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2.92%
10.58% 10.32%
3.27%
High Yield Bonds
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Finland
SwedenNorway
Germany
France
PortugalSpain
Italy
Ireland
U.K.
AustriaSwitzerland
Denmark
Belgium
Netherlands
Lux.
Greece
Iceland
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Buy (101.5) Sell (114.5)
Buy (99)
Sell (119.25)
Buy (115.75)
Overview /
Rationale
• French telecoms operator
providing TV, internet and
telephony to residential
consumers.
• Owns a well invested cable
network which allows
provision of higher speed
broadband products.
Pricing • 12.375% coupon
YTW • 13.0% (primary)
• 6.2% (Sep-13)
Financial • LTM Revenue EUR 891m
• LTM EBIDTA EUR 456m
Leverage • 5.2x net senior/total
Enterprise
Value
• Owned by Carlyle, Cinven
and Altice. Assumed EV of
8x EBITDA implying 35%
equity cushion.
Ratings • B2 / B (Positive Watch)
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Overview /
Rationale
• Leading automotive and
industrial component supplier
• Strong market shares, robust
customer base and
technological leadership leads
to above average profit
margins and growth prospects
Pricing • 8.75% coupon
YTW • 8.75% primary
• 3.9% (Sept 2013)
Financial
• LTM Revenue Eur11.1bn
• LTM EBITDA Eur2.0bn
Leverage • 3.1x net senior/total leverage -
excl Continental stake currently
valued at c.Eur9bn (16/09/13)
Enterprise
Value
• Privately owned but estimated
>5.0x
Ratings • B+/Ba3
Source: Bloomberg, Babson Capital Europe
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Overview /
Rationale
• Market leading forklift truck
manufacturer in Europe and
number 2 globally.
• Strong presence in emerging
markets has provided growth
through the downturn, whilst
40% revenues from servicing
and spares has further
bolstered trading.
• Strong liquidity with €500m
cash on balance sheet.
Pricing • 7.875%
YTW • 3.3%
Financial
• LTM revenue: €4.7bn
• LTM EBITDA: €730m
Leverage • 1.4x
Enterprise
Value
• 7.0x based on public market
capitalization.
Ratings • Ba3/BB-
Source: Bloomberg, Babson Capital Europe
1. Weighted average of two trades in April 2011
2. Weighted average of two trades in August 2012
3. Weighted average of three trades in February 2013
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–
–
–
Senior Secured Bond Fund
Portfolio Management Team
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