Takko - comment

Patchy news are out that Takko have reached an agreement involving a €150m debt/equity swap for the majority of shares in Takko. Missing from the information is the actual share of the equity that bondholders and covid facility providers will be holding. The transaction involves no fresh cash and a new €100m structurally subordinated Holdco layer, such that reinstated bonds inside the restricted group are only €300m. Facility B will be reinstated in full as a term loan and maturities in the structure will be pushed to 2026.