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Samsonite (SAMISA; B1/BB/BB+) Fitch Upgrade

CONSUMER CYCLICALS
  • Fitch with a 1-notch upgrade to BB+, travel rebound extending as far as luggage retailers. NA/Europe has driven the rebound, Asia (from China recovery) expected to continue that. Co has paid down debt using FCF. reported net leverage at 1.5x & inside its 2x target at end of 1Q. It is still targeting debt paydowns.
  • The single €350m trade at 3.5% 26s at Z+90/B+120/4.2%. Hard to know if it will refi, already par-callable (trades €98.9), issued in 2018 and to date the only corporate debt (rest in loans). Total debt is $1.8b, net $1.1b.
  • Note company is considering a dual listing - it did not say where - reports are in the US.
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