24.01.2021
Do&Co: Catering company Do&co placed convertible bonds maturing in 2026 with an aggregate principal amount of Euro 100 mn, divided into 1,000 convertible bonds with a denomination of Euro 100,000 each. The Bonds are convertible into newly issued or existing ordinary bearer shares of the Company with no par value or may be repaid in cash under exceptional circumstances, as set out in the terms and conditions of the Bonds. For the purpose of such conversion, the Company may issue up to 1,350,000 new shares, representing up to approx.12.17% of the Company s sharecapital after such issuance. The net proceeds raised will be used to further develop the business organically and inorganically and to maintain the liquidity of Do&Co-Group.
By Aidan Gregory
22 Jan 2021
Austrian catering services company Do & Co has issued a €100m convertible bond to shore up its balance sheet and fund investment opportunities once an economic recovery from the pandemic materialises.
Do & Co has never issued an equity-linked bond before, despite being listed since 1998, according to Dealogic data. The company is also unrated. The five-year bonds were marketed with an initial conversion premium range of 30% to 35%, and a coupon range of 1.5% to 2%.
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17.01.2021
Valneva: Valneva, an Austrian/French specialty vaccine company focused on prevention against diseases with major unmet needs, today announced an amendment to the terms of its existing debt facility with US-based healthcare investment firms Deerfield Management Company and OrbiMed. Noting the COVID-19 pandemic impact on the travel industry, and following a temporary waiver of the revenue covenant for the second half of 2020, Valneva, Deerfield and OrbiMed have agreed to modify this covenant for 2021 and 2022, replacing the twelve month rolling Euro 115 mn with quarterly minimum revenues representing an annual total of Euro 64 mn in 2021 and an annual total of Euro 103.75 mn in 2022. The parties have also agreed to modify the minimum cash requirement to Euro 50 mn for 2021 and 2023 and to Euro 35 mn for the following years.
Tom Kerridge Upgrades Culinary Options on British Airways’ Short Haul Flights
(11 Jan 2021) British Michelin-starred chef, Tom Kerridge has designed a number of gourmet food items - which include signature pies and sandwiches - to pre-purchase for British Airways’ Euro Traveller (short haul economy) customers.
The decision to upgrade the culinary options on its short haul flights coincides with completion of WiFi across BA’s short haul Airbus fleet, and the ability to pre-order duty free items directly to customers’ seats through its inflight retail site.
The airline will continue to offer complimentary refreshments in Euro Traveller on all fights comprising a bottle of water and a snack, such as a breakfast bar
British Airways has today announced that it will be partnering with celebrated, British Michelin-starred chef, Tom Kerridge, who has designed a number of gourmet food items, which include signature pies and sandwiches, to pre-purchase for the airline’s Euro Traveller (short haul economy) customers.
The move marks a renewed focus on the short haul customer experience, which also includes the completion of a full WiFi rollout across its Airbus short haul fleet and the ability to pre-order duty free items directly to customers’ seats through its inflight retail site,
The airline will also continue to offer complimentary refreshments in Euro Traveller on all fights comprising a bottle of water and a snack, such as a breakfast bar or crisps. Those wishing to purchase more substantial food options, designed by Tom Kerridge, as well as other food and drink items can do so through the airline’s the new online Speedbird Café hosted on British Airways’ inflight retail site