Lowell - Conference Call for CDS and SUNs

All,

Please find dial-in details here.

Please refer to our unchanged analysis here.

We are hosting a public conference call for the CDS and SUNS this afternoon at 3pm. The aim is to gather the active participation of the more dispersed holders of the SUNs as well as of parties who are long the CDS and therefore interested in a successful refinancing. 

We have received constructive feedback from over £1bn of the SSNs and are informally reaching out to the sponsor to discuss views, priorities and adaptations.

Our solution is not cast in stone, but as it is, works within the constraints of the capital contribution indicated this summer, extends maturities and allows for positive sustainable cashflows going forward. But insuring its success will require the active participation of the more dispersed SUNs and therefore also the CDS. 

Subject to their participation and the sponsor’s engagement the new securities will be attractive and everyone will be a winner.

Please note that all information is public and that we are at this point awaiting the reactions of the sponsor and the company, both of which are informed.

Wolfgang