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Fnac Darty (FNACFP; NR/BB+ Neg/BB+ S) S&P Comments on Unieuro acquisition

CONSUMER CYCLICALS
  • Fitch said credit neutral on co acquiring Italian home and electronics retailer, Unieuro. S&P more bullish overnight with headline; "FNAC Darty Unieuro Acquisition Boosts Business".
  • Reminder minimal BS use, brings in some cash flows but lower margin on standalone. But after 11 straight quarters of falling sales we are more focused on if Fnac can show some consistent growth.
  • BS is squared away and single 29s somewhat reflect that at OAS+200 (4Y workout).
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  • Fitch said credit neutral on co acquiring Italian home and electronics retailer, Unieuro. S&P more bullish overnight with headline; "FNAC Darty Unieuro Acquisition Boosts Business".
  • Reminder minimal BS use, brings in some cash flows but lower margin on standalone. But after 11 straight quarters of falling sales we are more focused on if Fnac can show some consistent growth.
  • BS is squared away and single 29s somewhat reflect that at OAS+200 (4Y workout).