Wed 08/25/2021 05:20 AM
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Relevant Items:
Cash Flow / Waterfall Model (Reorg’s Analysis Page)
2026 Senior Notes OM (April 25, 2018)
Q1’20 Financial Report
FY’20 Financial Report


Reorg’s cash flow model suggests spreads business Upfield’s 2026 senior unsecured notes, issued by Sigma Holdco, are fully covered under the base case. However, the equity cushion below the notes remains quite low. Reorg’s base case projects a high loan-to-value of 97.7%, which decreases to 87.9% under the high case and rises to 103.3% under the...
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