Antolin - comment

Post an agreement with the lenders on an A&E, non-core asset sales and favourable market conditions, the Spanish auto-parts supplier launched a €250 million senior secured notes due 2030. The use of proceeds is to redeem the existing notes due 2026. This leaves the €390 million senior secured notes due 2028 as the next piece of the capital structure that needs to be refinanced in 2026 or 2027. This would give management time to focus on its strategy of growing its Technology Solutions segment which would have a beneficial impact on its margins and equity valuation.  

 The above clearly removes any refinancing or solvency-related overhang from the company which is beneficial for all stakeholders involved including existing creditors, suppliers, clients and shareholders

 In addition, the company is scheduled to report its Q2 2024 results on the 30th of July 2024 which should benefit pricing and the secondary performance of the new senior secured notes.