Iceland Foods Ltd

Primary/Waterfall Analysis: Iceland’s 2027 £475M SSNs IPT Offers Material Premium to Roll Into New Notes, Supported by Deleveraging Trajectory, Ample Liquidity; Risks of Normalization of Favorable Demand Dynamics

Tue 07/25/2023 11:27 AM
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Relevant Items:
Preliminary OM
Covenant Analysis
Historical Financials on Fundamentals by Reorg
Updated Forward Model - Q4’23 (Excel Download)
October 2022 Waterfall Model Note
December 2021 Waterfall Model Note
 
Iceland Bondco plc - £475M Equiv. Senior Secured Notes due 2027 (GBP Fixed and EUR Floating Tranche)
Sector Consumer Staples Distribution & Retail
Sub-Sector Food Retail
Sponsor/Ownership WD FF (Sir Malcom Walker, 51.3%; Tarsem Dhaliwal, 48.7%)
Issuer Rating...
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