Standard Profil - comment

Following the July profit warning due to weaker OEM production levels and the upcoming RCF and bond maturities, Standard Profil reported that it had appointed financial advisers. Several press reports are stating it is Herter, a Teneo subsidiary with other advisers trying to tout for advisory roles for bondholders.  The RCF expires in April 2025 creating a specific deadline for a full or partial refinancing of the overall structure.  With OEM production figures so volatile in the current environment, it is in Actera’s interest to attempt to extend the RCF before dealing with the bonds that mature in May 2026.   The Company have repeatedly stated that they wish to deal with both the RCF and bonds holistically, but without fresh capital from the equity sponsor, we don’t see this as possible.