LEVFIN SNAPSHOT: Europcar Bonds Soar on Debt Reduction Plans
2020-11-26 14:18:49.340 GMT
By Libby Cherry
(Bloomberg) — Bonds from Europcar rose to the highest
since July, after the car rental company announced it reached an
agreement with creditors to reduce its debt by EU1.1b.
* Co.’s EU600m bonds due Nov. 2024 rose 6.5 cents on the euro to
60.8: CBBT data compiled by Bloomberg
** NOTE: Europcar Shares Rally on Auto Renter’s Debt Deal With
Creditors
** “We see the restructuring plan as very positive for Europcar,
as it will allow the company to operate with a much leaner
structure allowing it to perform the needed investments to
continue growing and diversifying outside of Europe”: analysts
at Spread Research said in an emailed note to clients
* CBR Fashion’s EU450m bonds due Oct. 2022 gain 1 cent on the
euro to 99.6, the highest level since early March
** The co. released results for the third quarter and nine
months ended Sept. 30
*** eCommerce business reported 21.6% growth in 9M revenue y/y
to EU89.7m
*** Co. repaid EU10m cash drawing on the revolving credit
facility; new super senior loan facility of EU40m raised in May,
of which EU20m was drawn down
*** Cash available as of Sept. 30 was EU64m, and together with
headroom for additional drawings offer “sufficient reserves for
potential adverse developments”: co. presentation
* The Markit iTraxx Europe Crossover index tightened ~4.7bps to
~266.7bps