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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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