The €250m tap of the 2028’s are likely to have cost around 8% (assuming an issue price of 98c/€. The proceeds will be used to redeem the M&G Loan, which

Read More

The Q3 trading update had no surprises, but we will have an opportunity to ask questions on the upcoming call. Vivion has now dealt with the

Read More

The refurbishment of the Femina building is a bigger job than we have seen Vivion execute recently. However, the project is a significant one

Read More

If the Dayan family execute the 15% sale of Vivion for €375m, it implies an equity valuation of €2.5bn on the business; the impact for creditors will be

Read More

Vivion now has the cash to repay the stub of the August 2024 SUNs. The company has taken a €150m (five-year) loan secured on the nine

Read More

Please find our unchanged analysis here.

The Vivion call had some interesting information on the refinance of the 2024 bonds and the possible uses for the cash pile at Golden Partners. Our view has

Read More

Vivion is trying to raise secured debt to repay the €170m outstanding 2024 notes. Senior secured bank debt is more attractive to Vivion than selling

Read More

Please Find our updated analysis here.

Vivion’s portfolio valuations are now in line with our model. We expect yields to stabilise through 2024. The German Real Estate market will benefit from the

Read More

Vivion is leaning towards either raising debt or selling UK assets to fund the €180m outstanding 2024 notes. We think a debt raise is increasingly likely

Read More

Please find our unchanged analysis here.

Vivion has enough cash and access to liquidity to make the €183m August repayment. With no further bond repayments due until August 2028, Vivion will have the

Read More

Please find our updated analysis here.

The amend and extend operation in August resolved much of the pressure on Vivion over the 2024 bonds. The company needs to redeem the remaining €183m outstanding in

Read More

£200m - £250m sale of UK hotels would provide sufficient cash for Vivion to redeem the remaining £183m 2024 notes outstanding. Vivion needs

Read More

Our analysis suggested a €50m shortfall in cash to fund the recent Amend and Extend operation. We had assumed the Dayan family would plug the gap with a

Read More

Please find our slightly amended analysis here.
Vivion has punted the bulk of its maturities down the road for a couple of years. Vivion has sufficient unencumbered assets to raise bank debt

Read More

Vivion had to sweeten its Exchange proposal following bondholder pushback that left the 2024 acceptances short of the 75% minimum. We expect that the new

Read More

Please see our unchanged analysis here.

The Amend and Extend (A&E) operation from Vivion has been our core thesis for the last 9-months. The amount of cash incentives being offered to investors is less than we thought, but there are no asset sales so the value of the security package is better. Vivion has accepted

Read More

Vivion has launched an amend and extend for its SSNs and convertible. The new notes will have a security package with an upfront cash

Read More

Please find our updated analysis here.

 Vivion faces a closing window to deal with upcoming maturities. The 2024/2025 bonds will need to be dealt with together, possibly along with the

Read More