Antolin - comment

Antolin today priced their €250 million senior secured notes due 2030 at 10.375%. Use of proceeds is to refinance the existing €250 million 3.375% senior secured notes due 2026 and pay fees.  This should alleviate any concerns regarding a maturity extension of the bonds however the company has certainly paid up in pricing for that. It increases their cash interest burden and increases the execution risk for the business. The company needs to increase its margins to compensate.