Silknet, the Georgian telecommunications company, issued a USD 200m 11% five-year Eurobond on 26 March 2019 to refinance its secured bank debt, incurred by the group for its USD 151.7m acquisition of mobile operator, Geocell LLC. The acquisition took place in 2018 and means that Silknet is now the second-largest mobile operator in Georgia. The acquisition also enables Silknet to bundle its products and compete with its domestic rival Magticom in the coming years, as we discuss below.
Mexican President Andrés Manuel López Obrador (commonly referred to as AMLO) was elected in July 2018 with over half the popular vote, and took office on 1 December. With strong public support and his National Regeneration Movement (MORENA) holding a majority in both houses of Congress and two thirds of state legislatures, he has the political capital to pass economic and social reforms promised during his campaign. Elected on a populist platform promising to fight corruption, violence and inequality, his first initiatives have included efforts to.
Boparan, the UK food producer, reported 2Q19 results on 27 March 2019. The company’s performance reflected a continuation of the reduction in EBITDA margin, driven by a 690 basis points (bps) year-on-year (YoY) reduction in branded EBITDA margins to 5.8%. Margins in the biscuit business are falling, the poultry business has lost customer contracts and Boparan is likely to use GBP 155m of the group’s GBP 189m of available cash as of 2Q19. With the business under pressure, we see fewer routes out of the current situation for Boparan, and believe.