The ratchet system in place with the supermarkets regarding feed prices is the primary reason the CMA is preventing (for a second time) the

The rating upgrade reflects the successful completion of the refinancing at Boparan. S&P expects (agency-adjusted) EBITDA of

The warning from Ranjit Boparan about rising costs in the Poultry business resulting from the recent budget will depress bond prices. The increase in

Once again, a rabbit from the hat arrives when Boparan is refinancing. The sale of the European business will reduce headline leverage to 2.7x. The new SSN is a £390m 5-year (NC2) deal on an Adjusted EBITDA of £141m and a margin of 6.4%. Margins of ~6.5% will likely be under pressure as supermarkets previously saw 5% as normal. In previous refinancings, pressure in the supply chain has followed quickly. We will take a proper look at the OM, but our bias is to look at Boparan as a short once the deal is done. 

A positive rating watch from Fitch is a small improvement forBoparan and reflects the preparations for the new issue, which we expect in

Disposing of the European business will reduce leverage at Boparan. The Boparan family office is paying €200m, and we estimate the disposal will reduce

The appointment of Rothschild as an advisor for Boparan’s upcoming refinance initially struck us as odd. However, Rothschild worked with

Boparan will be refinancing its SSNs in 2024, so it is an opportune time to upgrade the CFO as work begins to sell a story to Investors. The article suggests a