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Reorg Radio
TalkTalk Upcoming Maturities; Celsa Restructuring Plan; Direct Lenders' Post-Summer Expectations
Aug 29, 2023
Topics discussed: Celsa's restructuring plan, TalkTalk's upcoming maturities and options, direct lenders' post-summer expectations
13:39
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Quick takeaways
- TalkTalk faces challenges in refinancing its upcoming maturities in a difficult market environment, with options including short-term amendments, debt-for-debt exchanges, and equity injections.
- Direct lenders expect limited M&A activities in September and plan to focus on existing portfolios through add-ons and public-to-private transactions, while also anticipating refinancing and cautious engagement in dividend recap deals.
Deep dives
Talk Talk's upcoming maturities pose challenges for refinancing
Talk Talk, the UK Telecom Group, faces challenges in refinancing its upcoming maturities in a difficult market environment. With weak margins, inconsistent cash generation, and high leverage, the group may not be able to do a straightforward refinancing of its capital structure. Possible options for addressing the capital structure include engaging in a short-term amendment and extension of the notes, a debt-for-debt exchange with an equity injection, or a debt-for-debt exchange offer with an equity injection and an incentive fee for bondholders. An equity injection from shareholders could help right-size the capital structure but getting shareholder support remains uncertain.
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