Nidda - comment
Nidda has now completed its amend and extend exercise, and between the term loan and cash on hand, the remaining €400m of 3.5% of 24 SSNs can be called at par. The new TL G pushes the next maturities out to June and September-26, but at a 500bp margin and a 97c/€ issue price, it underlines the elevated cost of capital in high yield. The additional annual interest burden will be around €7.5m, so manageable in the context of the overall debt stack.