Nidda - comment

The remaining €247.2m 3.5% 24 SSNs will be repaid by Nidda on 22 May 23 using the €250m TL G announced a week ago. Our model had an interest cost of €390m for 2023, and the new facility will increase the annual interest burden by around €13m, a modest amount but indicative of the change in the financing environment. 

The current cost (including OID) TL G is close to 9% vs 3.5% on the SSNs. The facility is priced at Euribor+500bps (0bp floor) and includes a 3-point OID.