Klöckner Pentaplast - comment

Holding out on the Jr. deal looks attractive. The deal is very good, but given SVP have committed to playing nice, why would any pure SUN holder want to postpone maturity? Never mind the layering. We are, therefore, not expecting the consent to rise much further, and it's not required for a voluntary exchange. The company reported yesterday night that consent had reached 78% ahead of Friday’s early bird deadline, and we are expecting this deal to substantially close before the conversation on the SSNs gathers any steam, which should also arm management with Q125 revenues to sweet-talk creditors into the A&E.