Upfield - comment

Upfield completed the solicitation in order to reduce its Senior Secured 1st Lien debt, and has now reduced c.€250m of their Senior Debt, namely  c.€190m equivalent of the Zloty Tranche and c.€60m of their Sterling Tranche.  Although we did not envisage debt reduction as early as this, it isn’t a huge surprise.  The Company are focused on deleveraging and partial repayment of Senior Indebtedness should be expected going forward.

Full year results are not due until end of Marc