April 19, 2024 07:58 GMT
Antolin(B3/B-): Potential Refinancing
HIGH YIELD
• Bloomberg reporting that refinancing was discussed on the FY23 results call.
• Senior loan facilities and the 26 bonds may be refinanced with a new bond.
• Reports new issue would yield 11-11.5% which could suggest 6–7-year maturity.
• EBITDA margins are at 8.1%. Double digits targeted.• Presumably a liability management exercise would be used for the 3.375 26s which trade at ~92.25.
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