GALAPAGOS

All,

Galapagos have hired Alvarez & Marsal to help with the turnaround - and presumably a subsequent restructuring. 

Triton have played very nicely with the banks so far and with Fund V closed they may just continue to do so.

The bonds have seemingly gone sideways in the last days. 

However, to us it feels premature entering the bonds here. The hiring of Alvarez does not bode well for the sale of the dry cooling business. So we’d rather hear more about the costs involved before stepping in. 

We’ve reached out to Alvarez to better understand the precise mandate so far.

Wolfgang

Heat Exchangers: Bob Rajan has joined the board of directors of Galapagos S.A. 

7.000% Senior Notes due 2022 ISIN Code: XS1071420027 / XS1072200204

Senior Secured Floating Rate Notes due 2021 ISIN Code: XS1071411547 / XS1072185488 5.375% Senior Secured Fixed Rate Notes due 2021 ISIN Code: XS1071419524 / XS 1072194803