TMF Group’s Post

Beata Grochal Adam Kosmala PKO Bank Polski is one of the financing partners of @American Heart of Poland The PLN 250 million transaction was structured as a Sustainability-Linked Loan (SSL) and is dedicated for capex and acqusitions expenses. According to Adam Kosmala SSLs will be playing an important role in accelerating sustainable growth. SSL related benchmarks should match business profiles of the enterprise, be measurable and and verified in agreed intervals by professional third parties. The achievement of SSL benchmark reduces the cost of financing. #PKOBankPolski #zielonatransformacja #SLL #AmericanHeartofPoland

The Western-European M&A market shows signs of recovery, with an increase in transactions and steady EBITDA multiples. Expectations for early 2024 are positive. Over half of the transactions were financed by debt, with vendor loans becoming a more popular source of financing. #mergersandacquisitions #ebitda  #multiples Read the results of the latest European M&A monitor here: https://lnkd.in/e6Su2Qhe

🌍Key Highlights from the Western-European M&A Market🌟 After having released our local Dealsuite.com monitors over the past few weeks, today we're releasing the European monitor, in which we combine the individual researches! A few highlights: 📈Market Resurgence: A significant uptick in transactions signals a robust recovery, with the UK, Ireland, and the Netherlands leading the charge. 💰Stable EBITDA Multiples: Valuations remain steady, demonstrating a balanced market environment conducive to investment and growth. 🗝Emergence of Vendor Loans: This innovative financing method is gaining traction, especially in the Netherlands and the UK, offering strategic advantages and higher returns. 🏦Debt Financing Prevails: Over half of the deals were debt-financed, underscoring the critical role of financial institutions in facilitating transactions. 🌟Positive Outlook for 2024: With a majority of advisors optimistic about the market's future, the stage is set for continued expansion and opportunity. The above shows the resilience and of the Western-European M&A market in which the majority of our members operate. Based on this, we're looking forward to seeing how H1-2024 plays out! Find the link in the comment below

🔎 📉 Altice secured creditor group look to conciliation process Altice's secured creditors would prefer the comfort of a conciliation process to negotiate a debt restructuring and stave off any coercive priming moves by Drahi. Discover why this pre-insolvency step could be crucial for the struggling telecoms giant and its lenders.Uncover the details of this strategic financial move and what it could mean for Altice's trajectory. Dive into the full article from LevFin Insights today! https://lnkd.in/e5rd7K9E

Let's connect in Mexico City during the Private Markets Mexico Meeting and explore how Secured Debt Investments can help enhance the returns of your portfolio!

📰 𝗜𝗡𝗗𝗨𝗦𝗧𝗥𝗬 𝗡𝗘𝗪𝗦, 𝗦𝗣𝗔𝗜𝗡: ABANCA sells 60 million in bad debt to the Polish company KRUK S.A. The KRUK Group continues its purchasing career in Spain with a new Abanca portfolio, made up of non-performing debt without mortgage guarantee and with a gross nominal value of 60 million. This is the Ezaro Project and in the transaction, which was carried out through the subsidiary Invest Capital Malta, AssetBay acted as advisor. "With this operation we reinforce our activity in Spain, demonstrating once again our interest in the Spanish market, which has a great weight in the growth that we are experiencing at the group level. We continue to work actively, committed to the constant improvement of our investments and operational excellence," explained Francisco Álvarez Vázquez, Director of Strategic Transactions and Client Relations at KRUK Spain. Abanca has accelerated the evacuation of unproductive assets. In the last seven years it has completed 13 portfolio transfers to investors such as EOS Spain, KKR and the North American fund CarVal Investors. In recent weeks, it has also completed a sale to the American fund Balbec Capital of the Xallas Project, a portfolio of 80 million euros in nominal value of mortgages that suffered a failed payment or were refinanced and are up to date with payments. The transaction consolidates KRUK among the most active investors in unsecured bad debt in the country. The Polish firm was recently awarded a similar portfolio: the Jábega portfolio, from Bankinter, with consumer loans and cards with a gross value of 59 million. 🇪🇸 Read the full article in Spanish ➡ https://lnkd.in/dfVvvk-N 🗞For more industry news, subscribe to our newsletter ➡ smithnovak.com/news 📝Browse our library of industry reports ➡ smithnovak.com/reports 📅 Join us at NPL Europe ➡ https://lnkd.in/gYkSPbxN #NPL #NPE #DistressedDebt #IndustryNews #Spain SmithNovak

Last week, REDD LATAM offered details of the debt restructuring proposal of Mexican non-bank lender Unifin. Controlling shareholder Rodrigo Lebois will keep a stake of at least 10% in the company while perpetual bondholders will be wiped out. The proposal did get support from the majority of creditors, but perpetuals are voicing their opposition.   For an in-depth analysis of what this restructuring proposal means for Unifin, its stakeholders, and the broader financial market, check out our detailed article by registering to a free demo at www.reddintelligence.com #REDDIntelligence #Unifin #DebtRestructuring #CreditMarkets #FinancialAnalysis #LATAMFinance #PerpetualBonds #StakeholderImpact #MexicanEconomy #MarketInsights #FinancialNews #REDDLatam #CorporateDebt

  Encouraging Flash Note about #ATENOR from #KBCSecurities   "A zoom on the EUR 150.0m guided debt reduction   Accumulate - Target Price: €6.8     We zoom in on the Atenor results of last week. The company guides a minimum of EUR 150m debt reduction by YE24. According to our calculations this is feasible. We even factor in EUR 170m debt reduction in our model, slightly above the guidance. According to our estimates, Atenor has 8 confirmed sales that reduce debt by EUR 230m. The decrease in debts is also driven by the reduced cash out related to the 1.200.000 sqm pipeline. This will be lower compared to previous years as there are no new projects added to the pipeline and certain projects are pushed forward in time. This positive cashflow is partially offset by higher financial costs in our model at 5.2% CoD versus 4.4% in FY23. The office leasing activity was low in 1Q24 across Europe and the transaction market lagging. However, with Atenor locking in these 8 projects, deleverage is certain. We therefore repeat our ACCUMULATE recommendation and EUR 6.80 target price. "  

DC Advisory Spain’s Joaquín Gonzalo Mira and Pedro Afan de Ribera, spoke with elEconomista about the boom in refinancings amid the slowdown in M&A activity. Full report available to read here > https://bit.ly/3KCLo6h As reported in our latest European Debt Market Monitor, refinancing, recapitalizations, and add-ons made up 61.1% of transactions in Spain Q1 2024, according to the data gathered by our quarterly Lender Survey. The team explain why the lower M&A activity in 2023, and resulting longer term maintenance of shares, is contributing to this trend. #DebtMarkets #Spain #Refinancing #LBO #Rebound

Since Altice France management told creditors last week they'll need to take a haircut to cut leverage, investors and advisers have been looking at the possible ways billionaire owner Patrick Drahi could attempt to do this. Altice debt is NY law, so a liability management exercise à la US is on the cards. Have aggressive tactics like the ones used in that side of the pond worked in Europe? Few have tried, even fewer have succeeded. What about a French option? Most unsecured creditors of carehome operator Orpea and pretty much any creditor of grocer Casino Guichard still have daunting memories of how the negotiations for those restructurings went. Altice's debt is more than twice that amount, with the additional twist of having a Luxembourg holding company involved. Here's my attempt at explaining Altice France's game theory with what we know so far. Edits by Andre Janse van Vuuren