Douglas - comment

18% in the bag: CVC have hired GS, DB, Citi, Unicredit and UBS to run the IPO books. We had previously dismissed the Idea that Rothschild would be advising the shareholders, but they do - and good for them. BBerg are reporting figures we do not yet fully understand: EV of €9bn and looking to place €1bn on the stock exchange. That’s either not an exit for CVC, or it’s a hopelessly over-leveraged capital structure. Coming from the 50s, we sold down half of our PIK position the other day - in an effort to de-risk - and are feeling sorry for ourselves. The PIKs are still call protected with the relevant date probably being the April step-down to 102.063 offering some 6 points of upside from here + PIK = 18% Yield to May.