Douglas - Feeling good
All,
What a difference 30 min make.
Surely the TLB wouldn’t get done without clarity surrounding the remaining process, but if there were such clarity, why haven’t we got it? News of a deal going ahead are clearly positive, but the tacit approach is not filling us with much additional confidence.
Douglas are out with a relatively small TLB deal of E1.080m - E290m less than the current and probably designed to give it a B-Rating. That difference consumes the total of equity we last heard CVC were offering while leaving the B1s, the SSNs and the 2LNs outstanding for now.
So we’ve sold some 30 min early and so three points too low. But we’ve bagged 45. Timing may have been slightly unlucky, but the decision to sell was the right one. If we hadn’t sold earlier today, we’d surely be selling now.
Wolfgang
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E: wfelix@sarria.co.uk
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