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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessProGroup comes to Euro HY
- 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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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.