blends a corporate securitization
of the operating business of the Automobile Association (the AA)
group in the U.K. with a subordinated high-yield issuance.
Overview of the New Issuance
On the closing date, the issuer issued GBP435.0 million class A12
notes to redeem the class A2 notes. The class A12 notes have an EMD
in July 2031 and a legal final maturity date in July 2050. These
new notes rank pari passu among themselves and with the existing
senior class A notes, and rank senior to the existing class B
notes. The class A12 notes have access to the same security package
as the existing class A notes.
The senior and total debt for the issuer is unchanged by this
issuance.
Table 1
Sources and uses of funds
SOURCES MIL. GBP USES MIL. GBP
Class A12 issuance 434.8
Redemption of the class A2 notes 428.5
Cash from whole business securitization 17.7
Transaction fees 3.7
Make whole price on A2 notes* 4.8
Accrued interest on A2 notes* 9.0
Mandatory prepayment account 6.5
Total sources 452.5
Total uses 452.5
*Assumes full amount is tendered and redeemed at the end of May
2024.
Tender purchase of class A2 notes
GBP429.4 million of class A2 notes will be repaid via tender
purchase.
The surplus of GBP6.5 million from the class A12 notes' issuance
will be deposited in the mandatory prepayment account at closing.
The balance of the mandatory prepayment account will be used only
to further repay the class A2 notes on or before their EMD in July
2025.
Senior term facility
The only interest rate swaps the AA Bond Co. has in place are to
hedge the drawings on the senior term facility (STF). On March 24,
2023, the issuer entered into an interest rate swap agreement for
this portion with J.P. Morgan Securities PLC.
S&P said, "Under our ratings scenario, we assume that the STF is
fully utilized and it will remain fully drawn until its legal final
maturity date. Thereafter, our analysis assumes that the STF will
take a pro rata share of a 100% excess cash sweep, along with all
other class A debt that has passed its respective EMD."
Liquidity facility
The liquidity facility has a balance of GBP200 million, which
represents about 9.8% of the current outstanding senior debt. S&P's
threshold for liquidity support to be assessed as significant is
10%. Therefore, it does not apply any uplift to the
resilience-adjusted anchor for liquidity support. The current
liquidity facility providers are Banco Santander S.A., London
branch; Barclays Bank PLC; BNP Paribas S.A., London branch; Credit
Suisse International; Goldman Sachs International Bank; and
JPMorgan Chase Bank N.A., London branch.
Executive summary
S&P believes the transaction would qualify for the appointment of
an administrative receiver under the U.K. insolvency regime.
Accordingly, an obligor default would allow the noteholders to gain
substantial control over the charged assets prior to an
administrator's appointment, without necessarily accelerating the
secured debt, both at the issuer and borrower levels.
AA Bond Co.'s primary sources of funds for principal and interest
payments on the class A notes are the loan interest and principal
payments from the borrower and amounts available from the liquidity
facility, which is shared with the borrower to service the senior
term loan (when the latter is drawn).
Principal and interest payments under the loan are supported by the
operating cash flows generated by the borrowing group's two main
lines of business: roadside assistance and insurance brokering.
S&P's rating on the class A12 issuance is based primarily on our
ongoing assessment of the borrowing group's underlying BRP; the
integrity of the transaction's legal and tax structure; and the
robustness of operating cash flow, supported by structural
enhancements.
On the closing date, the issuer issued GBP435.0 million class A12
notes to partially redeem GBP428.5 million of the class A2 notes.
The balance of the class A2 notes will reduce to GBP10.8 million
from GBP439.4 million. The remaining GBP6.5 million surplus
proceeds from the class A12 notes' issuance will be held in a
mandatory prepayment account with the existing borrower transaction
bank account provider, until they can be used to further repay the
class A2 notes. While the surplus could be used to repay the class
A2 notes on any interest payment date this is not a contractual
obligation. Therefore, S&P assumes that the class A2 notes' balance
will remain unchanged until their EMD in July 2025.
Business risk profile
S&P said, "We have not seen material changes to the business
fundamentals for the borrowing group's holding company, AA
Intermediate Co., so we continue to view the group's BRP as
satisfactory. Our BRP assessment is based on the factors outlined
below."
Table 2
Key credit considerations
Leading market position
With a market share of about 40% in the B2C and 60% in the B2B
roadside segments, the AA is the market leader in the U.K.'s
roadside breakdown services industry.
Membership-based business model
The AA had about 3.3 million paid members in the B2C roadside
segment and about 11 million paid members in the B2B roadside
segment in FY2024. Retention rates in the B2C segment are
approximately 84% under the new reported measure, and it retained
or extended all its key contracts in the B2B segment in FY2024.
This membership-based business model provides good cash flow
visibility, despite some churn in membership base and potential
renewal risk for the longer-term B2B contracts.
Relatively high barriers to entry
The AA's long-standing brand name, strong customer loyalty, and
retention rates, as well as its national roadside assistance fleet,
create relatively high barriers to entry.
Strong profitability
The BRP is underpinned by above-average S&P Global Ratings-adjusted
EBITDA margins of about 30%. We expect margins to be 31%-33%, going
forward, because of the AA's lower exceptional costs, better
efficiency, and higher volumes. Absent major operational issues
related to the program's implementation and given its ability to
largely pass on cost increases to its customers (especially in the
roadside segment), adjusted EBITDA margins should remain
comfortably above the 25% threshold we would expect from the group,
and so will support the group's satisfactory BRP.
Limited scale
Despite the significant advantage in terms of size relative to its
direct competitors, we view its base as relatively small compared
with peers from across other business services sectors.
Limited service diversification and weak geographic
diversification
The AA's roadside segment accounted for about 88% of the group's
revenue base and about 92% of company-reported EBITDA in FY2024.
The AA derives its revenue solely in the U.K.
Moderate customer concentration
Top 10 B2B clients account for about 15% of the group's revenue in
that segment.
Rating Rationale for the Class A Notes
AA Bond Co.'s primary sources of funds for principal and interest
payments on the class A notes are the loan interest and principal
payments from the borrower and amounts available from the liquidity
facility, which is shared with the borrower to service the senior
term loan (if the latter is drawn).
S&P said, "Our ratings on the class A notes address the timely
payment of interest and the ultimate payment of principal due on
these notes.
"Our ratings are based primarily on our ongoing assessment of the
borrowing group's underlying BRP; the integrity of the
transaction's legal and tax structure; and the robustness of
operating cash flow, supported by structural enhancements.
"Our cash flow analysis serves to both assess whether cash flows
will be sufficient to service debt through the transaction's life
and to project minimum DSCRs in base-case and downside scenarios.
In our analysis, we have excluded any projected cash flows from the
underwriting part of the AA's insurance business, which is not part
of the restricted borrowing group (only the insurance brokerage
part is included)."
Under S&P's criteria, it typically expects liquidity facilities and
cash trapped by a breach of a financial covenant or following an
expected repayment date to be kept in the structure if:
-- The funds are held in accounts or may be accessed from
liquidity facilities; and
-- S&P views it as dedicated to service the borrower's
debts--specifically, that the funds are exclusively available to
service the issuer/borrower loans and any super senior or pari
passu debt, which may include bank loans.
In this transaction, although the borrower and the issuer share the
liquidity facility, the borrower's ability to draw on it is limited
to liquidity shortfalls related to the STF and does not cover the
issuer/borrower loans. Therefore, S&P does not give credit to the
liquidity facility in our base-case DSCR analysis.
Currently, as per AA Limited annual report, about GBP87 million of
cash is trapped in the whole business securitization (WBS)
structure, given the breach of the restricted payment condition
(RPC). The RPC permits the upstreaming of unrestricted surplus cash
if the class A net debt-to-EBITDA ratio is less than or equal to
5.5x. Since the unrestricted cash is not dedicated for debt service
and may be upstreamed at any point the RPC is satisfied, S&P does
not account for it in its DSCR analysis.
Base-case scenario
S&P said, "Our base-case EBITDA, short-term operating cash flow
projections, and the company's satisfactory BRP rely on our
corporate methodology. We discussed and received confirmation on
the company's performance as well as expectations from its
management. Considering the updates provided, we have revised our
forecasts upward, primarily based on the higher contribution from
the roadside segment, fueled by new business wins, pricing, and
volume. We gave credit to growth through the end of FY2026. Beyond
FY2026, our base-case projections are based on our methodology and
assumptions for corporate securitizations, from which we then apply
assumptions for capital expenditure (capex), finance leases,
pension contributions, and taxes to arrive at our projections for
the cash flow available for debt service." For AA Intermediate Co.,
S&P's assumptions were:
-- Maintenance capex (including net finance leases): GBP89 million
for FY2025 and about GBP84 million for FY2026. Thereafter, S&P
assumes GBP44 million, in line with the transaction documents'
minimum requirements, which were recently revised to increase the
minimum to GBP44 million from GBP35 million.
-- Development capex: GBP23 million for FY2025, and GBP25 million
for FY2026. Thereafter, because S&P assumes no growth, S&P
considered no investment capex, in line with its corporate
securitization criteria.
-- Working capital: A net inflow of GBP17 million in FY2025, and
GBP2 million in FY2026, compared with S&P's previous expectations
of GBP5 million in FY2025 and nil in FY2026. Thereafter, S&P
assumes that the change in working capital is nil.
-- Pension contributions: S&P considered the plan agreed by the
company with the trustee in February 2023, accordingly it assumes
GBP29 million in FY2025, GBP24 million in FY2026, thereafter GBP16
million until FY2030.
-- Tax: S&P's updated tax assumptions are GBP17 million for
FY2024, GBP18 million for FY2025, and GBP27 million for FY2026.
Thereafter, we considered GBP27 million tax exposure.
-- Asset disposals: S&P assumes inflow of GBP4 million in FY2024,
nil in FY2025, and GBP1 million in FY2026 and thereafter. Cash from
asset disposals can only be utilized toward debt repayment for the
WBS.
The transaction structure includes a cash sweep mechanism for the
repayment of principal following an EMD on each class of class A
notes including the issuance of the class A12 notes. Therefore, in
line with our corporate securitization criteria, S&P assumed a
benchmark principal amortization profile where the class A12 notes
are repaid over 15 years following the EMD based on an annuity
payment that it includes in its calculated DSCRs.
Based on S&P's assessment of AA Intermediate Co.'s BRP as
satisfactory, which it associates with a business volatility score
of 3, and the minimum DSCR achieved in our base-case analysis, S&P
established a 'bbb-' anchor for the class A notes.
Downside DSCR analysis
S&P said, "Our downside DSCR analysis tests whether the
issuer-level structural enhancements improve the transaction's
resilience under a stress scenario. AA Intermediate Co. falls
within the business and consumer services industry, for which we
apply a 30% decline in EBITDA relative to the base case at the
point where we believe the stress on debt service would be
greatest.
"Our downside DSCR analysis resulted in a strong resilience score
for the class A notes' issuance. The combination of a strong
resilience score and the 'bbb-' anchor derived in the base-case
results in a resilience-adjusted anchor of 'bbb+'.
The GBP200 million balance in the liquidity facility represents
liquidity support of about 9.8% of the current outstanding senior
debt, which is below the 10% level we typically assess as offering
significant liquidity support. Therefore, S&P has not considered
any further uplift adjustment to the resilience-adjusted anchor for
liquidity.
Modifiers analysis
S&P has not applied any adjustments under its modifier analysis.
Comparable rating analysis
Due to its cash sweep amortization mechanism, the transaction
relies significantly on future excess cash. In S&P's view, the
uncertainty related to this feature is increased by the execution
risks related to the company's investment plan and the returns it
will effectively generate. The company may need to invest
periodically to maintain its cash flow generation potential over
the long term, which could erode future excess cash. To account for
this combination of factors, S&P applied a one-notch decrease to
the senior class A notes' resilience-adjusted anchor.
Counterparty risk
S&P's 'BBB (sf)' ratings on the class A notes are not constrained
by the ratings on any of the counterparties, including the
liquidity facility, derivative, and bank account providers.
Eligible investments
Following amendments to the transaction documents, the
counterparties can invest cash in short-term investments with a
minimum required rating of 'BBB+'. Given the substantial reliance
on excess cash flow as part of our analysis and the possibility
that this could be invested in short-term investments, full
reliance can be placed on excess cash flows only in rating
scenarios up to 'BBB+'.
Table 3
Credit rating steps for class A notes
PRELIMINARY FINAL
RATINGS RATINGS
Business risk profile Satisfactory Satisfactory
Business volatility score 3 3
Base case minimum DSCR range Upper end Lower end
of 1.10x-1.40x of 1.40x-3.25x
Anchor bb+ bbb-
Downside case EBITDA decline 30% 30%
Downside minimum DSCR range 1.8x-4.0x 1.8x-4.0x
Resilience score Strong Strong
Resilience-adjusted anchor bbb bbb+
Liquidity adjustment None None
Modifier analysis adjustment None None
Comparable rating analysis adjustment -1 notch -1 notch
Maximum potential rating BBB- BBB
Counterparty cap A A
Eligible investment cap BBB+ BBB+
Rating BBB- (sf) BBB (sf)
DSCR--Debt service coverage ratio.
Rating Rationale For The Class B3-Dfrd Notes
S&P's rating on the class B3-Dfrd notes addresses the ultimate
payment of interest and ultimate payment of principal on or before
its legal final maturity date in July 2050. The class B3-Dfrd notes
are structured as soft-bullet notes due in July 2050, but with
interest and principal due and payable to the extent received under
the class B3 loan. Under the terms and conditions of the class B3
loan, if the loan is not repaid on its EMD (January 2026), interest
and principal will no longer be due and will be deferred. The
deferred interest, and the interest accrued thereafter, becomes due
and payable on the final maturity date of the class B3-Dfrd notes
in 2050.
S&P said, "Our analysis focuses on the scenarios in which the
underlying loan is not repaid on the EMD and the corresponding
notes are not redeemed. We understand that the obligors will not be
permitted to make interest and principal payments under the class
B3 issuer/borrower facility agreement. Therefore, in our cash flow
analysis, we assume that the class B3 notes do not receive interest
following the class A2 EMD, and receive no further payments until
the class A notes are fully repaid.
"Moreover, under the terms of the class B issuer/borrower loan
agreement, further issuances of class A notes, for the purpose of
refinancing, are permitted without consideration given to any
potential effect on the then-current rating on the outstanding
class B notes. Both the extension risk, which we view as highly
sensitive to the future performance of the borrowing group, given
its deferability, and the ability to issue more-senior debt without
consideration given to the class B3-Dfrd notes, may adversely
affect the issuer's ability to repay the class B3-Dfrd notes. As a
result, our rating on the class B3-Dfrd notes has limited uplift
above the borrowing group's creditworthiness.
"Our view of the borrowing group's stand-alone creditworthiness has
not changed. Therefore, we affirmed our 'B+ (sf)' rating on the
class B3-Dfrd notes.
"We believe the transaction will qualify for the appointment of an
administrative receiver under the U.K. insolvency regime. When the
events of default allow security to be enforced before the
company's insolvency, an obligor event of default would allow the
then senior-most noteholders to gain substantial control over the
charged assets before an administrator's appointment, without
necessarily accelerating the secured debt."
However, under certain circumstances, particularly when the class A
notes have been repaid, removal of the class B free cash flow DSCR
financial covenant would, in our opinion, prevent the borrower
security trustee, on the class B3-Dfrd noteholders' behalf, from
gaining control over the borrowers' assets as their operating
performance deteriorates. A borrower event of default would no
longer be triggered under the class B3 loan before the operating
company's insolvency or restructuring. S&P said, "This may lead us
to conclude that we are unable to rate through an insolvency of the
obligors, which is an eligibility condition under our corporate
securitizations criteria. Our criteria state that noteholders
should be able to enforce their interest on the assets of the
business before the insolvency and/or restructuring of the
operating company."
If the class B3-Dfrd noteholders lose their ability to enforce by
proxy the security package S&P may revise its analysis, and may
consider that the class B3-Dfrd notes' security package resembles
covenant-light corporate debt, rather than secured, structured
debt.
Outlook
A change in S&P's assessment of the company's BRP would likely
prompt a rating action on the notes. To achieve the same anchor, it
would expect higher DSCRs for a weaker BRP and lower DSCRs for a
stronger BRP.
Upside scenario
S&P said, "We do not expect to revise upward our assessment of the
borrowing group's BRP because it is constrained by the group's weak
geographic and service diversification, as well as its exposure to
the insurance broker business. We may consider raising our ratings
on the class A notes if our minimum projected DSCR reaches the
middle of the 1.4x-3.25x range, under our base-case scenario."
Downside scenario
S&P said, "We could lower our anchor or the resilience-adjusted
anchor for the class A notes if we were to revise the borrowing
group's BRP to fair from satisfactory. This could occur if the
group faced significant operational difficulties in relation to its
investment plan or if trading conditions in its core roadside
service market were to deteriorate, so that it saw a significant
loss of customers or lower revenue per customer. Under these
scenarios, we would likely observe margins falling below 25% with
little prospect for rapid improvement, or an increase in the
volatility of the group's profitability.
"We may also consider lowering our ratings on the class A notes if
our minimum projected DSCR falls below 1.4x in our base-case
scenario or 1.8x in our downside scenario. This could happen if the
cash flow available for debt service declines beyond our expected
base-case level."
Surveillance
S&P said, "We will maintain active surveillance on the rated notes
until the notes mature or are retired. The purpose of surveillance
is to assess whether the notes are performing within the initial
parameters and assumptions applied to each rating category. The
transaction terms require the issuer to supply periodic reports and
notices to S&P Global Ratings to enable it to maintain continuous
surveillance on the rated notes.
"We view the AA's performance as an important part of analyzing and
monitoring the performance and risks associated with the
transaction. Although company performance will likely affect the
transaction, we believe other factors, such as cash flow, debt
reduction, and legal framework, also contribute to the overall
analytical opinion."
Ratings list
CLASS RATING* AMOUNT (MIL. GBP)
RATING ASSIGNED
A12 BBB (sf) 434.8
RATINGS UPGRADED
A2§ BBB (sf) 10.8
A8 BBB (sf) 325.0
A9 BBB (sf) 270.0
A10 BBB (sf) 250.0
A11 BBB (sf) 400.0
RATING AFFIRMED
B3-Dfrd B+ (sf) 280.0
*S&P's ratings on the class A notes address the timely payment of
interest and the ultimate payment of principal on the legal final
maturity date. S&P's rating on the class B3-Dfrd notes addresses
ultimate payment of interest and ultimate payment of principal by
the legal final maturity date.
§The proceeds from the issuance of the class A12 notes are used to
partially repay the class A2 notes.
BODY SHOP: Administrators Set Initiate Auction After CVA Fails
--------------------------------------------------------------
GlobalData, citing Sky News, reports that administrators of
cosmetics chain The Body Shop are set to initiate an auction for
the retailer, following the conclusion that a company voluntary
arrangement (CVA) is not feasible.
FRP Advisory, which has been managing The Body Shop since its
collapse in January 2024, is ready to formally approach potential
buyers in the upcoming weeks, GlobalData discloses.
The chain now operates from approximately 100 locations following a
series of store closures and redundancies, GlobalData notes.
Retailer Next showed interest in acquiring The Body Shop earlier in
the insolvency process, GlobalData recounts.
Investment firm Aurelius, which acquired the chain shortly before
its administration, is also considered to be a potential bidder,
GlobalData states.
According to GlobalData, an FRP spokesperson told Sky News: "After
engaging with stakeholders about a CVA, it had not been possible to
reach the necessary agreements for a CVA to be launched.
The joint administrators have therefore decided to commence a sale
process for the underlying business and assets of The Body Shop
International."
FRP added that the interest received from parties so far has been
encouraging, GlobalData relays.
The advisory company anticipates finalising the sale in the summer
of 2024, GlobalData discloses.
Aurelius acquired the retailer from Natura & Co, which paid more
than US$1 billion for it in 2017, GlobalData notes.
Before the sale to Aurelius, The Body Shop had 10,000 employees and
operated 3,000 stores in 70 countries.
In March the high street retailer announced the closure of 75
stores across the UK in the six weeks to mid-April 2024, resulting
in the loss of 489 jobs, according to GlobalData.
CAZOO: G3 Vehicle Acquires Wholesale Business
---------------------------------------------
Business Sale reports that the Cazoo Wholesale business has been
acquired by G3 Vehicle Auctions.
The acquisition, which follows Cazoo falling into administration,
creates the new G3 Bedford auction facility, Business Sale notes.
G3 moved swiftly after Cazoo entered administration, acquiring the
premises, land and existing remarketing team, as well as other
software assets, Business Sale relates. The site instantly doubles
G3's capacity for vehicles and increases its total workforce to
more than 140, Business Sale states.
According to Business Sale, the Bedford site will complement the
company's established 14-acre, purpose-built G3 Castleford
remarketing site, which was opened in 2021. The company expects
the new site to be break even by the end of this year and
ultimately aims to offer more than 30,000 vehicles per annum,
Business Sale discloses.
In addition to providing an auction facility in a new area of the
UK, the site will also become an additional drop-off point for G3's
network of finance house partners, as well as offering onsite
de-fleet and refurbishment facilities, Business Sale relays. The
company also intends to relocate its existing Pool Fleet business
to Bedford, Business Sale says.
SELINA HOSPITALITY: Shows Strong Q1 2024, FY 2023 Performance
-------------------------------------------------------------
Selina Hospitality PLC announced its preliminary financial and
operational information for FY 2023 and Q1 2024 reflecting the
recent progress and improvements made in its core hotel operating
business.
The Company's Financial Highlights include:
* Total revenue increased by 9.4% to $201.3 million for FY
2023 compared to FY 2022, driven primarily by higher occupancy
rates and higher total annualized revenue per bedspace.
* Total revenue expected to decrease by 9.2% in Q1 2024 vs Q1
2023 ($49.2 million vs $54.2 million) due primarily to the exiting
of underperforming properties.
* Occupancy rate of 57.4% in Q1 2024, a 1% increase from Q1
2023, growing each month during the quarter. The Company's ongoing
progress of ramping occupancy towards its 58% target in 2024 was
driven by the launch of our commercial leadership team and Selina's
formal and robust commercial strategy. In addition, the Company
focused on driving new guests to Selina hotels through new
distribution channels, as well as driving traffic directly through
Selina's website and app for reservations.
* Continued progress on exiting underperforming properties.
The Company exited 17 hotel properties from January 2023 through
April 30, 2024. This included nine in 2023, three in Q1 2024, and
five in Q2 of 2024 YTD. These 17 properties had approximately 4,000
bedspaces and the annualized savings from these closures is
expected to offset approximately 70% of the Company's ULOL of
2023(3). This is a significant component of Selina's path to
profitability.
* As of April 30, 2024, the Company has 102 open hotels, in 22
countries and 6 continents. For FY 2023, occupancy of these 102
hotels was 52.3%.
* GOP margin increased by 22.6%, reaching 24.8% in FY 2023
from 20.2% in FY 2022. In addition, in Q1 2024, GOP margin is
expected to increase approximately by 24%, to 29.4% to 31.4%, as
compared to 24.6% in Q1 2023. This improvement was driven by the
operational restructuring process carried out in 2023 and the
continued focus on cost optimization.
* COH is expected to decrease from $9.8 million in Q1 2023 to
$5.5 to $6.5 million in Q1 2024, representing a 38.8% decrease,
driven mostly by the labor restructuring carried out in Q4 2023 and
Q1 2024, reduced corporate office commitments in UK, US, Panama and
Israel, and overall cost reduction plans in global functions.
Commenting on the results, Rafael Museri, co-founder and Chief
Executive Officer, said, "On behalf of our entire company, I am
very pleased with the progress we are making in our business as we
have stayed relentlessly focused on our path to profitability since
early 2023. I am confident that the partnership with our new
strategic investor, Osprey International Limited, will continue to
help us on our path. I want to thank all Selina teams around the
world and vendor partners for their support, flexibility, and
creativity as we all work together to reinforce our infrastructure
and deliver an incredible experience to our guests. While we
complete our financial reporting and independent audit processes,
we want to keep our investment community updated as much as we can
on the progress we are making in our core business."
A full-text copy of the Company's report filed on Form 8-K with the
Securities and Exchange Commission is available at
https://tinyurl.com/23f9n8hk
About Selina Hospitality
Headquartered in London, England, Selina Hospitality PLC is an
operator of lifestyle and experiential Millennial- and Gen
Z-focused hotels, with 118 destinations opened in 24 countries
across 6 continents.
Tysons, Virginia-based Baker Tilly US, LLP, the Company's auditor
since 2021, issued a "going concern" qualification in its report
dated April 28, 2023, citing that the Company has suffered
historical losses from operations, has a net capital deficiency,
negative working capital and cash outflows from operations that
raise substantial doubt about its ability to continue as a going
concern.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week May 20 to May 24, 2024
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Codere Finance 2 Luxembour 13.62511/30/2027 USD 1.000
Codere Finance 2 Luxembour 11.000 9/30/2026 EUR 34.86
Solocal Group 10.940 3/15/2025 EUR 20.51
Kvalitena AB publ 10.067 4/2/2024 SEK 45.00
Codere Finance 2 Luxembour 12.75011/30/2027 EUR 1.000
UkrLandFarming PLC 10.875 3/26/2018 USD 4.195
Sidetur Finance BV 10.000 4/20/2016 USD 0.378
Tinkoff Bank JSC Via TCS F 11.002 USD 42.85
Altice France Holding SA 10.500 5/15/2027 USD 37.26
Teksid Aluminum Luxembourg 12.375 7/15/2011 EUR 0.619
Immigon Portfolioabbau AG 10.258 EUR 9.750
Goldman Sachs Internationa 16.288 3/17/2027 USD 26.54
Marginalen Bank Bankaktieb 12.996 SEK 45.00
Avangardco Investments Pub 10.00010/29/2018 USD 0.108
IOG Plc 13.428 9/20/2024 EUR 4.917
Bakkegruppen AS 11.720 2/3/2025 NOK 45.37
Plusplus Capital Financial 11.000 7/29/2026 EUR 11.22
Privatbank CJSC Via UK SPV 10.875 2/28/2018 USD 5.267
Virgolino de Oliveira Fina 10.500 1/28/2018 USD 0.010
Privatbank CJSC Via UK SPV 10.250 1/23/2018 USD 3.786
Virgolino de Oliveira Fina 11.750 2/9/2022 USD 0.635
Bourbon Corp SA 11.652 EUR 1.375
Saderea DAC 12.50011/30/2026 USD 48.02
Solis Bond Co DAC 10.391 5/31/2024 EUR 50.00
Lehman Brothers Treasury C 11.00012/20/2017 AUD 0.100
Ilija Batljan Invest AB 10.768 SEK 3.500
Societe Generale SA 11.000 7/14/2026 USD 11.47
Transcapitalbank JSC Via T 10.000 USD 1.450
Societe Generale SA 23.510 6/23/2026 USD 3.943
Codere Finance 2 Luxembour 13.62511/30/2027 USD 1.000
Privatbank CJSC Via UK SPV 11.000 2/9/2021 USD 0.749
Altice France Holding SA 10.500 5/15/2027 USD 37.72
Ukraine Government Bond 11.000 4/20/2037 UAH 29.19
Virgolino de Oliveira Fina 10.500 1/28/2018 USD 0.010
Solocal Group 10.940 3/15/2025 EUR 9.049
Bilt Paper BV 10.360 USD 0.650
Banco Espirito Santo SA 10.000 12/6/2021 EUR 0.058
R-Logitech Finance SA 10.250 9/26/2027 EUR 15.08
YA Holding AB 12.75812/17/2024 SEK 15.02
Oscar Properties Holding A 11.270 7/5/2024 SEK 0.464
Codere Finance 2 Luxembour 11.000 9/30/2026 EUR 34.86
NTRP Via Interpipe Ltd 10.250 8/2/2017 USD 1.027
Lehman Brothers Treasury C 11.000 7/4/2011 USD 0.100
Lehman Brothers Treasury C 11.25012/31/2008 USD 0.100
Landesbank Baden-Wuerttemb 23.000 6/28/2024 EUR 43.97
Swissquote Bank SA 15.74010/31/2024 CHF 42.30
Landesbank Baden-Wuerttemb 25.000 1/3/2025 EUR 48.35
Societe Generale SA 20.000 1/29/2026 USD 15.30
Bank Vontobel AG 14.000 3/5/2025 CHF 41.00
Leonteq Securities AG 24.000 1/9/2025 CHF 47.70
UniCredit Bank GmbH 13.800 9/27/2024 EUR 32.42
UniCredit Bank GmbH 14.800 9/27/2024 EUR 31.48
UniCredit Bank GmbH 15.800 9/27/2024 EUR 30.67
UniCredit Bank GmbH 16.900 9/27/2024 EUR 29.97
UniCredit Bank GmbH 18.000 9/27/2024 EUR 29.09
UniCredit Bank GmbH 19.100 9/27/2024 EUR 28.56
Societe Generale SA 14.300 8/22/2024 USD 11.00
Leonteq Securities AG 24.000 1/13/2025 CHF 24.58
UniCredit Bank GmbH 13.700 9/27/2024 EUR 35.29
UniCredit Bank GmbH 14.800 9/27/2024 EUR 34.12
Zurcher Kantonalbank Finan 24.00011/22/2024 EUR 40.06
Vontobel Financial Product 20.25012/31/2024 EUR 48.52
Landesbank Baden-Wuerttemb 15.000 3/28/2025 EUR 48.64
Basler Kantonalbank 21.000 7/5/2024 CHF 45.01
Basler Kantonalbank 24.000 7/5/2024 CHF 37.90
Societe Generale SA 15.000 9/29/2025 USD 6.267
Bank Vontobel AG 12.000 9/30/2024 EUR 12.00
Bank Vontobel AG 13.500 1/8/2025 CHF 16.70
Societe Generale SA 20.000 9/18/2026 USD 15.10
UniCredit Bank GmbH 13.500 9/27/2024 EUR 46.17
UniCredit Bank GmbH 13.50012/31/2024 EUR 49.35
UniCredit Bank GmbH 14.900 9/27/2024 EUR 43.88
Landesbank Baden-Wuerttemb 21.000 9/27/2024 EUR 48.89
Landesbank Baden-Wuerttemb 23.000 9/27/2024 EUR 46.76
Landesbank Baden-Wuerttemb 19.000 6/28/2024 EUR 46.87
Landesbank Baden-Wuerttemb 27.000 6/28/2024 EUR 41.50
UniCredit Bank GmbH 14.300 8/23/2024 EUR 34.18
UniCredit Bank GmbH 13.90011/22/2024 EUR 37.34
UniCredit Bank GmbH 13.500 2/28/2025 EUR 40.49
Leonteq Securities AG 23.00012/27/2024 CHF 30.80
Leonteq Securities AG/Guer 30.000 8/7/2024 CHF 32.86
Leonteq Securities AG/Guer 22.000 8/7/2024 CHF 32.89
DZ Bank AG Deutsche Zentra 13.100 9/27/2024 EUR 48.23
Leonteq Securities AG 24.000 7/10/2024 CHF 43.33
Leonteq Securities AG 26.000 7/10/2024 CHF 37.30
Leonteq Securities AG/Guer 24.000 7/10/2024 CHF 39.20
Swissquote Bank SA 26.120 7/10/2024 CHF 39.63
Leonteq Securities AG/Guer 12.490 7/10/2024 USD 40.32
Vontobel Financial Product 11.00012/31/2024 EUR 47.93
Leonteq Securities AG/Guer 20.000 8/7/2024 CHF 9.930
Raiffeisen Schweiz Genosse 20.000 8/7/2024 CHF 36.80
DZ Bank AG Deutsche Zentra 16.000 6/28/2024 EUR 30.32
UniCredit Bank GmbH 18.200 6/28/2024 EUR 28.86
UniCredit Bank GmbH 19.500 6/28/2024 EUR 27.79
UniCredit Bank GmbH 18.50012/31/2024 EUR 35.87
UniCredit Bank GmbH 19.30012/31/2024 EUR 35.27
Societe Generale SA 20.000 1/3/2025 USD 7.400
UniCredit Bank GmbH 19.30012/31/2024 EUR 34.33
Societe Generale SA 16.000 8/30/2024 USD 20.40
Societe Generale SA 16.000 8/30/2024 USD 21.60
Societe Generale SA 18.000 8/30/2024 USD 14.00
Societe Generale SA 15.000 8/30/2024 USD 19.30
Leonteq Securities AG 28.000 8/21/2024 CHF 44.67
Landesbank Baden-Wuerttemb 10.000 8/23/2024 EUR 41.55
Landesbank Baden-Wuerttemb 15.000 8/23/2024 EUR 32.88
Bank Vontobel AG 10.000 8/19/2024 CHF 7.000
Leonteq Securities AG 24.000 8/21/2024 CHF 45.86
UniCredit Bank GmbH 14.900 8/23/2024 EUR 46.13
UniCredit Bank GmbH 14.700 8/23/2024 EUR 31.36
UniCredit Bank GmbH 14.50011/22/2024 EUR 34.70
UniCredit Bank GmbH 13.100 2/28/2025 EUR 38.41
UniCredit Bank GmbH 13.800 2/28/2025 EUR 37.79
UniCredit Bank GmbH 14.500 2/28/2025 EUR 37.04
Corner Banca SA 23.000 8/21/2024 CHF 41.49
BNP Paribas Emissions- und 17.00012/30/2024 EUR 48.70
BNP Paribas Emissions- und 13.000 6/27/2024 EUR 48.54
BNP Paribas Emissions- und 14.000 6/27/2024 EUR 46.26
BNP Paribas Emissions- und 18.000 6/27/2024 EUR 42.49
BNP Paribas Emissions- und 21.000 6/27/2024 EUR 40.95
HSBC Trinkaus & Burkhardt 17.500 6/27/2025 EUR 47.94
HSBC Trinkaus & Burkhardt 15.500 6/27/2025 EUR 34.98
BNP Paribas Emissions- und 16.000 6/27/2024 EUR 46.41
BNP Paribas Emissions- und 17.000 6/27/2024 EUR 44.36
BNP Paribas Emissions- und 20.000 6/27/2024 EUR 42.64
BNP Paribas Emissions- und 23.000 6/27/2024 EUR 41.10
DZ Bank AG Deutsche Zentra 10.75012/27/2024 EUR 48.55
HSBC Trinkaus & Burkhardt 22.250 6/27/2025 EUR 45.14
HSBC Trinkaus & Burkhardt 11.250 6/27/2025 EUR 37.55
Leonteq Securities AG/Guer 22.000 8/28/2024 CHF 42.88
UniCredit Bank GmbH 19.800 6/28/2024 EUR 26.72
EFG International Finance 15.000 7/12/2024 CHF 33.08
UBS AG/London 25.000 7/12/2024 CHF 46.70
UniCredit Bank GmbH 15.100 9/27/2024 EUR 41.52
UniCredit Bank GmbH 16.400 9/27/2024 EUR 39.83
UBS AG/London 19.000 7/12/2024 CHF 38.50
Finca Uco Cjsc 13.000 5/30/2025 AMD 0.000
Citigroup Global Markets F 14.650 7/22/2024 HKD 36.69
Swissquote Bank SA 26.040 7/17/2024 CHF 41.26
Leonteq Securities AG/Guer 20.000 7/17/2024 CHF 46.44
Raiffeisen Switzerland BV 20.000 7/10/2024 CHF 44.51
UniCredit Bank GmbH 18.60012/31/2024 EUR 38.21
HSBC Trinkaus & Burkhardt 15.10012/30/2024 EUR 33.78
UBS AG/London 18.750 5/31/2024 CHF 27.22
HSBC Trinkaus & Burkhardt 12.50012/30/2024 EUR 36.08
Leonteq Securities AG 18.000 9/11/2024 CHF 16.00
HSBC Trinkaus & Burkhardt 17.600 9/27/2024 EUR 29.98
HSBC Trinkaus & Burkhardt 10.80012/30/2024 EUR 38.32
UniCredit Bank GmbH 15.700 6/28/2024 EUR 44.47
Raiffeisen Schweiz Genosse 20.000 8/28/2024 CHF 11.86
Leonteq Securities AG/Guer 24.000 6/5/2024 CHF 41.28
Raiffeisen Schweiz Genosse 19.500 6/6/2024 CHF 43.29
HSBC Trinkaus & Burkhardt 19.000 6/28/2024 EUR 25.00
HSBC Trinkaus & Burkhardt 11.000 6/28/2024 EUR 33.42
Leonteq Securities AG/Guer 22.000 8/14/2024 CHF 32.46
Leonteq Securities AG/Guer 21.000 8/14/2024 CHF 41.61
Zurcher Kantonalbank Finan 22.000 8/6/2024 USD 24.12
HSBC Trinkaus & Burkhardt 15.000 6/28/2024 EUR 27.85
HSBC Trinkaus & Burkhardt 15.000 6/28/2024 EUR 41.89
UniCredit Bank GmbH 19.400 6/28/2024 EUR 25.67
UniCredit Bank GmbH 20.00012/31/2024 EUR 32.65
Bank Vontobel AG 20.500 11/4/2024 CHF 41.00
UniCredit Bank GmbH 19.10012/31/2024 EUR 33.33
Vontobel Financial Product 15.500 6/28/2024 EUR 41.71
Vontobel Financial Product 13.250 9/27/2024 EUR 44.57
Bank Vontobel AG 29.000 9/10/2024 USD 48.40
Leonteq Securities AG/Guer 28.000 6/5/2024 CHF 28.90
Vontobel Financial Product 18.000 9/27/2024 EUR 24.36
Leonteq Securities AG/Guer 24.000 8/14/2024 CHF 36.72
Leonteq Securities AG/Guer 21.000 6/5/2024 CHF 43.68
Swissquote Bank SA 26.980 6/5/2024 CHF 34.03
Raiffeisen Switzerland BV 17.500 5/30/2024 CHF 43.60
UBS AG/London 14.250 7/12/2024 EUR 15.80
Vontobel Financial Product 11.000 6/28/2024 EUR 45.40
Vontobel Financial Product 10.000 9/27/2024 EUR 47.61
UniCredit Bank GmbH 19.700 6/28/2024 EUR 30.53
UniCredit Bank GmbH 19.50012/31/2024 EUR 37.46
UniCredit Bank GmbH 19.200 6/28/2024 EUR 42.55
UniCredit Bank GmbH 17.800 6/28/2024 EUR 45.50
Finca Uco Cjsc 12.000 2/10/2025 AMD 0.000
Basler Kantonalbank 16.000 6/14/2024 CHF 19.79
EFG International Finance 24.000 6/14/2024 CHF 36.94
UniCredit Bank GmbH 16.10012/31/2024 EUR 45.43
UniCredit Bank GmbH 18.90012/31/2024 EUR 41.27
UniCredit Bank GmbH 19.80012/31/2024 EUR 40.25
Leonteq Securities AG 20.000 7/3/2024 CHF 9.190
Leonteq Securities AG/Guer 20.000 7/3/2024 CHF 45.43
Leonteq Securities AG 26.000 7/3/2024 CHF 35.92
Corner Banca SA 15.000 7/3/2024 CHF 46.74
Swissquote Bank SA 23.990 7/3/2024 CHF 46.31
UniCredit Bank GmbH 18.00012/31/2024 EUR 42.47
Vontobel Financial Product 13.500 6/28/2024 EUR 48.55
Vontobel Financial Product 16.000 6/28/2024 EUR 45.69
Vontobel Financial Product 19.000 6/28/2024 EUR 43.23
UniCredit Bank GmbH 14.70011/22/2024 EUR 36.17
Swissquote Bank SA 25.390 5/30/2024 CHF 45.26
Leonteq Securities AG/Guer 14.000 7/3/2024 CHF 8.340
Leonteq Securities AG 24.000 7/3/2024 CHF 43.13
Bank Vontobel AG 15.50011/18/2024 CHF 47.30
Bank Vontobel AG 21.000 6/10/2024 CHF 40.90
Raiffeisen Switzerland BV 20.000 6/19/2024 CHF 41.33
Swissquote Bank SA 20.120 6/20/2024 CHF 9.080
Leonteq Securities AG/Guer 16.000 6/20/2024 CHF 20.81
DZ Bank AG Deutsche Zentra 19.400 6/28/2024 EUR 40.68
Leonteq Securities AG/Guer 15.000 9/12/2024 USD 10.05
Leonteq Securities AG/Guer 20.000 6/19/2024 CHF 40.38
Leonteq Securities AG/Guer 23.400 6/19/2024 CHF 37.93
Leonteq Securities AG/Guer 24.000 6/19/2024 CHF 33.13
Armenian Economy Developme 10.500 5/4/2025 AMD 0.000
UniCredit Bank GmbH 16.550 8/18/2025 USD 29.40
UniCredit Bank GmbH 15.000 8/23/2024 EUR 32.80
Raiffeisen Switzerland BV 12.300 8/21/2024 CHF 8.930
Bank Vontobel AG 18.000 6/28/2024 CHF 42.80
UniCredit Bank GmbH 13.800 8/23/2024 EUR 47.98
Leonteq Securities AG 20.000 8/28/2024 CHF 11.43
UBS AG/London 14.250 8/19/2024 CHF 33.50
Inecobank CJSC 10.000 4/28/2025 AMD 0.000
Societe Generale SA 24.000 4/3/2025 USD 44.00
DZ Bank AG Deutsche Zentra 12.500 6/26/2024 EUR 47.25
Bank Vontobel AG 23.000 6/4/2024 CHF 43.50
Swissquote Bank SA 25.080 6/12/2024 CHF 43.00
Vontobel Financial Product 19.500 6/28/2024 EUR 47.46
Raiffeisen Switzerland BV 18.000 6/12/2024 CHF 41.06
Raiffeisen Schweiz Genosse 20.000 6/12/2024 CHF 31.48
Vontobel Financial Product 24.750 6/28/2024 EUR 34.60
HSBC Trinkaus & Burkhardt 17.300 9/27/2024 EUR 32.10
HSBC Trinkaus & Burkhardt 14.80012/30/2024 EUR 35.99
HSBC Trinkaus & Burkhardt 13.40012/30/2024 EUR 37.31
HSBC Trinkaus & Burkhardt 11.20012/30/2024 EUR 40.40
HSBC Trinkaus & Burkhardt 17.500 9/27/2024 EUR 47.20
HSBC Trinkaus & Burkhardt 19.60012/30/2024 EUR 36.50
HSBC Trinkaus & Burkhardt 17.40012/30/2024 EUR 38.02
HSBC Trinkaus & Burkhardt 15.20012/30/2024 EUR 39.89
HSBC Trinkaus & Burkhardt 19.000 3/28/2025 EUR 36.51
HSBC Trinkaus & Burkhardt 18.100 3/28/2025 EUR 36.88
HSBC Trinkaus & Burkhardt 16.300 3/28/2025 EUR 37.61
HSBC Trinkaus & Burkhardt 14.400 3/28/2025 EUR 38.99
HSBC Trinkaus & Burkhardt 19.60011/22/2024 EUR 39.31
Vontobel Financial Product 14.000 9/27/2024 EUR 46.77
Vontobel Financial Product 21.000 9/27/2024 EUR 40.73
Vontobel Financial Product 23.500 6/28/2024 EUR 36.12
Bank Vontobel AG 18.000 7/19/2024 CHF 44.00
Raiffeisen Switzerland BV 16.000 6/12/2024 CHF 20.48
Leonteq Securities AG/Guer 27.000 7/24/2024 CHF 9.020
Leonteq Securities AG/Guer 15.000 7/24/2024 CHF 8.460
Leonteq Securities AG/Guer 23.000 7/24/2024 CHF 38.65
Bank Vontobel AG 25.000 7/22/2024 USD 27.70
Vontobel Financial Product 15.500 9/27/2024 EUR 45.31
Vontobel Financial Product 17.000 9/27/2024 EUR 44.03
Vontobel Financial Product 18.000 9/27/2024 EUR 42.73
Vontobel Financial Product 19.500 9/27/2024 EUR 41.71
Vontobel Financial Product 24.500 6/28/2024 EUR 35.55
Zurcher Kantonalbank Finan 24.673 6/28/2024 CHF 48.34
HSBC Trinkaus & Burkhardt 18.10012/30/2024 EUR 43.44
Vontobel Financial Product 23.000 6/28/2024 EUR 44.24
Bank Vontobel AG 10.000 6/28/2024 USD 49.50
HSBC Trinkaus & Burkhardt 15.70012/30/2024 EUR 46.53
Leonteq Securities AG 24.000 7/17/2024 CHF 24.14
UBS AG/London 13.000 9/30/2024 CHF 18.06
Credit Suisse AG/London 28.000 9/23/2024 USD 2.360
Fast Credit Capital UCO CJ 11.500 7/13/2024 AMD 0.000
Bank Vontobel AG 10.500 7/29/2024 EUR 47.20
Leonteq Securities AG/Guer 19.000 8/8/2024 CHF 48.44
Landesbank Baden-Wuerttemb 10.00010/25/2024 EUR 39.99
Landesbank Baden-Wuerttemb 11.50010/25/2024 EUR 36.32
Leonteq Securities AG 23.000 6/26/2024 CHF 40.63
Leonteq Securities AG/Guer 20.000 9/26/2024 USD 27.32
Corner Banca SA 18.500 9/23/2024 CHF 14.00
UBS AG/London 13.750 7/1/2024 CHF 39.50
UBS AG/London 18.500 6/14/2024 CHF 26.36
Swissquote Bank SA 27.050 7/31/2024 CHF 47.86
Swissquote Bank SA 16.380 7/31/2024 CHF 8.260
Raiffeisen Switzerland BV 10.500 7/11/2024 USD 24.62
UniCredit Bank GmbH 13.400 9/27/2024 EUR 36.89
Landesbank Baden-Wuerttemb 15.500 9/27/2024 EUR 47.80
Bank Julius Baer & Co Ltd/ 15.300 6/17/2024 EUR 48.25
Evocabank CJSC 11.000 9/27/2025 AMD 0.000
ACBA Bank OJSC 11.500 3/1/2026 AMD 0.000
National Mortgage Co RCO C 12.000 3/30/2026 AMD 0.000
Bank Julius Baer & Co Ltd/ 13.600 6/17/2024 CHF 48.20
UniCredit Bank GmbH 15.20012/31/2024 EUR 47.34
UniCredit Bank GmbH 17.00012/31/2024 EUR 43.80
HSBC Trinkaus & Burkhardt 12.400 9/27/2024 EUR 46.52
Vontobel Financial Product 21.500 6/28/2024 EUR 46.25
Societe Generale SA 16.000 7/3/2024 USD 20.00
Raiffeisen Switzerland BV 20.000 6/26/2024 CHF 33.41
HSBC Trinkaus & Burkhardt 17.000 6/28/2024 EUR 30.68
UniCredit Bank GmbH 17.800 6/28/2024 EUR 40.38
Bank Vontobel AG 22.000 5/31/2024 CHF 22.50
Bank Julius Baer & Co Ltd/ 12.720 2/17/2025 CHF 46.25
DZ Bank AG Deutsche Zentra 11.200 6/28/2024 EUR 42.76
UBS AG/London 13.500 8/15/2024 CHF 46.40
HSBC Trinkaus & Burkhardt 19.700 6/28/2024 EUR 46.68
Landesbank Baden-Wuerttemb 13.000 1/3/2025 EUR 40.14
Societe Generale SA 25.26010/30/2025 USD 9.200
HSBC Trinkaus & Burkhardt 18.300 9/27/2024 EUR 36.53
HSBC Trinkaus & Burkhardt 15.900 9/27/2024 EUR 39.34
HSBC Trinkaus & Burkhardt 13.600 9/27/2024 EUR 43.11
Societe Generale SA 26.64010/30/2025 USD 2.170
UniCredit Bank GmbH 18.000 6/28/2024 EUR 35.29
UniCredit Bank GmbH 19.800 6/28/2024 EUR 31.99
Societe Generale SA 15.00010/31/2024 USD 28.57
Vontobel Financial Product 10.750 6/28/2024 EUR 47.66
Societe Generale SA 22.75010/17/2024 USD 21.30
UniCredit Bank GmbH 13.200 6/28/2024 EUR 47.36
UniCredit Bank GmbH 17.100 6/28/2024 EUR 37.87
UniCredit Bank GmbH 18.900 6/28/2024 EUR 33.55
Evocabank CJSC 11.000 9/28/2024 AMD 0.000
Leonteq Securities AG/Guer 19.000 6/3/2024 CHF 42.28
Bank Vontobel AG 10.000 9/2/2024 EUR 48.70
UBS AG/London 10.000 3/23/2026 USD 25.25
HSBC Trinkaus & Burkhardt 18.750 9/27/2024 EUR 26.91
Bank Vontobel AG 20.000 6/26/2024 CHF 36.40
Bank Vontobel AG 13.000 6/26/2024 CHF 5.600
UniCredit Bank GmbH 17.800 6/28/2024 EUR 24.58
UniCredit Bank GmbH 18.80012/31/2024 EUR 31.59
Basler Kantonalbank 18.000 6/21/2024 CHF 42.74
UniCredit Bank GmbH 15.800 6/28/2024 EUR 22.71
UniCredit Bank GmbH 17.20012/31/2024 EUR 29.04
HSBC Trinkaus & Burkhardt 20.250 6/28/2024 EUR 22.60
HSBC Trinkaus & Burkhardt 17.50012/30/2024 EUR 30.68
Leonteq Securities AG 20.000 9/18/2024 CHF 42.67
UniCredit Bank GmbH 18.200 6/28/2024 EUR 21.54
UniCredit Bank GmbH 19.60012/31/2024 EUR 28.65
UniCredit Bank GmbH 19.200 6/28/2024 EUR 23.87
UniCredit Bank GmbH 19.70012/31/2024 EUR 31.39
DZ Bank AG Deutsche Zentra 24.100 6/28/2024 EUR 46.93
DZ Bank AG Deutsche Zentra 23.200 6/28/2024 EUR 46.88
UniCredit Bank GmbH 17.000 6/28/2024 EUR 22.10
UniCredit Bank GmbH 19.500 6/28/2024 EUR 21.04
UniCredit Bank GmbH 18.80012/31/2024 EUR 28.74
Bank Vontobel AG 12.250 6/17/2024 CHF 50.50
Vontobel Financial Product 21.000 6/28/2024 EUR 44.70
Vontobel Financial Product 18.000 6/28/2024 EUR 47.34
Leonteq Securities AG/Guer 19.000 6/10/2024 CHF 38.76
BNP Paribas Emissions- und 13.000 6/27/2024 EUR 48.58
ACBA Bank OJSC 11.000 12/1/2025 AMD 9.300
Vontobel Financial Product 24.500 9/27/2024 EUR 46.53
Societe Generale SA 16.000 8/1/2024 USD 13.10
Societe Generale SA 16.000 8/1/2024 USD 24.10
Ameriabank CJSC 10.000 2/20/2025 AMD 0.000
Societe Generale SA 15.000 8/1/2024 USD 19.60
UniCredit Bank GmbH 10.700 2/3/2025 EUR 29.55
BNP Paribas Emissions- und 16.000 6/27/2024 EUR 47.21
Societe Generale SA 20.000 7/21/2026 USD 3.940
Landesbank Baden-Wuerttemb 15.500 1/24/2025 EUR 46.73
Leonteq Securities AG/Guer 26.000 7/31/2024 CHF 38.12
Landesbank Baden-Wuerttemb 11.000 1/3/2025 EUR 43.25
Basler Kantonalbank 18.000 6/17/2024 CHF 39.10
UBS AG/London 11.250 9/16/2024 EUR 49.60
Citigroup Global Markets F 25.530 2/18/2025 EUR 0.130
UniCredit Bank GmbH 10.700 2/17/2025 EUR 29.59
Vontobel Financial Product 19.500 6/28/2024 EUR 39.45
Vontobel Financial Product 11.000 6/28/2024 EUR 46.35
BNP Paribas Issuance BV 19.000 9/18/2026 EUR 0.980
BNP Paribas Issuance BV 20.000 9/18/2026 EUR 27.75
Raiffeisen Schweiz Genosse 20.000 9/25/2024 CHF 41.23
Raiffeisen Schweiz Genosse 20.000 9/25/2024 CHF 27.76
UniCredit Bank GmbH 18.00012/31/2024 EUR 28.87
Leonteq Securities AG/Guer 27.600 6/26/2024 CHF 28.49
Leonteq Securities AG/Guer 21.600 6/26/2024 CHF 6.790
UniCredit Bank GmbH 14.100 6/28/2024 EUR 48.34
Landesbank Baden-Wuerttemb 14.500 6/28/2024 EUR 44.89
Societe Generale SA 20.00012/18/2025 USD 20.67
Vontobel Financial Product 21.500 6/28/2024 EUR 38.06
UniCredit Bank GmbH 15.600 6/28/2024 EUR 46.38
Vontobel Financial Product 16.500 6/28/2024 EUR 42.74
Vontobel Financial Product 15.000 6/28/2024 EUR 44.65
Vontobel Financial Product 18.000 6/28/2024 EUR 41.02
Vontobel Financial Product 23.000 6/28/2024 EUR 36.75
Vontobel Financial Product 13.500 6/28/2024 EUR 46.76
Vontobel Financial Product 14.000 6/28/2024 EUR 46.61
Vontobel Financial Product 12.500 6/28/2024 EUR 46.45
Societe Generale SA 14.000 8/8/2024 USD 38.80
Vontobel Financial Product 16.500 6/28/2024 EUR 44.34
Vontobel Financial Product 14.500 6/28/2024 EUR 47.04
Vontobel Financial Product 19.500 6/28/2024 EUR 42.02
Vontobel Financial Product 11.000 6/28/2024 EUR 39.78
Basler Kantonalbank 17.000 7/19/2024 CHF 45.58
Armenian Economy Developme 11.000 10/3/2025 AMD 0.000
Landesbank Baden-Wuerttemb 11.000 6/28/2024 EUR 25.40
Societe Generale SA 27.30010/20/2025 USD 8.800
Societe Generale SA 18.000 10/3/2024 USD 19.20
Societe Generale SA 18.000 10/3/2024 USD 18.80
Societe Generale SA 20.000 10/3/2024 USD 32.00
Societe Generale SA 20.00011/28/2025 USD 4.500
Societe Generale SA 18.000 5/31/2024 USD 28.70
Societe Generale SA 21.00012/26/2025 USD 28.87
EFG International Finance 11.12012/27/2024 EUR 31.32
UniCredit Bank GmbH 10.500 9/23/2024 EUR 30.22
Finca Uco Cjsc 13.00011/16/2024 AMD 0.000
UBS AG/London 16.500 7/22/2024 CHF 19.88
UBS AG/London 21.600 8/2/2027 SEK 35.12
Finca Uco Cjsc 12.500 6/21/2024 AMD 0.000
Bank Vontobel AG 12.000 6/10/2024 CHF 42.50
EFG International Finance 10.300 8/23/2024 USD 24.09
Credit Suisse AG/London 11.200 8/26/2024 USD 39.30
Societe Generale SA 10.010 8/29/2024 USD 47.40
Societe Generale SA 11.750 9/18/2024 USD 48.70
Credit Suisse AG/London 20.00011/29/2024 USD 16.77
UniCredit Bank GmbH 10.300 9/27/2024 EUR 30.68
KPNQwest NV 10.000 3/15/2012 EUR 0.797
Ist Saiberian Petroleum OO 14.00012/28/2024 RUB 15.95
Ukraine Government Bond 11.000 2/16/2037 UAH 29.23
Privatbank CJSC Via UK SPV 10.875 2/28/2018 USD 5.267
UkrLandFarming PLC 10.875 3/26/2018 USD 4.195
Lehman Brothers Treasury C 14.900 9/15/2008 EUR 0.100
Ukraine Government Bond 11.580 2/2/2028 UAH 49.38
Ukraine Government Bond 11.110 3/29/2028 UAH 47.66
Lehman Brothers Treasury C 15.000 3/30/2011 EUR 0.100
Lehman Brothers Treasury C 13.50011/28/2008 USD 0.100
Ukraine Government Bond 11.570 3/1/2028 UAH 48.94
Bulgaria Steel Finance BV 12.000 5/4/2013 EUR 0.216
Sidetur Finance BV 10.000 4/20/2016 USD 0.378
Lehman Brothers Treasury C 10.500 8/9/2010 EUR 0.100
Lehman Brothers Treasury C 10.000 3/27/2009 USD 0.100
Lehman Brothers Treasury C 11.000 6/29/2009 EUR 0.100
Lehman Brothers Treasury C 11.00012/19/2011 USD 0.100
Deutsche Bank AG/London 12.780 3/16/2028 TRY 48.20
Bulgaria Steel Finance BV 12.000 5/4/2013 EUR 0.216
Bilt Paper BV 10.360 USD 0.650
Virgolino de Oliveira Fina 10.875 1/13/2020 USD 36.00
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.010
Virgolino de Oliveira Fina 10.875 1/13/2020 USD 36.00
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.010
Phosphorus Holdco PLC 10.000 4/1/2019 GBP 0.234
Ukraine Government Bond 11.000 4/24/2037 UAH 31.93
BLT Finance BV 12.000 2/10/2015 USD 10.50
Lehman Brothers Treasury C 12.000 7/13/2037 JPY 0.100
Lehman Brothers Treasury C 10.000 6/11/2038 JPY 0.100
Virgolino de Oliveira Fina 11.750 2/9/2022 USD 0.635
Ukraine Government Bond 11.000 3/24/2037 UAH 29.31
Ukraine Government Bond 11.000 4/8/2037 UAH 29.36
Ukraine Government Bond 11.000 4/23/2037 UAH 29.41
Ukraine Government Bond 10.36011/10/2027 UAH 48.61
Codere Finance 2 Luxembour 12.75011/30/2027 EUR 1.000
PA Resources AB 13.500 3/3/2016 SEK 0.124
Phosphorus Holdco PLC 10.000 4/1/2019 GBP 0.234
Tailwind Energy Chinook Lt 12.500 9/27/2019 USD 1.500
Ukraine Government Bond 11.000 4/1/2037 UAH 29.34
Lehman Brothers Treasury C 18.250 10/2/2008 USD 0.100
Ukraine Government Bond 12.500 4/27/2029 UAH 45.94
Ukraine Government Bond 12.50010/12/2029 UAH 44.44
Lehman Brothers Treasury C 13.000 7/25/2012 EUR 0.100
Petromena ASA 10.85011/19/2018 USD 0.622
Ukraine Government Bond 10.710 4/26/2028 UAH 46.51
Credit Agricole Corporate 10.20012/13/2027 TRY 49.51
Lehman Brothers Treasury C 16.800 8/21/2009 USD 0.100
Lehman Brothers Treasury C 13.15010/30/2008 USD 0.100
Lehman Brothers Treasury C 13.00012/14/2012 USD 0.100
Lehman Brothers Treasury C 11.750 3/1/2010 EUR 0.100
Lehman Brothers Treasury C 14.90011/16/2010 EUR 0.100
Lehman Brothers Treasury C 16.000 10/8/2008 CHF 0.100
Lehman Brothers Treasury C 11.00012/20/2017 AUD 0.100
Lehman Brothers Treasury C 11.00012/20/2017 AUD 0.100
Lehman Brothers Treasury C 11.000 2/16/2009 CHF 0.100
Lehman Brothers Treasury C 13.000 2/16/2009 CHF 0.100
Lehman Brothers Treasury C 10.00010/23/2008 USD 0.100
Lehman Brothers Treasury C 10.00010/22/2008 USD 0.100
Lehman Brothers Treasury C 10.600 4/22/2014 MXN 0.100
Lehman Brothers Treasury C 10.000 2/16/2009 CHF 0.100
Lehman Brothers Treasury C 16.000 11/9/2008 USD 0.100
Lehman Brothers Treasury C 17.000 6/2/2009 USD 0.100
Lehman Brothers Treasury C 16.00012/26/2008 USD 0.100
Lehman Brothers Treasury C 13.432 1/8/2009 ILS 0.100
Lehman Brothers Treasury C 10.44211/22/2008 CHF 0.100
Lehman Brothers Treasury C 16.00010/28/2008 USD 0.100
Lehman Brothers Treasury C 16.200 5/14/2009 USD 0.100
Lehman Brothers Treasury C 10.000 5/22/2009 USD 0.100
Lehman Brothers Treasury C 13.500 6/2/2009 USD 0.100
Lehman Brothers Treasury C 23.300 9/16/2008 USD 0.100
Lehman Brothers Treasury C 10.000 6/17/2009 USD 0.100
Lehman Brothers Treasury C 11.000 7/4/2011 CHF 0.100
Lehman Brothers Treasury C 12.000 7/4/2011 EUR 0.100
Lehman Brothers Treasury C 14.10011/12/2008 USD 0.100
Lehman Brothers Treasury C 15.000 6/4/2009 CHF 0.100
Lehman Brothers Treasury C 12.400 6/12/2009 USD 0.100
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
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