/raid1/www/Hosts/bankrupt/TCREUR_Public/241007.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, October 7, 2024, Vol. 25, No. 201
Headlines
F R A N C E
Y/PROJECT: Faces Receivership, Lists Assets for Sale
L U X E M B O U R G
BANQUE HAVILLAND: Fisch Legal & EY Strategy Named as Administrators
CERDIA HOLDING: Upsized Bond is Credit Negative, Moody's Says
S P A I N
SABADELL CONSUMO 3: Fitch Assigns BB-sf Final Rating on Cl. F Notes
U N I T E D K I N G D O M
BELRON UK: Moody's Rates New EUR850MM Sr. Secured Notes 'Ba3'
EDGE FINCO: Moody's Rates New GBP500MM Sr. Secured Notes 'B2'
GROWTHDECK LIMITED: FTS Recovery Named as Administrators
HOUSE OF MOSAICS: Leonard Curtis Named as Administrators
INEOS QUATTRO 2: S&P Assigns 'BB' Rating on New Sr. Secured Notes
INEOS QUATTRO: New Sr. Secured Notes No Impact on Moody's 'B1' CFR
PENNINE WAY: Quantuma Advisory Named as Administrators
PHYSICAL 2 DIGITAL: FTS Recovery Named as Administrators
TRILEY MIDCO 2: Moody's Alters Outlook on 'B3' CFR to Positive
X X X X X X X X
[*] BOND PRICING: For the Week September 30 to October 4, 2024
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F R A N C E
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Y/PROJECT: Faces Receivership, Lists Assets for Sale
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WWD reports that legal documents revealed that Y/Project was placed
into receivership by a commercial court in Paris on September 26,
2024. This filing initiates a bidding process, allowing potential
buyers until October 16, 2024 to submit their offers for the
company.
According to WWD, designer Glenn Martens, who has become closely
associated with the label, left the brand on September 6, 2024
after an 11-year tenure. This change resulted in the cancellation
of Y/Project's scheduled presentation for Paris Fashion Week SS25,
originally set for September 29, 2024.
Although court proceedings commenced after co-founder Gilles
Elalouf's death in June 2024, cash flow issues had already affected
the brand's canceled FW24 presentation. Furthermore, former CEO
Pascal Conte-Jodra had only been with the company for a year before
leaving in July 2024, the report relays.
While events have unfolded quickly, Y/Project enjoyed several
notable successes during Martens' final years, such as the FW22
collection, which showcased trompe l'oeil designs by Jean Paul
Gaultier. Martens remains the creative director at Diesel, a role
he has held since 2020, where he has revitalized the Italian denim
brand to appeal to a new generation with a fresh and edgy style,
the report cites.
Y/Project is a Paris-based fashion label launched in 2010.
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L U X E M B O U R G
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BANQUE HAVILLAND: Fisch Legal & EY Strategy Named as Administrators
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The District Court in and of Luxembourg-City, by commercial
judgment no. 2024TALVCOM/00116
(docket number TAL-2024-06491) of August 9, 2024, has given notice
to BANQUE HAVILLAND S.A. that it disputes that inspections carried
out on its premises by the COMMISSION DE SURVEILLANCE DU SECTEUR
FINANCIER (or CSSF for short) revealed serious and repeated
breaches of internal governance and
anti-money laundering and anti-terrorist financing measures.
The District Court has also declared that the CSSF's application
for BANQUE HAVILLAND S.A. to benefit from the suspension of
payments procedure to be admissible and well-founded.
Accordingly, the District Court has admitted BANQUE HAVILLAND S.A.
to the benefit of the suspension of payments procedure as provided
for in Part Il, Title 11, of the amended law of December 18, 2015
relating to the insolvency of credit institutions and certain
investment firms.
Moreover, the District Court has appointed as administrators to
oversee the management of the assets BANQUE HAVILLAND S.A.:
(1) the limited liability company Fisch Legal, in the person
of Laurent Fisch, lawyer, residing professionally at
L-1334 Luxembourg, 4, rue de Chiny; and
(2) the limited liability company EY Strategy and Transactions,
in the person of Christophe Vandendorpe, residing
professionally at L-1855 Luxembourg, 35E, avenue J.F.
Kennedy.
The District Court has set the duration of the suspension of
payments procedure at six months.
CERDIA HOLDING: Upsized Bond is Credit Negative, Moody's Says
-------------------------------------------------------------
Moody's Ratings says Cerdia Holding S.a r.l.'s (Cerdia) decision to
upsize the backed senior secured bond offering by Cerdia Finanz
GmbH to $900 million from the originally proposed $800 million is
credit negative. Cerdia will use proceeds from the offering and
cash on hand to repay its existing B2 rated $600 million backed
senior secured notes issued by Cerdia Finanz GmbH, fund a $375
million shareholder distribution and pay related fees and expenses.
The B2 ratings and positive outlook continue to incorporate Moody's
expectation that the company will execute on the proposed
refinancing.
Giving effect to the upsized refinancing, Moody's estimate Cerdia's
pro forma debt-to-EBITDA at around 3.9x, with EBITA/interest
coverage around 3.25x, as of the LTM period to June 30, 2024. These
metrics incorporate Moody's adjustments for leases, pensions and an
estimate of factoring utilisation around $60 million. While still
currently operating and part of the company's reported revenue and
EBITDA, it is unclear how long Cerdia's plant in Russia will remain
operational. Excluding estimates for its Russian operations, which
is part of Moody's base assumptions, Moody's estimate the company's
leverage would be around 4.1x.
The upsizing increased the company's gross debt and leverage, and
will extend the timeframe for potentially achieving metrics that
align with a B1 rating, unless the company's EBITDA strengthens
beyond Moody's current expectations.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Factors that could lead to an upgrade of Cerdia's ratings include:
(i) Moody's adjusted debt/EBITDA around 3.5x and EBITA/interest
sustained above 2.5x; (ii) FCF/debt sustained in the high single
digits; (iii) good liquidity; (iv) increasing diversification of
the company's customer concentrations and filter tow end-market
exposure; coupled with a further track record of maintaining
margins and revenue at current levels; (v) conservative application
of free cash flow between gross debt reduction and shareholder
returns.
Factors that could lead to a downgrade of Cerdia's ratings include:
(i) Moody's adjusted debt/EBITDA sustained above 5.0x; (ii)
EBITA/Interest coverage below 2.0x; (iii) EBITDA margin declining
below 20%; (iv) free cash flow turns materially negative; (v) the
company's liquidity deteriorates.
COMPANY PROFILE
Cerdia is a leading supplier of cellulose acetate filter tow, a
critical component used by tobacco companies for cigarette filters,
with expected net sales of $779 million in 2023. Acetate filter tow
represented more than 89% of 2023 revenues, with the rest split
between acetate flakes mainly used for cigarette filters (9%) and
sale from other products and services (2%). Cerdia's four plants
are located in Germany, Russia, Brazil and the US. The company was
spun-off from Solvay SA, which sold it to private equity fund
Blackstone via an LBO deal 2017.
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S P A I N
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SABADELL CONSUMO 3: Fitch Assigns BB-sf Final Rating on Cl. F Notes
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Fitch Ratings has assigned Sabadell Consumo 3, FT's notes final
ratings.
The final ratings on the class C and F notes are one notch and two
notches higher, respectively, than the expected ratings. This has
mainly been driven by lower final coupon rates payable to the
noteholders and the lower interest rate payable to the swap
provider than initially considered in the analysis.
Entity/Debt Rating Prior
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Sabadell Consumo 3, FT
Class A ES0305838007 LT AAsf New Rating AA(EXP)sf
Class B ES0305838015 LT AA-sf New Rating AA-(EXP)sf
Class C ES0305838023 LT Asf New Rating A-(EXP)sf
Class D ES0305838031 LT BBB-sf New Rating BBB-(EXP)sf
Class E ES0305838049 LT BB+sf New Rating BB+(EXP)sf
Class F ES0305838056 LT BB-sf New Rating B(EXP)sf
Class G ES0305838064 LT NRsf New Rating NR(EXP)sf
Transaction Summary
The transaction is a static securitisation of fully amortising
general-purpose consumer loans originated by Banco de Sabadell,
S.A. (BBB/Stable/F2) to Spanish residents. All loans are to
existing Sabadell clients.
KEY RATING DRIVERS
Asset Assumptions Reflect Pool Composition: Fitch calibrated
base-case lifetime default and recovery rates for the total
portfolio at 4.75% and 20% respectively, reflecting the bank's
earlier default definition and considering the historical data
provided by Sabadell, Spain's economic outlook and the originator's
underwriting and servicing strategies. For the class A notes'
'AAsf' rating case, the lifetime default and recovery rates
calibrated are 16.2% and 12.0%, respectively.
Performance Triggers Mitigate Pro-Rata: The class A to F notes are
repaid pro-rata unless a sequential amortisation event occurs
primarily linked to cumulative defaults exceeding certain
thresholds. Fitch views these triggers as robust in preventing the
pro-rata mechanism from continuing on early signs of performance
deterioration. Moreover, Fitch believes that the tail risk posed by
the pro-rata pay-down is mitigated by the mandatory switch to
sequential amortisation when the outstanding collateral balance
(inclusive of defaults) falls below 10% of the initial balance.
Counterparty Arrangements Cap Ratings: The maximum achievable
rating for the notes is 'AA+sf', according to Fitch's counterparty
criteria. The minimum eligibility rating threshold defined for the
transaction account bank of 'A-' is insufficient to support 'AAAsf'
ratings.
Immaterial PIR: Payment interruption risk (PIR) in the event of a
servicer disruption is assessed as immaterial up to 'AA+sf', in
line with Fitch's counterparty criteria, as interest deferability
is permitted under transaction documentation for all rated notes
and does not constitute an event of default. Therefore, the ratings
assigned to the notes address the ultimate payment of interest and
principal, which is compatible with 'AAsf' category ratings in line
with Fitch's updated Global Structured Finance Rating Criteria.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Long-term asset performance deterioration, such as increased
delinquencies or reduced portfolio yield, which could be driven by
changes in portfolio characteristics, macroeconomic conditions,
business practices or the legislative landscape.
An increase of the defaults and a reduction of the recoveries by
10% each could lead to downgrades of no more than one notch for the
class A, B and F notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
The rating on the senior notes is capped by the documented
counterparty replacement provisions, as per Fitch's Structured
Finance and Covered Bonds Counterparty Rating Criteria.
A decrease in defaults and an increase in recoveries by 10% each
could lead to upgrades of no more than one notch for the class A
and E notes and two notches for the class B, C, D and F notes.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Sabadell Consumo 3, FT
Fitch reviewed the results of a third party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.
Fitch conducted a review of a small targeted sample of the
originator's origination files and found the information contained
in the reviewed files to be adequately consistent with the
originator's policies and practices and the other information
provided to the agency about the asset portfolio.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
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U N I T E D K I N G D O M
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BELRON UK: Moody's Rates New EUR850MM Sr. Secured Notes 'Ba3'
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Moody's Ratings has assigned Ba3 instrument ratings to the proposed
EUR850 million backed senior secured notes due 2029 and the $1,115
million backed senior secured notes due 2029 to be issued by Belron
UK Finance Plc, a subsidiary of Belron Group SCA (Belron).
RATINGS RATIONALE
The proposed backed senior secured notes represent the second leg
of the around EUR8.1 billion financing package that, alongside
EUR515 million of current cash on balance sheet, will be used to
repay all of the currently outstanding senior secured debt within
the Belron group and fund a EUR4.4 billion distribution to
shareholders.
The Ba3 long term corporate family rating (CFR) and the Ba3-PD
probability of default rating of Belron Group SCA, as well as the
Ba3 instrument ratings on all currently outstanding backed senior
secured loans raised by Belron UK Finance Plc, Belron Finance 2019
LLC, Belron Finance US LLC, Belron Luxembourg S.a.r.l. and on the
EUR1,140 million backed senior secured revolving credit facility
(RCF) raised by Belron Finance Limited, remain unaffected because
they incorporated Moody's assumption that the entire financing
package would be successfully executed.
The assigned Ba3 ratings to the proposed backed senior secured
notes reflect the sharing of guarantors and security package with
the senior facilities, as well as their pari passu ranking with the
backed senior secured term loans raised by Belron UK Finance Plc
and Belron Finance 2019 LLC and the EUR1,140 million backed senior
secured revolving credit facility (RCF) raised by Belron Finance
Limited.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
A ratings upgrade could be considered in the event of Belron
continuing to sustain solid revenue and earnings growth while also
(i) the company's Moody's Ratings-adjusted debt/EBITDA decreases
sustainably towards 4.5x and, (ii) Moody's Ratings-adjusted
EBITA/Interest Expense increases sustainably above 3x, and (iii)
the company maintains a good liquidity profile while generating
positive free cash flow.
Conversely, the ratings could be downgraded in the event that (i)
Moody's Ratings-adjusted debt/EBITDA remains above 6.0x for a
prolonged period of time, or (ii) there is a sustained decline in
organic revenue or profitability, or (iii) Moody's Ratings-adjusted
EBITA/Interest Expense falls materially below 2.25x, or (iv) the
company generates negative free cash flow, (v) or the company's
liquidity profile deteriorates significantly.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
CORPORATE PROFILE
Belron is the market leader in the vehicle glass repair,
replacement and recalibration industry, with an established
presence in 39 countries. The group operates under several
different brands, with Carglass (Continental Europe), Autoglass
(UK) and Safelite (US) being the most well-known. The VGRR service
range comprises three primary activities: replacement, repair and
recalibration. Belron has a presence across 39 countries, but over
90% of its total revenue comes from its top 10 markets of the US,
France, Germany, the UK, Canada, Australia, Spain, Italy, Belgium,
and the Netherlands. The company generated revenue of EUR6 billion
and EUR1.6 billion of management-adjusted EBITDA in 2023.
The company's main shareholders are the Belgium-based conglomerate
D'leteren Group SA (55%), private equity firms Clayton, Dubilier &
Rice (22%) and Hellman & Friedman (H&F) (12%) and BlackRock, Inc.
(3%, Aa3 negative) and GIC (4%). The remaining shares are owned by
management and the founding family.
EDGE FINCO: Moody's Rates New GBP500MM Sr. Secured Notes 'B2'
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Moody's Ratings has assigned a B2 rating to the proposed GBP500
million backed senior secured notes (due 2031) being issued by Edge
Finco Plc (Evri or the company). The company's existing ratings are
unchanged, including its B2 long term corporate family rating,
B2-PD probability of default rating, B2 rating of the company's
proposed 7-year GBP900 million-equivalent senior secured term loan
B and the 6.5-year GBP300 million revolving credit facility (RCF).
The outlook is stable.
RATINGS RATIONALE
Evri's rating positively reflects the company's (1) position as the
UK's second-largest e-commerce parcel delivery service with a 28%
market share (as estimated by Evri, by volume excluding B2B and
Amazon captive); (2) cost leadership, driven by its scalable
network, including its flexible self-employed courier model, which
enhances its competitive edge; (3) track record of growing revenues
since 2011 and sustaining volumes post Covid surge; (4) favourable
current market dynamics with increasing e-commerce penetration to
support future growth; (5) large and stable client base with
multi-year contracts, with some concentration (top 10 clients
account for 39% of overall revenues) and exposure to the fashion
industry; and (6) good liquidity supported by healthy free cash
flow (FCF) generation.
The rating also takes into consideration (1) that Evri's revenue is
heavily UK-centric, comprising 97% of total; (2) competitive market
with multiple players like Royal Mail, Yodel, DPD, Amazon Shipping;
(3) high initial Moody's adjusted gross leverage based upon LTM
Q1-2025 EBITDA and the company's need to establish a track record
of deleveraging going forward; (4) exposure to future market risks
such as a weakening macro-economic climate, shifts in consumer
shopping habits, and slower e-commerce growth in the UK which could
adversely impact courier volumes; (5) potential need to limit
pricing growth to maintain competitiveness and market share; and
(6) exposure to any future regulatory changes in the UK targeting
for instance, China-specific imports or the self-employed labour
market (though Evri's SE+ model will largely mitigate this).
STRUCTURAL CONSIDERATIONS
The B2 ratings on the proposed senior secured notes and the pari
passu-ranking senior secured term loan B and RCF are in line with
the CFR, reflecting the first-lien only capital structure.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS
Governance is the key driver for this rating action reflecting the
company's high initial leverage following its acquisition by
Apollo. Environmental risks stemming from the carbon footprint of
its vehicle fleet are also material. The company has only moderate
exposure to certain social risks related to human capital, health
and safety and responsible production.
RATING OUTLOOK
The stable outlook is based on Moody's expectation of revenue and
Moody's-adjusted EBITDA growth for Evri over the next 12-18 months
supporting de-leveraging.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
The rating could be upgraded if:
-- Evri continues to expand its operations demonstrating a track
record of consistent volume and revenue growth across key segments
(Corporate, International Outbound, Market Places and SMEs) while
maintaining or improving its operating margin
-- Establishes commitment to a prudent financial policy that is
focused on de-leveraging
-- Moody's-adjusted gross leverage reduces sustainably below
5.25x
-- FCF/Debt is improves to 5% or higher while good liquidity
levels are maintained
Conversely, the ratings could be downgraded if:
-- Volume or revenue growth recedes meaningfully together with
sustained pressure on operating margin
-- Moody's-adjusted gross leverage increases sustainably towards
6.25x
-- Free cash flow deteriorates and turns negative
The principal methodology used in this rating was Surface
Transportation and Logistics published in December 2021.
COMPANY PROFILE
Evri is the second-largest UK e-commerce parcel delivery service by
volumes. In FY2024, Evri delivered over 740 million parcels,
generating GBP1.7 billion revenues and GBP275 million of Moody's
adjusted EBITDA. The company utilizes about 25k self-employed
couriers and boasts the UK's one of the largest out-of-home network
with roughly 16k locations. Its operations span six segments:
Corporate (serving UK corporate clients), International Inbound,
Marketplace, and smaller segments like SME, C2C, International
Outbound and Fulfillment.
GROWTHDECK LIMITED: FTS Recovery Named as Administrators
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Growthdeck Limited was placed in administration proceedings in the
Business and Property Courts in England and Wales, Court Number:
CR-2024-005240, and Alan Coleman and Marco Piacquadio of FTS
Recovery Limited were appointed as administrators on Sept. 27,
2024.
Growthdeck provides tax-efficient and growth investment
opportunities for its network of private investors and
introducers.
Its registered office and principal trading address is at Seebeck
House, 1 Seebeck Place, Knowlhill, Milton Keynes, MK5 8FR.
The administrators can be reached at:
Marco Piacquadio
Alan Coleman
FTS Recovery Limited
Ground Floor, Baird House
Seebeck Place, Knowlhill
Milton Keynes, MK5 8FR
For further information, contact:
The Administrators
Tel No: 01908 754666
Alternative contact: nayem.noor@ftsrecovery.co.uk
HOUSE OF MOSAICS: Leonard Curtis Named as Administrators
--------------------------------------------------------
House Of Mosaics Limited was placed in administration proceedings
in the High Court of Justice Business and Property Courts in
Manchester, Insolvency & Companies List (ChD), Court Number:
CR-2024-001269, and Mike Dillon and Katy McAndrew of Leonard Curtis
were appointed as administrators on Sept. 30, 2024.
House of Mosaics engages in retail sale via mail order houses or
via Internet.
Its registered office is at Ebenezer House, Ryecroft,
Newcastle-Under-Lyme, Staffordshire ST5 2BE. Its principal trading
address is at Units 1 and 2 Yeoman Industrial Estate, Wharf Road,
Burton upon Trent DE14 1PZ.
The administrators can be reached at:
Mike Dillon
Katy McAndrew
Leonard Curtis
Riverside House
Irwell Street
Manchester, M3 5EN
For further details, contact:
The Joint Administrators
Email: recovery@leonardcurtis.co.uk
Tel No: 0161 831 9999
Alternative contact: Avery Lewis
INEOS QUATTRO 2: S&P Assigns 'BB' Rating on New Sr. Secured Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue rating to INEOS Quattro
Finance 2 PLC's proposed senior secured notes due in 2030,
guaranteed by INEOS Quattro Holdings UK Ltd. Together with INEOS
Quattro Holdings UK's proposed term loan B (TLB) announced Sept.
23, 2024, the new debt equivalent to EUR1.6 billion, in a
combination of euro and U.S. dollars, will refinance the existing
euro and U.S. dollar TLB due in 2026, refinance euro senior notes
due in 2026, and fund a capped tender for the Styrolution
euro-denominated senior secured notes due in 2027. This does not
affect S&P's 'BB' long-term issuer credit rating on Quattro with a
negative outlook.
The transaction reflects Quattro's proactive maturity management.
It will be broadly credit neutral since the new debt will refinance
existing debt.
The loan documentation allows Quattro to incur additional debt
subject to a minimum fixed charge coverage ratio of 2.0x. There is
also a restricted payment covenant, as well as limits on the sale
of certain assets and transactions with affiliates.
Recovery Analysis
Key analytical factors
-- The '3' recovery rating reflects our view of the group's
substantial asset base and its fairly comprehensive security and
guarantee package.
-- However, this is balanced by the absence of maintenance
financial covenants and a substantial proportion of the group's
working capital assets being pledged in favor of a receivables
securitization facility.
-- The security package for the senior secured facilities
comprises pledges over all assets, shares, and guarantors that
collectively represent at least 85% of EBITDA and assets.
-- S&P values Quattro as a going concern, given the group's solid
market position, large-scale integrated petrochemicals sites across
the U.S. and Europe, and diversified end markets.
Simulated default assumptions
-- Year of default: 2029
-- Jurisdiction: U.K.
Simplified waterfall
-- Emergence EBITDA: About EUR0.9 billion
--Capex represents 2% of three-year annual average sales
(2021-2023)
--Standard cyclicality adjustment of 10% for the commodity
chemicals industry
-- Multiple: 5.5x
-- Operational adjustment of 20% to reflect the company's large
scale, integrated, and cost-competitive asset base and expanded
perimeter following recent acquisitions
-- Gross recovery value: EUR5.9 billion
-- Net recovery value for waterfall after administrative expenses
(5%): EUR5.6 billion
-- Estimated priority claims (mainly securitization program
outstanding): EUR0.5 billion
-- Remaining recovery value: EUR5.1 billion
-- Estimated first-lien debt claim: EUR7.4 billion
--Recovery range: 50%-70% (rounded estimate: 65%)
--Recovery rating: 3
All debt amounts include six months of prepetition interest.
Securitization facility is assumed 100% drawn at default.
INEOS QUATTRO: New Sr. Secured Notes No Impact on Moody's 'B1' CFR
------------------------------------------------------------------
Moody's Ratings says INEOS Quattro Holdings Ltd's (INEOS Quattro or
"the company") ratings, including its B1 long term corporate family
rating, B1-PD probability of default rating, the B1 ratings of the
group senior secured debt issued through subsidiaries and the B3
rating of its senior unsecured debt (also issued through
subsidiaries), are unaffected by the proposed issuance of new
senior secured notes due 2030. The outlook remains stable.
Following the add-on to the Term Loan B (TLB) announced on
September 23, 2024, the company now intends to raise an aggregate
principal amount of approximately EUR1.6 billion (equivalent), of
which the TLB Financing is expected to constitute approximately
EUR1.0 billion (equivalent). The issuer intends to use the proceeds
to repay the term loan B facilities due 2026, the 3 3/4% senior
notes due 2026 issued by INEOS Quattro Finance 1 Plc, the 2 1/2%
senior secured notes due 2026 and the 3 3/4% senior secured notes
due 2026, and a portion of the 2 1/4% senior secured notes due 2027
issued by INEOS Styrolution Group GmbH. The transaction is
therefore leverage neutral, with proceeds from the refinancing
being used to repay existing debt.
The B1 long-term corporate family rating of INEOS Quattro Holdings
Ltd (formerly INEOS Styrolution) reflects the company's large size
and scope, with leading market positions globally in a variety of
chemical products; its good geographic and end-market
diversification; as well as a well-invested asset base which
requires relatively limited capital spending.
These positives are counterbalanced by i) the cyclical nature of
the commodity chemical industry, which has experienced a protracted
period of material market weakness; ii) an aggressive financial
policy with debt-funded returns to shareholders and acquisitions;
and iii) the high volatility of earnings from operating leverage
and exposure to feedstock costs, exacerbated by energy costs which
in Europe remain about twice as high as before the military
conflict in Ukraine.
INEOS Quattro's liquidity position is good. As of the end of June
2024, the group had unrestricted cash on balance sheet of EUR1.82
billion. Liquidity is further supported by access to undrawn trade
receivable securitisation programmes with total capacity of EUR600
and EUR240 million, for a current total available drawdown of
EUR631 million, which expire in February and March 2027
respectively. Moody's expect cumulative free cash flow to be
positive by about EUR155 million over the next 18 reported months
to end 2025. During that time span, the company will also receive
about EUR110 million of deferred consideration for the 2022 equity
transfer agreement of INEOS Styrolution Advanced Materials (Ningbo)
Pte Limited and pay around EUR65 million of deferred consideration
for the 2023 Eastman acquisition in Texas.
The ongoing refinancing will further extend the company's debt
maturities, with around EUR1.05 billion debt coming due in 2027 and
around EUR4.06 billion in 2029. Moody's note that despite weak
earnings, INEOS Quattro has been successful in accessing capital
markets.
The backed senior secured debt of INEOS Quattro (issued through
subsidiaries) is rated B1, at the same level as its CFR, and the
backed senior unsecured debt (also issued through subsidiaries) is
rated B3. Given the relative size of the two classes of debt, the
support provided by the unsecured debt is not sufficient to provide
any notching between the secured debt and the CFR.
The stable outlook reflects Moody's expectation that INEOS
Quattro's earnings will recover, albeit partially, over the next
12-18 months, leading to a reduction in leverage, while its free
cash flow, as defined by us, will be broadly neutral, supporting at
least adequate liquidity.
Although unlikely in the near term, positive rating pressure would
occur if, on a sustained and Moody's-adjusted basis, gross
debt/EBITDA is below 4.5x, EBITDA/interest is above 3x, and free
cash flow/debt in the high single digits in percentage terms, while
maintaining good liquidity at all times.
Conversely, negative rating pressure could occur if, on a sustained
and Moody's-adjusted basis, gross debt/EBITDA is above 5.5x,
EBITDA/interest reduces below 2x, or if free cash flow remains
negative or is in the low single digits as a percentage of debt.
Any significant deterioration in liquidity, further debt-funded
dividend payments or acquisitions, or failure to address the 2026
and 2027 debt maturities at least a year in advance could also
cause negative rating pressure.
INEOS Quattro is an indirect wholly owned subsidiary of INEOS
Limited. It was formed in 2020 by merging the INEOS Styrolution and
INOVYN businesses, along with the Aromatics and Acetyls businesses
acquired from BP p.l.c. (A1 stable) that year. The company is a
chemical manufacturer whose main products are polystyrene (PS),
acrylonitrile butadiene styrene (ABS), polyvinyl chloride (PVC),
caustic soda, purified terephthalic acid (PTA), acetic acid, and
acetic anhydride.
PENNINE WAY: Quantuma Advisory Named as Administrators
------------------------------------------------------
Pennine Way Limited was placed in administration proceedings in the
High Court of Justice Business and Property Courts of England and
Wales, Court Number: CR-2024-003937, and Nicholas Simmonds and
Chris Newell of Quantuma Advisory Limited were appointed as
administrators on Sept. 26, 2024.
Pennine Way specializes in providing office space to small and
medium sized businesses located in and around central London. It
currently operates four centers.
Its registered office is at 3rd Floor, St Clare House, 30-33
Minories, London EC3N 1DD and it is in the process of being changed
to 1st Floor, 21 Station Road, Watford, Herts WD17 1AP. The
company's principal trading address is at 2A Charing Cross Road,
London, WC2H 0HF.
The joint administrators can be reached at:
Nicholas Simmonds
Chris Newell
Quantuma Advisory Limited
1st Floor, 21 Station Road
Watford, Herts, WD17 1AP
For further information, contact:
Silvia Fernandes
Email: silvia.fernandes@quantuma.com
Tel No: 01923 954 179
PHYSICAL 2 DIGITAL: FTS Recovery Named as Administrators
--------------------------------------------------------
Physical 2 Digital Limited was placed in administration proceedings
in the Business and Property Courts in England and Wales, Court
Number: CR-2024-005390, and Alan Coleman and Marco Piacquadio of
FTS Recovery Limited were appointed as administrators on Sept. 27,
2024.
Physical 2 Digital, trading as P2D, specializes in business support
service activities.
Its registered office and principal trading address is at Lynton
House, 7-12 Tavistock Square, London, WC1H 9LT.
The administrators can be reached at:
Marco Piacquadio
Alan Coleman
FTS Recovery Limited
Ground Floor, Baird House
Seebeck Place, Knowlhill
Milton Keynes, MK5 8FR
For further information, contact:
The Administrators
Tel No: 01908 754666
Alternative contact: nayem.noor@ftsrecovery.co.uk
TRILEY MIDCO 2: Moody's Alters Outlook on 'B3' CFR to Positive
--------------------------------------------------------------
Moody's Ratings has affirmed the B3 long-term corporate family
rating and B3-PD probability of default rating of pharmaceutical
services and mature drugs provider Triley Midco 2 Limited (Clinigen
or the company). Moody's have also affirmed the B3 ratings of the
company's backed senior secured credit facilities. The outlook has
been changed to positive from stable.
The rating action reflects:
-- Improving trading performance at group level in fiscal 2024
(ended June 2024), and debt prepayments utilising the proceeds from
milestone income
-- The company's solid positions in the growing pharmaceutical
services segment
-- Leverage improving and expected to reduce to around 6x on a
Moody's-adjusted basis over the next 12-18 months
-- Free cash flows remaining low and early stage in recovery of
performance of clinical trials services divisions
RATINGS RATIONALE
The B3 CFR reflects the company's: (1) attractive growth rates in
pharmaceutical services, with low correlation to economic cycles;
(2) embedded position in the pharma value chain thanks to
relationships with both pharmaceutical companies and healthcare
professionals; (3) high barriers to entry in some segments through
regulatory know-how and global footprint; (4) diversity of service
offering providing cross-selling opportunities; (5) track record of
growth and free cash flow generation prior to the LBO.
The ratings also reflect the company's: (1) high Moody's adjusted
leverage of 6.3x as at June 2024, and expected to reduce to around
6.0x; (2) decline in mature owned drugs portfolio, and ongoing
underperformance in clinical trial services; (3) high competition
with moderate risk of new entrants and potential price pressure in
the fragmented market for pharmaceutical services; (4) risk of
debt-funded acquisitions slowing the company's gross deleveraging
trajectory; and (5) risk of digital disruption that could pressure
the margins.
After Moody's downgraded the company's CFR to B3 from B2 last year,
performance has started to recover at total EBITDA level, with
strong growth in its partnered drug distribution business and its
managed access programmes. This offset considerable weakness in
clinical trials services and a small declining own drugs portfolio.
Leverage has improved thanks to substantial debt prepayments -
GBP85 million in the last year and GBP225 million since the LBO,
largely driven by the sale of cancer drug Proleukin which also
earned the company milestone income in 2024.
A return to meaningful growth will depend on stabilising the
clinical trials operation, for which Clinigen is gradually
rebuilding its order book. This segment is currently largely
focused on phase 1 and 2 trials, has some areas of commoditisation,
shorter lead times and relatively high earnings volatility. The
company has introduced new divisional management teams, focused on
improving service, rebuilding its order book and improved results
are expected in fiscal 2025. The rest of the services business
occupies some solid niches despite a competitive market.
LIQUIDITY
Clinigen has good liquidity. As at June 2024 the company held cash
of GBP75 million and had access to an undrawn revolving credit
facility (RCF) of GBP75 million. Free cash flow is expected to
remain modestly positive. Clinigen's debt documentation is
covenant-lite with only one springing financial covenant, based on
net first lien secured leverage. It would be tested if the RCF is
drawn by 40% or more, and Moody's expect significant headroom to be
maintained.
STRUCTURAL CONSIDERATIONS
The B3 ratings on the GBP543 million equivalent senior secured
first lien term loan B1 due 2029 and pari passu ranking GBP75
million senior secured RCF due 2028 are in line with the CFR
reflecting the all first lien senior debt structure following the
prepayment of the company's second lien term loan in May 2023.
OUTLOOK
The positive outlook reflects Moody's expectation that the company
will reduce Moody's-adjusted leverage to around 6.0x over the next
12-18 months. The outlook also assumes the company will sustain
growth in sales and EBITDA with free cash flow at low positive
levels, with growth in pharmaceutical services, clinical trials
services stabilising and a lower impact from the decline in owned
products. The outlook also assumes that liquidity remains adequate
and that there are no material releveraging debt-funded
acquisitions.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if (i) risks of revenue and profit
decline in Clinigen's own product portfolio abate, and (ii)
Clinigen's Moody's adjusted gross debt to EBITDA reduces to below
6.0x on a sustainable basis, and (iii) Clinigen generates free cash
flow (FCF, after interest and exceptional items) leading to
FCF/adjusted debt increasing towards 5% on a sustainable basis, and
(iv) the company does not make any material debt-funded
acquisitions or shareholder distributions.
The ratings could be downgraded in case (i) EBITDA declines on an a
sustained basis, resulting in continued high leverage, or (ii) free
cash generation becomes materially negative or (iii) liquidity
weakens, or (iv) Clinigen embarks upon material debt-funded
acquisitions or shareholder distributions.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
COMPANY PROFILE
Clinigen, headquartered in Burton-upon-Trent, UK, is a global but
specialised provider of pharmaceutical products and services
focused on access to medicines. Its offering includes (i) a
portfolio of owned and licensed secondary care and hospital drugs,
(ii) the supply of third-party unapproved and difficult-to-source
medicines, (iii) clinical trial services, (iv) the management of
early access to medicines programmes, and (v) pharmacovigilence and
adjacent services. The company was taken private in April 2022
through an LBO by Triton Partners and had revenues from continuing
operations of GBP505 million and company-adjusted EBITDA of GBP84
million in fiscal 2023.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week September 30 to October 4, 2024
--------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Altice France Hold 10.500 5/15/2027 USD 34.780
NCO Invest SA 10.000 12/30/2026 EUR 0.139
Solis Bond Co DAC 10.208 9/30/2024 EUR 45.400
IOG Plc 12.826 9/22/2025 EUR 8.001
Ferralum Metals Gr 10.000 12/30/2026 EUR 34.250
NCO Invest SA 10.000 12/30/2026 EUR 0.349
Codere Finance 2 L 11.000 9/30/2026 EUR 44.057
Oscar Properties H 11.270 7/5/2024 SEK 0.090
Codere Finance 2 L 12.750 11/30/2027 EUR 0.886
Virgolino de Olive 10.500 1/28/2018 USD 0.010
Virgolino de Olive 11.750 2/9/2022 USD 0.387
Virgolino de Olive 10.500 1/28/2018 USD 0.010
Fastator AB 12.500 9/25/2026 SEK 35.978
Turkiye Government 10.400 10/13/2032 TRY 48.600
R-Logitech Finance 10.250 9/26/2027 EUR 15.000
Codere Finance 2 L 13.625 11/30/2027 USD 1.001
Marginalen Bank Ba 12.695 SEK 40.002
Tinkoff Bank JSC V 11.002 USD 42.875
Fastator AB 12.500 9/26/2025 SEK 36.375
UkrLandFarming PLC 10.875 3/26/2018 USD 1.356
Immigon Portfolioa 10.055 EUR 14.875
Kvalitena AB publ 10.067 4/2/2024 SEK 45.000
Avangardco Investm 10.000 10/29/2018 USD 0.181
Codere Finance 2 L 13.625 11/30/2027 USD 1.001
Bilt Paper BV 10.360 USD 1.002
Fastator AB 12.500 9/24/2027 SEK 36.000
Ilija Batljan Inve 10.007 SEK 10.000
Codere Finance 2 L 11.000 9/30/2026 EUR 44.130
Plusplus Capital F 11.000 7/29/2026 EUR 7.273
Altice France Hold 10.500 5/15/2027 USD 34.776
Privatbank CJSC Vi 10.250 1/23/2018 USD 3.606
Virgolino de Olive 10.875 1/13/2020 USD 36.000
Saderea DAC 12.500 11/30/2026 USD 50.000
Sidetur Finance BV 10.000 4/20/2016 USD 0.804
Transcapitalbank J 10.000 USD 1.450
Virgolino de Olive 11.750 2/9/2022 USD 0.387
Virgolino de Olive 10.875 1/13/2020 USD 36.000
Privatbank CJSC Vi 11.000 2/9/2021 USD 0.500
Evocabank CJSC 11.000 9/27/2025 AMD 0.000
Privatbank CJSC Vi 10.875 2/28/2018 USD 5.085
UBS AG/London 10.000 3/23/2026 USD 33.390
UkrLandFarming PLC 10.875 3/26/2018 USD 1.356
Societe Generale S 23.500 3/3/2025 USD 40.800
Ameriabank CJSC 10.000 2/20/2025 AMD 9.250
Codere Finance 2 L 12.750 11/30/2027 EUR 0.886
Bulgaria Steel Fin 12.000 5/4/2013 EUR 0.216
Bank Julius Baer & 10.600 6/12/2025 CHF 98.950
BNP Paribas Emissi 15.000 9/25/2025 EUR 39.210
UBS AG/London 17.500 2/7/2025 USD 17.800
Societe Generale S 11.000 7/14/2026 USD 15.800
BNP Paribas Issuan 20.000 9/18/2026 EUR 36.870
Finca Uco Cjsc 13.000 11/16/2024 AMD 0.000
Societe Generale S 21.000 12/26/2025 USD 26.860
Citigroup Global M 25.530 2/18/2025 EUR 0.010
ACBA Bank OJSC 11.000 12/1/2025 AMD 0.000
Deutsche Bank AG/L 12.780 3/16/2028 TRY 47.354
Privatbank CJSC Vi 10.875 2/28/2018 USD 5.085
Elli Investments L 12.250 6/15/2020 GBP 1.129
Phosphorus Holdco 10.000 4/1/2019 GBP 0.789
Serica Energy Chin 12.500 9/27/2019 USD 1.500
Elli Investments L 12.250 6/15/2020 GBP 1.129
Credit Agricole Co 10.200 12/13/2027 TRY 47.917
Deutsche Bank AG/L 14.900 5/30/2028 TRY 49.457
Petromena ASA 10.850 11/19/2018 USD 0.622
Ukraine Government 11.000 3/24/2037 UAH 32.988
Ukraine Government 11.000 4/20/2037 UAH 33.166
Ukraine Government 11.000 4/24/2037 UAH 35.769
NTRP Via Interpipe 10.250 8/2/2017 USD 1.002
Bilt Paper BV 10.360 USD 1.002
Ukraine Government 11.000 2/16/2037 UAH 33.035
Ukraine Government 11.000 4/1/2037 UAH 32.982
KPNQwest NV 10.000 3/15/2012 EUR 0.842
Bank Vontobel AG 12.000 6/17/2025 CHF 34.200
Landesbank Baden-W 10.500 4/28/2025 EUR 13.910
Landesbank Baden-W 16.500 4/28/2025 EUR 15.550
Landesbank Baden-W 19.000 4/28/2025 EUR 16.440
DZ Bank AG Deutsch 20.400 3/28/2025 EUR 19.690
Bank Vontobel AG 20.000 7/31/2025 CHF 47.700
Leonteq Securities 20.000 1/22/2025 CHF 14.340
Zurcher Kantonalba 25.500 10/2/2024 CHF 51.730
Landesbank Baden-W 11.000 2/27/2026 EUR 17.850
Landesbank Baden-W 12.000 2/27/2026 EUR 19.000
Bank Vontobel AG 12.000 4/11/2025 CHF 46.600
Bank Vontobel AG 11.000 4/11/2025 CHF 20.100
Bank Vontobel AG 29.000 4/10/2025 USD 39.100
DZ Bank AG Deutsch 16.400 3/28/2025 EUR 47.540
DZ Bank AG Deutsch 18.500 3/28/2025 EUR 20.170
DZ Bank AG Deutsch 17.600 6/27/2025 EUR 21.950
BNP Paribas Emissi 24.000 12/30/2024 EUR 51.130
Bank Vontobel AG 14.000 3/5/2025 CHF 11.600
Vontobel Financial 16.000 3/28/2025 EUR 16.930
Swissquote Bank Eu 25.320 2/26/2025 CHF 40.100
DZ Bank AG Deutsch 13.200 3/28/2025 EUR 48.890
DZ Bank AG Deutsch 21.200 3/28/2025 EUR 49.670
DZ Bank AG Deutsch 23.600 3/28/2025 EUR 46.800
Raiffeisen Switzer 16.000 3/4/2025 CHF 14.040
Bank Vontobel AG 14.500 4/4/2025 CHF 47.800
Landesbank Baden-W 16.000 1/3/2025 EUR 11.140
Landesbank Baden-W 25.000 1/3/2025 EUR 11.270
Landesbank Baden-W 19.000 6/27/2025 EUR 17.030
Landesbank Baden-W 10.500 1/2/2026 EUR 15.140
BNP Paribas Emissi 13.000 12/30/2024 EUR 45.620
Raiffeisen Schweiz 13.000 3/25/2025 CHF 51.620
Landesbank Baden-W 19.000 1/3/2025 EUR 11.020
Landesbank Baden-W 22.000 1/3/2025 EUR 11.080
Landesbank Baden-W 14.000 6/27/2025 EUR 14.350
Landesbank Baden-W 16.000 6/27/2025 EUR 15.280
Landesbank Baden-W 21.000 6/27/2025 EUR 18.130
Vontobel Financial 11.000 12/31/2024 EUR 39.840
Vontobel Financial 16.750 12/31/2024 EUR 35.610
DZ Bank AG Deutsch 17.100 12/31/2024 EUR 49.190
Bank Vontobel AG 13.500 6/3/2025 USD 51.100
Leonteq Securities 24.000 1/16/2025 CHF 40.620
Vontobel Financial 20.250 12/31/2024 EUR 12.890
Raiffeisen Switzer 11.800 1/15/2025 CHF 57.340
Raiffeisen Switzer 13.900 1/15/2025 EUR 57.920
DZ Bank AG Deutsch 13.900 3/28/2025 EUR
Landesbank Baden-W 11.500 2/28/2025 EUR 12.850
Landesbank Baden-W 15.000 2/28/2025 EUR 12.940
HSBC Trinkaus & Bu 14.500 12/30/2024 EUR 7.660
Landesbank Baden-W 19.000 2/28/2025 EUR 13.580
DZ Bank AG Deutsch 11.500 12/31/2024 EUR 9.330
DZ Bank AG Deutsch 23.100 12/31/2024 EUR 32.870
DZ Bank AG Deutsch 12.700 12/31/2024 EUR 48.100
Vontobel Financial 13.000 12/31/2024 EUR 38.240
Vontobel Financial 14.750 12/31/2024 EUR 36.800
Vontobel Financial 17.250 12/31/2024 EUR 49.480
Vontobel Financial 20.000 12/31/2024 EUR 47.300
DZ Bank AG Deutsch 15.500 12/31/2024 EUR 38.400
Bank Vontobel AG 16.000 2/10/2025 CHF 52.000
Vontobel Financial 11.000 12/31/2024 EUR 32.270
DZ Bank AG Deutsch 10.500 1/22/2025 EUR 9.080
DZ Bank AG Deutsch 16.500 12/27/2024 EUR 12.060
Bank Julius Baer & 19.400 1/30/2025 CHF 52.150
Leonteq Securities 25.000 1/3/2025 CHF 44.510
Leonteq Securities 22.000 10/2/2024 CHF 36.430
Vontobel Financial 10.000 3/28/2025 EUR 51.700
Raiffeisen Schweiz 19.000 10/2/2024 CHF 41.030
Leonteq Securities 24.000 1/9/2025 CHF 25.460
Leonteq Securities 11.000 1/9/2025 CHF 42.300
Bank Vontobel AG 12.000 3/5/2025 CHF 48.200
Leonteq Securities 21.000 1/3/2025 CHF 22.510
Landesbank Baden-W 15.000 3/28/2025 EUR 11.750
Landesbank Baden-W 13.000 3/28/2025 EUR 11.390
Landesbank Baden-W 11.000 3/28/2025 EUR 11.200
DZ Bank AG Deutsch 14.200 12/31/2024 EUR 8.800
DZ Bank AG Deutsch 11.400 12/31/2024 EUR 47.080
DZ Bank AG Deutsch 12.800 12/31/2024 EUR 44.430
DZ Bank AG Deutsch 15.700 12/31/2024 EUR 40.180
DZ Bank AG Deutsch 17.300 12/31/2024 EUR 38.490
DZ Bank AG Deutsch 19.000 12/31/2024 EUR 37.050
DZ Bank AG Deutsch 14.200 12/31/2024 EUR 42.140
Leonteq Securities 20.000 3/11/2025 CHF 14.130
Raiffeisen Switzer 13.000 3/11/2025 CHF 53.460
Raiffeisen Switzer 16.500 3/11/2025 CHF 13.880
Landesbank Baden-W 11.000 1/2/2026 EUR 17.040
Landesbank Baden-W 16.000 1/2/2026 EUR 22.130
Landesbank Baden-W 13.000 6/27/2025 EUR 15.100
Landesbank Baden-W 16.000 6/27/2025 EUR 16.340
Landesbank Baden-W 15.000 1/3/2025 EUR 13.670
DZ Bank AG Deutsch 19.900 12/31/2024 EUR 50.980
Bank Julius Baer & 18.690 3/7/2025 CHF 52.400
Landesbank Baden-W 11.500 4/24/2026 EUR 20.290
Bank Vontobel AG 11.000 4/29/2025 CHF 27.500
Landesbank Baden-W 10.500 4/24/2026 EUR 19.050
Landesbank Baden-W 13.000 4/24/2026 EUR 22.310
Bank Vontobel AG 15.000 4/29/2025 CHF 52.800
Swissquote Bank SA 15.740 10/31/2024 CHF 14.770
DZ Bank AG Deutsch 14.300 12/31/2024 EUR 46.150
Landesbank Baden-W 18.000 1/3/2025 EUR 49.220
Vontobel Financial 29.200 1/17/2025 EUR 26.770
Raiffeisen Schweiz 15.000 1/22/2025 CHF 42.650
Landesbank Baden-W 14.000 1/24/2025 EUR 10.970
Vontobel Financial 18.500 12/31/2024 EUR 31.910
Vontobel Financial 20.250 12/31/2024 EUR 31.180
Vontobel Financial 16.500 12/31/2024 EUR 32.500
Vontobel Financial 11.250 12/31/2024 EUR 35.980
Vontobel Financial 13.000 12/31/2024 EUR 34.730
Vontobel Financial 14.750 12/31/2024 EUR 33.630
Vontobel Financial 26.450 1/24/2025 EUR 14.880
Landesbank Baden-W 16.000 11/22/2024 EUR 9.910
UBS AG/London 13.000 9/30/2024 CHF 9.110
Landesbank Baden-W 10.000 11/22/2024 EUR 44.530
Landesbank Baden-W 10.500 11/22/2024 EUR 11.910
Inecobank CJSC 10.000 4/28/2025 AMD 0.000
Goldman Sachs Inte 16.288 3/17/2027 USD 22.940
DZ Bank AG Deutsch 10.500 12/27/2024 EUR 45.880
DZ Bank AG Deutsch 18.200 3/28/2025 EUR 51.050
Leonteq Securities 19.000 11/22/2024 CHF 34.970
Armenian Economy D 10.500 5/4/2025 AMD 0.000
Finca Uco Cjsc 12.000 2/10/2025 AMD 0.000
Vontobel Financial 18.000 12/31/2024 EUR 41.180
DZ Bank AG Deutsch 10.750 12/27/2024 EUR 9.920
DZ Bank AG Deutsch 13.400 12/31/2024 EUR 42.960
DZ Bank AG Deutsch 19.100 12/31/2024 EUR 44.580
DZ Bank AG Deutsch 21.300 12/31/2024 EUR 41.030
Leonteq Securities 21.000 10/30/2024 CHF 32.770
UBS AG/London 21.600 8/2/2027 SEK 25.760
Societe Generale S 22.750 10/17/2024 USD 23.750
Leonteq Securities 24.000 1/13/2025 CHF 9.430
Landesbank Baden-W 11.500 10/25/2024 EUR 14.330
Landesbank Baden-W 13.000 10/25/2024 EUR 13.200
Landesbank Baden-W 16.000 10/25/2024 EUR 11.500
Landesbank Baden-W 12.000 1/3/2025 EUR 11.300
Landesbank Baden-W 18.000 1/3/2025 EUR 10.400
Vontobel Financial 12.500 12/31/2024 EUR 38.110
Vontobel Financial 14.250 12/31/2024 EUR 36.460
Vontobel Financial 10.750 12/31/2024 EUR 39.770
Landesbank Baden-W 15.000 1/3/2025 EUR 10.430
Bank Vontobel AG 13.500 1/8/2025 CHF 7.400
UBS AG/London 11.000 1/20/2025 EUR 55.650
Bank Vontobel AG 12.000 11/11/2024 CHF 53.900
BNP Paribas Emissi 14.000 12/30/2024 EUR 49.450
BNP Paribas Emissi 16.000 12/30/2024 EUR 32.870
HSBC Trinkaus & Bu 22.250 6/27/2025 EUR 15.090
Raiffeisen Schweiz 20.000 10/16/2024 CHF 23.660
Raiffeisen Schweiz 10.000 10/4/2024 CHF 31.500
BNP Paribas Emissi 17.000 12/30/2024 EUR 46.020
BNP Paribas Emissi 17.000 12/30/2024 EUR 31.860
BNP Paribas Emissi 17.000 12/30/2024 EUR 49.380
HSBC Trinkaus & Bu 17.500 6/27/2025 EUR 11.990
HSBC Trinkaus & Bu 12.750 6/27/2025 EUR 9.640
HSBC Trinkaus & Bu 11.250 6/27/2025 EUR 49.420
HSBC Trinkaus & Bu 10.250 6/27/2025 EUR 38.710
HSBC Trinkaus & Bu 15.500 6/27/2025 EUR 41.720
UniCredit Bank Gmb 19.500 12/31/2024 EUR 47.010
UniCredit Bank Gmb 18.600 12/31/2024 EUR 48.780
UniCredit Bank Gmb 16.600 12/31/2024 EUR 53.030
HSBC Trinkaus & Bu 16.300 12/30/2024 EUR 24.850
HSBC Trinkaus & Bu 13.100 12/30/2024 EUR 27.410
HSBC Trinkaus & Bu 17.400 12/30/2024 EUR 7.120
HSBC Trinkaus & Bu 12.900 12/30/2024 EUR 51.560
Landesbank Baden-W 18.000 11/22/2024 EUR 9.290
Landesbank Baden-W 14.500 11/22/2024 EUR 10.250
HSBC Trinkaus & Bu 13.400 12/30/2024 EUR 51.080
HSBC Trinkaus & Bu 15.100 3/28/2025 EUR 27.910
HSBC Trinkaus & Bu 11.000 3/28/2025 EUR 31.380
HSBC Trinkaus & Bu 13.400 6/27/2025 EUR 30.810
HSBC Trinkaus & Bu 15.200 12/30/2024 EUR 5.500
HSBC Trinkaus & Bu 14.400 3/28/2025 EUR 6.960
HSBC Trinkaus & Bu 12.800 3/28/2025 EUR 50.100
UniCredit Bank Gmb 18.500 12/31/2024 EUR 45.080
UniCredit Bank Gmb 19.300 12/31/2024 EUR 43.600
BNP Paribas Issuan 16.000 9/18/2026 EUR 62.060
Leonteq Securities 25.000 12/18/2024 CHF 42.640
Bank Vontobel AG 20.500 11/4/2024 CHF 28.200
HSBC Trinkaus & Bu 10.250 12/30/2024 EUR 39.350
UniCredit Bank Gmb 18.800 12/31/2024 EUR 38.020
UniCredit Bank Gmb 19.700 12/31/2024 EUR 37.090
HSBC Trinkaus & Bu 17.500 12/30/2024 EUR 37.670
BNP Paribas Issuan 19.000 9/18/2026 EUR 0.980
Zurcher Kantonalba 10.500 2/4/2025 EUR 53.850
DZ Bank AG Deutsch 14.000 12/20/2024 EUR 45.750
Finca Uco Cjsc 13.000 5/30/2025 AMD 9.781
HSBC Trinkaus & Bu 16.300 3/28/2025 EUR 7.700
HSBC Trinkaus & Bu 12.800 11/22/2024 EUR 26.750
UniCredit Bank Gmb 12.800 10/10/2024 EUR 51.180
HSBC Trinkaus & Bu 13.100 10/25/2024 EUR 25.860
HSBC Trinkaus & Bu 13.900 12/30/2024 EUR 48.600
HSBC Trinkaus & Bu 14.800 12/30/2024 EUR 48.050
HSBC Trinkaus & Bu 14.100 12/30/2024 EUR 26.440
HSBC Trinkaus & Bu 11.400 12/30/2024 EUR 29.090
HSBC Trinkaus & Bu 16.000 3/28/2025 EUR 27.420
HSBC Trinkaus & Bu 11.500 6/27/2025 EUR 32.640
HSBC Trinkaus & Bu 10.200 10/25/2024 EUR 29.580
HSBC Trinkaus & Bu 15.700 11/22/2024 EUR 24.190
HSBC Trinkaus & Bu 10.000 11/22/2024 EUR 30.260
UniCredit Bank Gmb 16.550 8/18/2025 USD 21.260
Landesbank Baden-W 10.000 10/24/2025 EUR 14.550
Leonteq Securities 24.000 12/27/2024 CHF 43.690
Leonteq Securities 23.000 12/27/2024 CHF 33.990
UniCredit Bank Gmb 17.200 12/31/2024 EUR 35.430
UniCredit Bank Gmb 18.000 12/31/2024 EUR 34.620
UniCredit Bank Gmb 18.800 12/31/2024 EUR 33.880
UniCredit Bank Gmb 19.600 12/31/2024 EUR 33.190
HSBC Trinkaus & Bu 12.500 12/30/2024 EUR 49.700
HSBC Trinkaus & Bu 15.900 3/28/2025 EUR 26.950
HSBC Trinkaus & Bu 13.500 12/30/2024 EUR 49.020
HSBC Trinkaus & Bu 16.100 12/30/2024 EUR 24.350
HSBC Trinkaus & Bu 11.300 6/27/2025 EUR 31.850
HSBC Trinkaus & Bu 10.400 10/25/2024 EUR 27.890
HSBC Trinkaus & Bu 12.600 11/22/2024 EUR 26.070
Leonteq Securities 25.000 12/11/2024 CHF 38.400
HSBC Trinkaus & Bu 15.100 12/30/2024 EUR 44.300
HSBC Trinkaus & Bu 11.100 12/30/2024 EUR 28.300
HSBC Trinkaus & Bu 13.300 6/27/2025 EUR 30.440
HSBC Trinkaus & Bu 15.600 11/22/2024 EUR 23.660
Erste Group Bank A 14.500 5/31/2026 EUR 34.950
HSBC Trinkaus & Bu 15.000 3/28/2025 EUR 27.400
HSBC Trinkaus & Bu 12.800 10/25/2024 EUR 25.190
HSBC Trinkaus & Bu 10.300 11/22/2024 EUR 28.610
UniCredit Bank Gmb 19.800 12/31/2024 EUR 51.210
HSBC Trinkaus & Bu 15.200 12/30/2024 EUR 25.590
HSBC Trinkaus & Bu 11.100 12/30/2024 EUR 29.790
HSBC Trinkaus & Bu 13.400 3/28/2025 EUR 29.200
Landesbank Baden-W 10.000 6/27/2025 EUR 13.310
Landesbank Baden-W 14.000 6/27/2025 EUR 14.500
HSBC Trinkaus & Bu 11.600 3/28/2025 EUR 30.920
HSBC Trinkaus & Bu 18.100 12/30/2024 EUR 6.350
HSBC Trinkaus & Bu 15.700 12/30/2024 EUR 6.190
ACBA Bank OJSC 11.500 3/1/2026 AMD 0.000
National Mortgage 12.000 3/30/2026 AMD 0.000
Leonteq Securities 10.000 11/12/2024 CHF 49.690
Societe Generale S 20.000 11/28/2025 USD 12.920
UniCredit Bank Gmb 13.800 2/28/2025 EUR 49.800
UniCredit Bank Gmb 14.500 2/28/2025 EUR 48.140
UniCredit Bank Gmb 19.100 12/31/2024 EUR 40.620
Leonteq Securities 10.340 8/31/2026 EUR 47.110
UniCredit Bank Gmb 10.700 2/28/2025 EUR 37.030
UniCredit Bank Gmb 11.700 2/28/2025 EUR 35.790
UniCredit Bank Gmb 12.800 2/28/2025 EUR 34.480
UniCredit Bank Gmb 14.500 11/22/2024 EUR 46.750
UniCredit Bank Gmb 13.100 2/28/2025 EUR 51.620
UniCredit Bank Gmb 20.000 12/31/2024 EUR 39.190
Landesbank Baden-W 11.000 11/22/2024 EUR 11.980
HSBC Trinkaus & Bu 19.600 12/30/2024 EUR 7.240
UniCredit Bank Gmb 10.700 11/22/2024 EUR 46.040
Landesbank Baden-W 14.000 10/24/2025 EUR 17.520
Societe Generale S 20.000 9/18/2026 USD 12.500
Societe Generale S 15.600 8/25/2026 USD
UBS AG/London 20.000 11/29/2024 USD 17.810
UniCredit Bank Gmb 10.500 12/22/2025 EUR 40.800
UniCredit Bank Gmb 14.700 11/22/2024 EUR 48.980
UniCredit Bank Gmb 12.900 11/22/2024 EUR 33.060
UBS AG/London 14.500 10/14/2024 CHF 34.300
UBS AG/London 15.750 10/21/2024 CHF 36.150
UniCredit Bank Gmb 13.000 11/22/2024 EUR 34.590
UniCredit Bank Gmb 10.900 11/22/2024 EUR 38.140
UniCredit Bank Gmb 10.200 11/22/2024 EUR 52.700
UniCredit Bank Gmb 10.000 11/22/2024 EUR 40.290
UniCredit Bank Gmb 11.900 11/22/2024 EUR 36.250
UniCredit Bank Gmb 11.000 11/22/2024 EUR 50.920
Raiffeisen Schweiz 10.000 12/31/2024 CHF 49.950
Landesbank Baden-W 10.000 10/25/2024 EUR 6.840
Landesbank Baden-W 11.500 10/25/2024 EUR 6.190
EFG International 11.120 12/27/2024 EUR 43.460
Bank Julius Baer & 12.720 2/17/2025 CHF 34.550
Bank Vontobel AG 15.500 11/18/2024 CHF 36.300
UniCredit Bank Gmb 14.200 11/22/2024 EUR 31.770
Landesbank Baden-W 13.000 1/3/2025 EUR 8.060
Landesbank Baden-W 11.000 1/3/2025 EUR 8.210
Landesbank Baden-W 12.000 1/24/2025 EUR 10.370
Landesbank Baden-W 15.500 1/24/2025 EUR 9.990
Corner Banca SA 10.000 11/8/2024 CHF 48.170
UniCredit Bank Gmb 10.700 2/17/2025 EUR 20.030
Armenian Economy D 11.000 10/3/2025 AMD 0.000
UniCredit Bank Gmb 10.700 2/3/2025 EUR 19.760
UniCredit Bank Gmb 11.600 2/28/2025 EUR 46.070
UniCredit Bank Gmb 19.300 12/31/2024 EUR 42.080
UniCredit Bank Gmb 10.400 2/28/2025 EUR 48.520
UniCredit Bank Gmb 13.900 11/22/2024 EUR 51.290
UBS AG/London 14.000 9/25/2028 EUR 44.440
UniCredit Bank Gmb 10.500 4/7/2026 EUR 33.610
Leonteq Securities 12.000 10/11/2024 EUR 47.010
UBS AG/London 12.000 11/4/2024 EUR 50.750
Phosphorus Holdco 10.000 4/1/2019 GBP 0.789
PA Resources AB 13.500 3/3/2016 SEK 0.124
Tonon Luxembourg S 12.500 5/14/2024 USD 2.216
Tonon Luxembourg S 12.500 5/14/2024 USD 2.216
Banco Espirito San 10.000 12/6/2021 EUR 0.058
Lehman Brothers Tr 18.250 10/2/2008 USD 0.100
Lehman Brothers Tr 14.900 11/16/2010 EUR 0.100
Lehman Brothers Tr 11.000 12/20/2017 AUD 0.100
Lehman Brothers Tr 11.000 12/20/2017 AUD 0.100
Lehman Brothers Tr 11.000 12/20/2017 AUD 0.100
Lehman Brothers Tr 11.000 2/16/2009 CHF 0.100
Lehman Brothers Tr 10.000 2/16/2009 CHF 0.100
Lehman Brothers Tr 11.750 3/1/2010 EUR 0.100
Lehman Brothers Tr 10.600 4/22/2014 MXN 0.100
Lehman Brothers Tr 16.000 11/9/2008 USD 0.100
Lehman Brothers Tr 10.000 5/22/2009 USD 0.100
Lehman Brothers Tr 10.442 11/22/2008 CHF 0.100
Lehman Brothers Tr 23.300 9/16/2008 USD 0.100
Lehman Brothers Tr 12.400 6/12/2009 USD 0.100
Lehman Brothers Tr 11.000 7/4/2011 USD 0.100
Lehman Brothers Tr 13.150 10/30/2008 USD 0.100
Sidetur Finance BV 10.000 4/20/2016 USD 0.804
Lehman Brothers Tr 10.500 8/9/2010 EUR 0.100
Lehman Brothers Tr 10.000 3/27/2009 USD 0.100
Lehman Brothers Tr 11.000 6/29/2009 EUR 0.100
Lehman Brothers Tr 11.000 12/19/2011 USD 0.100
Lehman Brothers Tr 13.500 11/28/2008 USD 0.100
Bulgaria Steel Fin 12.000 5/4/2013 EUR 0.216
Lehman Brothers Tr 13.000 7/25/2012 EUR 0.100
Lehman Brothers Tr 16.000 10/8/2008 CHF 0.100
Lehman Brothers Tr 13.000 2/16/2009 CHF 0.100
Lehman Brothers Tr 10.000 10/23/2008 USD 0.100
Lehman Brothers Tr 10.000 10/22/2008 USD 0.100
Lehman Brothers Tr 16.000 10/28/2008 USD 0.100
Lehman Brothers Tr 16.200 5/14/2009 USD 0.100
Lehman Brothers Tr 15.000 6/4/2009 CHF 0.100
Lehman Brothers Tr 17.000 6/2/2009 USD 0.100
Lehman Brothers Tr 13.500 6/2/2009 USD 0.100
Lehman Brothers Tr 10.000 6/17/2009 USD 0.100
Lehman Brothers Tr 11.000 7/4/2011 CHF 0.100
Lehman Brothers Tr 12.000 7/4/2011 EUR 0.100
Lehman Brothers Tr 16.000 12/26/2008 USD 0.100
Lehman Brothers Tr 13.432 1/8/2009 ILS 0.100
Lehman Brothers Tr 13.000 12/14/2012 USD 0.100
Ukraine Government 11.000 4/8/2037 UAH 32.979
Lehman Brothers Tr 15.000 3/30/2011 EUR 0.100
Lehman Brothers Tr 14.900 9/15/2008 EUR 0.100
Ukraine Government 11.000 4/23/2037 UAH 32.974
BLT Finance BV 12.000 2/10/2015 USD 10.500
Teksid Aluminum Lu 12.375 7/15/2011 EUR 0.619
Lehman Brothers Tr 16.800 8/21/2009 USD 0.100
Lehman Brothers Tr 14.100 11/12/2008 USD 0.100
Lehman Brothers Tr 11.250 12/31/2008 USD 0.100
Lehman Brothers Tr 12.000 7/13/2037 JPY 0.100
Lehman Brothers Tr 10.000 6/11/2038 JPY 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-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2024. All rights reserved. ISSN 1529-2754.
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