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ProGroup comes to Euro HY

BASIC INDUSTRIES
  • ProGroup (Snr Secured; Ba3 Pos, BB S), the container & sheet board manufacturer, is in the HY market refi-ing its single €600m 26's (Friday close was at €97.3) with a 2-part 5NC2 and 7NC3 deal (total ~€750m).
  • It sees net leverage (against LTM/FY23 EBITDA of €201m) to remain broadly flat at 3.2* (from current 3.1*) & gross leverage to increase from 3.8* to 4.7* on the deal.
  • Operating cash flows fell from strong €366m in '22 to €244m in FY23 while FCF fell from €200m to a still-positive €50m.
  • FCF dragged on by Capex that increased from €130m to €185m - there isn't much guidance on that heading forward.
  • As a positive it has given guidance on dividend of €5m in 2024 - that's down from €80m in 2022.
  • Long-term max. net leverage target is left unchanged at 3*, Moody's has been on positive outlook at Ba3 after a strong 2022 (net leverage fell to 1.6* & EBITDA margin rose to 23%) - we don't expect positive rating action from Moody's (or negative) given the weaker 2023 earnings (it was on lower prices & was expected).
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