/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/180815.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, August 15, 2018, Vol. 19, No. 161 Headlines C R O A T I A AGROKOR DD: Reports Increase in First-Half Core Earnings F R A N C E ALTICE FRANCE: Bank Debt Trades at 3% Off G E R M A N Y BLITZ F18-674: S&P Assigns B+ Long-Term ICR, Outlook Stable I R E L A N D ARYZTA: Shareholders Expected to Back EUR800MM Cash Call I T A L Y POPOLARE BARI 2016: DBRS Confirms B (High) Rating on Cl. B Notes N E T H E R L A N D S ARES EUROPEAN VII: S&P Affirms B-(sf) Rating on Class E-R Notes R U S S I A NON-BANK SETTLEMENT: Put on Provisional Administration TAATTA JSC: Bankruptcy Hearing Scheduled for August 21 U N I T E D K I N G D O M BLACKDOWN HILLS: Financial Losses Prompt Administration GREENE KING: S&P Lowers Ratings on Two Note Classes to 'BB+ (sf)' HOMEBASE: To Close 42 Stores, Confirms Plan to Launch CVA HOUSE OF FRASER: Mike Ashley Vows to Keep Bulk of 59 Stores Open MISYS PLC: Bank Debt Trades at 2% Off ********* ============= C R O A T I A ============= AGROKOR DD: Reports Increase in First-Half Core Earnings -------------------------------------------------------- Maja Zuvela at Reuters reports that Croatian food producer and retailer Agrokor, which is in the process of being taken over by its creditors, announced a big rise in first-half core earnings on Aug. 13, as cost cuts helped to offset lower revenues. The largest private company in the Balkans with 52,000 staff said earnings before interest, tax, depreciation and amortization (EBITDA) jumped 70.5% year-on-year to HRK729.7 million (US$112 million), Reuters relates. That was despite a 13.3% drop in non- consolidated revenues to HRK11 billion, Reuters notes. Agrokor was put under state-run administration in April 2017, crippled by debts built up during an ambitious expansion drive, Reuters recounts. =========== F R A N C E =========== ALTICE FRANCE: Bank Debt Trades at 3% Off ----------------------------------------- Participations in a syndicated loan under which Altice France Est [Altice Blue One SAS] is a borrower traded in the secondary market at 96.85 cents-on-the-dollar during the week ended Friday, August 3, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.56 percentage points from the previous week. Altice France pays 275 basis points above LIBOR to borrow under the $900 million facility. The bank loan matures on January 31, 2026. Moody's rates the loan 'B1' and Standard & Poor's gave a 'B+' rating to the loan. The loan is one of the biggest gainers and losers among 247 quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, August 3. Altice France provides cable and telecommunication services. The Company offers mobile, telephone, Internet, tablet, cable network, fiber box, prepaid cards, and accessories, as well as refunding, insurance, and recovery services. Altice France serves customers in France. ============= G E R M A N Y ============= BLITZ F18-674: S&P Assigns B+ Long-Term ICR, Outlook Stable ----------------------------------------------------------- S&P Global Ratings assigned its 'B+' long-term issuer credit rating to Germany-domiciled Blitz F18-674 GmbH (Techem) and its wholly owned subsidiary, Blitz F18-675 GmbH. The outlook on both of these entities is stable. S&P said, "At the same time, we assigned our 'B+' issue-level rating and '3' recovery rating to Blitz F18-675 GmbH's EUR2,340 million senior secured first-lien bank term loans and EUR275 million revolving credit facility (RCF). We also assigned our 'B- ' issue-level rating and '6' recovery rating to the EUR465 million senior instruments issued by Blitz F18-674 GmbH. The '3' recovery rating reflects our expectations of meaningful recovery prospects of 50%-70% (rounded estimate 55%), while the '6' recovery rating indicates our expectation of negligible recovery (0%-5%; rounded estimate 0%) in the event of a payment default." The ratings are in line with the preliminary ratings S&P assigned on June 28, 2018. On July 31, 2018, a consortium of Partners Group, Ontario Teachers' Pension Plan, Caisse de dÇpìt et placement du QuÇbec, and management concluded the acquisition of Techem GmbH from Macquarie Infrastructure and Real Assets for an enterprise value of EUR4.6 billion. To finance the transaction, Blitz F18-675 GmbH, Techem's new intermediate holding company, issued EUR2,340 million of senior secured loans. Its parent company, Blitz F18- 674 GmbH, issued EUR465 million senior instruments to fund the acquisition. In addition, the consortium of financial sponsors had contributed EUR1.3 billion in the form of preferred equity and another approximate EUR0.6 billion of common equity. S&P said, "We treat the preferred shares as equity-like. The group had also arranged a EUR275 million RCF. "The 'B+' rating on Techem reflects its satisfactory business risk profile and highly leveraged financial risk profile. Techem's satisfactory business risk profile mainly reflects its leading market share and long-standing experience in the stable German heat and water sub-metering market. Techem estimates its market share in Germany -- as measured by revenue (excluding revenue for certain products and services) -- at just under 30% (as of March 2017). We also think that Techem benefits from the favorable industry environment for energy sub-metering in Germany, which is characterized by legal requirements for sub- metering in multitenant buildings and an increasing focus on energy efficiency. The essential nature of energy sub-metering, and long-term customer contracts, are key factors contributing to stable revenues and operating cash flow over time, in our view. "Historically, Techem has renewed more than 95% of its contracts at or before expiry. We expect Techem will continue to post stable performance metrics, and we think that there is a low likelihood that the German competition authorities' report, issued in summer 2017 following its investigation of the sub- metering sector, will have a significant negative impact on the company in the near term. Most importantly, the report concluded that there is no evidence of abuse of market power by companies operating in the German sub-metering market. However, we think it is likely that authorities will continue to watch the competitive landscape in the sector. "We consider Techem's relatively small size, with annual revenues of about EUR766 million in fiscal year 2018 (ending March 31, 2018), and its focus on the energy sub-metering niche market, to be constraints when compared with larger and more diversified business service companies. This is because this makes the company vulnerable to potential changes in regulation or technology that can disrupt the business. Moreover, despite Techem's expansion into other European and international markets (partly fueled by the ongoing implementation of the European Energy Efficiency Directive), its geographic diversification remains limited. The domestic market still generated three- quarters of Techem's revenues in fiscal year 2018. Furthermore, growth prospects for energy sub-metering in the favorable German market are constrained by a high degree of market saturation, and Techem's operations in its energy contracting segment dilute its margins. "Our assessment of the group's financial risk profile as highly leveraged takes into account the group's aggressive financial policy and tolerance for high leverage. Following the acquisition, total cash-pay debt will have materially increased. We estimate that S&P Global Ratings-adjusted debt to EBITDA stood at about 8.0x when the transaction closed. This is materially up from the approximate 4.2x that the group reported for 2018. We expect Techem will reduce the very high leverage because we understand the shareholders will prioritize debt repayments over dividend distributions in the coming years. "Our stable outlook reflects our expectation that Techem is likely to post revenue growth of about 3%-5%, and relatively stable adjusted EBITDA margins over the next 12 months, allowing it to reduce its adjusted debt to EBITDA to about 7.5x in fiscal 2019 from about 8.0x at the closing of the transaction. Furthermore, we expect that the reported FOCF generation will remain at a very healthy level (at more than EUR100 million per year) supporting additional deleveraging. "We could lower the rating if Techem failed to strengthen its credit metrics as we currently expect, for example due to lower- than-expected revenues from supplementary services or expansion outside Germany, persistently high exceptional expenses, difficulties with realizing efficiency gains, or cash- or debt- funded shareholder remunerations. "Specifically, rating pressure would result if Techem saw significantly lower FOCF than we currently expect, or if we observed material deviations from the company's anticipated leverage reduction path, undermining prospects for adjusted debt to EBITDA to progress toward 7.5x in fiscal 2019 and further to about 7.0x in fiscal 2020. "Although not currently expected, we could raise the rating if Techem strengthened its credit metrics more meaningfully than we currently foresee, for example through stronger-than-expected revenue or EBITDA growth, resulting in adjusted debt to EBITDA of about 5x and FFO to debt sustainably near 12%. This would also likely require private equity owners committing to a financial policy commensurate with these metrics." ============= I R E L A N D ============= ARYZTA: Shareholders Expected to Back EUR800MM Cash Call -------------------------------------------------------- Barry O'Halloran and Fiona Reddan at The Irish Times report that analysts believe shareholders will back troubled Irish-Swiss baker Aryzta's bid to raise EUR800 million despite seeing the group's value fall by EUR420 million in two weeks. The maker of Cuisine de France bread said on Aug. 13 it intended to raise EUR800 million to reduce debt, which stood at EUR2 billion earlier this year, and give it the finance needed to implement a business plan, The Irish Times relates. According to The Irish Times, Aryzta said it would raise the cash by issuing new shares, giving the right to current investors to buy the stock in proportion to their existing holdings. Ian Hunter, an analyst in stockbroker Investec's Dublin office, said that shareholders were likely to provide Aryzta with the EUR800 million in spite of its difficulties, The Irish Times recounts. He suggested that the group's investors had changed over the past year and many of those that bought shares recently expected it to seek more capital, The Irish Times notes. Existing shareholders could see their holding diluted by more than 50%if they do not exercise their right to buy the new shares, The Irish Times discloses. Shareholders in the troubled business have already seen the value of their investment slide over recent years amid a spate of profit warnings and a management reshuffle, The Irish Times relays. Aryzta pledged to cut debt by EUR1 billion over four years, The Irish Times states. The company expects assets sales, including French frozen food retail chain Picard, to cover EUR450 million of this, according to the report. Total debt was about EUR2 billion midway through its financial year at the end of January, The Irish Times discloses. Net liabilities were EUR1.6 billion at that point, The Irish Times notes. Aryzta stated that it was in compliance with the terms of its covenants with banks at the end of its financial year on July 31, according to The Irish Times. ========= I T A L Y ========= POPOLARE BARI 2016: DBRS Confirms B (High) Rating on Cl. B Notes ----------------------------------------------------------------- DBRS Ratings Limited confirmed the ratings of the Class A and Class B Asset-Backed Floating-Rate Notes due December 2036 (the Notes) issued by Popolare Bari NPLS 2016 S.r.l. (the Issuer) as follows: -- Class A at BBB (high) (sf) -- Class B at B (high) (sf) The confirmations reflect the stable performance of the transaction since its issuance on 12 August 2016 (the Issue Date). Popolare Bari NPLS 2016 S.r.l. was the first public Italian non- performing loan securitization transaction executed since 2007. The transaction included the issuance of Class A, Class B and Class J notes, the last of which are not rated by DBRS. The Class A notes represented 26.4% of total gross book value (GBV) while the Class B and Class J notes comprised roughly 2.9% and 2.1% of GBV. The notes are backed by a mixed pool of Italian non-performing loans originated by Banca Popolare di Bari S.p.A. (BPB or the Seller), Banca Tercas S.p.A. and Banca Caripe S.p.A. In July 2016, Banca Tercas S.p.A. and Banca Caripe S.p.A. merged into BPB. The securitized portfolio consists of both secured and unsecured non-performing loans. The secured loans are collateralized by residential properties, commercial properties (i.e., industrial, office, and retail and hotel assets) and land. The loans in the portfolio defaulted between 2000 and 2015, with the majority of the loans (approximately 59.3% of initial GBV) defaulting between 2012 and 2014. Most of the secured loans are backed by properties located in the southern regions of Italy, where loans typically have a longer bankruptcy and settlement process. In its analysis, DBRS assumed that all loans are disposed through the auction process, which generally has the longest resolution timeline. As of the June 2018 investor report, the outstanding principal balances of the Class A and Class B notes are equal to EUR 105.3 million and EUR 14.0 million, respectively. The transaction structure is fully sequential and the Class A current balance amortized ca. 16.74% since issuance. Class B, which represents mezzanine debt, will not be repaid until Class A is repaid in full. Class J does not receive any issuer available funds until Class A and Class B are repaid in full. The current aggregated transaction balance is EUR 129.3 million. The portfolio is serviced by Prelios Credit Servicing S.p.A. (PRECS). At issuance, PRECS prepared the business plan assuming a judicial procedure for each borrower. The servicer's initial business plan, as reported in the most recent semi-annual servicing report dated May 2018, assumed cumulative gross disposition proceeds (GDP) of EUR 31.8 million from the period between the closing date and Q2 2018. Based on the same report, the servicer's reported actual cumulative GDP collections are equal to EUR 31.5 million, which is 0.85% lower than initially expected. According to the most recent semi-annual servicing report, the servicer reports an updated business plan, which estimates decreased cumulative GDP collections compared to its initial business plan. Specifically, the expected cumulative GDP for the next six months (to Q4 2018) is EUR 41.1 million, or 10.23% less than the initial expectation of EUR 45.8 million for the same period. The reported servicing fees for Q2 2018 were equal to EUR 358,700 and therefore lower than the servicing fees as per the initial business plan. Since closing and because of the disposal of residential and commercial properties as well as unsecured loans, the total GBV of the portfolio reduced by EUR 38.8 million, or by 8.09% compared with the initial GBV. The most recent semi-annual servicing report reported a total GBV of EUR 441.0 million (EUR 479.8 million at issuance). As reported in the semi-annual servicing report of May 2018, the cumulative collection ratio and net present value cumulative profitability ratio are 108.04% and 108.52%, respectively. A subordination event would occur if any of the two ratios were lower than 90%. The portfolio continues to be mainly concentrated in the same regions as at issuance; the Italian region of Abruzzo still has the largest concentration of assets in the pool at 29% of the portfolio by GBV versus 27.0% at issuance. The transaction benefits from a EUR 4.2 million cash reserve, which was fully funded at closing through a limited recourse loan, and an additional 2.5 million cash reserve that was funded with collections. According to the most recent investor report of June 2018, the outstanding balance of the cash reserve amount is EUR 3.7 million, which has been reduced in proportion to the transaction's collateral reduction, as the cash reserve target amount is equal to 3% of the Class A and Class B principal outstanding amount. The current balance of the additional cash reserve remains at EUR 2.5 million. The ratings are based on DBRS's analysis of the projected recoveries of the underlying collateral; the historical performance and expertise of the servicer, PRECS; the availability of liquidity to fund interest shortfalls and special-purpose vehicle expenses; the cap agreement with J.P. Morgan Securities plc; and the transaction's legal and structural features. The transaction's final maturity date is in December 2036. Notes: All figures are in euros unless otherwise noted. ===================== N E T H E R L A N D S ===================== ARES EUROPEAN VII: S&P Affirms B-(sf) Rating on Class E-R Notes --------------------------------------------------------------- S&P Global Ratings affirmed its credit ratings on Ares European CLO VII B.V.'s class A-1-R to E-R notes. Since the transaction reset in August 2017, the portfolio's weighted-average rating has remained at the 'B' level and the transaction's current aggregate collateral balance remains close to its target par amount. The portfolio's weighted-average spread reported by the trustee as of July 2018 is 3.58% and the portfolio's weighted-average life stands at 5.51 years versus a trigger of 7.29 years. S&P said, "We have performed a credit and cash flow analysis by applying our corporate collateralized debt obligation (CDO) criteria and our criteria for assigning 'CCC' category ratings. Taking into account the transaction's current performance and the results from our credit and cash flow analysis, in our view the notes can withstand our credit and cash flow stresses at their current rating levels. We have therefore affirmed our ratings on all classes of notes." Ares European CLO VII is a European cash flow corporate loan collateralized loan obligation (CLO) securitization of a revolving pool, comprising euro-denominated senior secured loans and bonds issued mainly by sub-investment grade borrowers. Ares European Loan Management LLP is the collateral manager. RATINGS LIST Ratings Affirmed Ares European CLO VII B.V. EUR472.6 Million Floating- And Fixed-Rate Notes (Including EUR55.1 Million Subordinated Notes) Class Rating A-1-R AAA (sf) A-2A-R AA (sf) A-2B-R AA (sf) B-R A (sf) C-R BBB (sf) D-R BB (sf) E-R B- (sf) =========== R U S S I A =========== NON-BANK SETTLEMENT: Put on Provisional Administration ------------------------------------------------------ The Bank of Russia, by virtue of its Order No. OD-2077, dated August 10, 2018, revoked the banking license of Moscow-based credit institution joint-stock company Non-bank Settlement Credit Institution Innovative Settlement Centre or JSC NSCI ISC effective August 10, 2018. According to the financial statements, as of August 1, 2018, the credit institution ranked 503rd by assets in the Russian banking system. JSC NSCI ISC is not a member of the deposit insurance system. The activity of JSC NSCI ISC has long been unprofitable due to the credit institution's ineffective business model. Following the creation of loss provisions on bad debt in the balance sheet of JSC NSCI ISC in August 2018, its equity capital dropped significantly. The management and owners of the credit institution failed to take effective measures to normalize its activities. Under these circumstances, the Bank of Russia performed its duty on the revocation of the banking license from JSC NSCI ISC in accordance with Article 20 of the Federal Law "On Banks and Banking Activities". The Bank of Russia took this decision following the decrease in equity capital of the credit institution below the minimum level of authorized capital established as of the date of its state registration. The Bank of Russia, by virtue of its Order No. OD-2078, dated August 10, 2018, appointed a provisional administration to JSC NSCI ISC for the period until the appointment of a receiver pursuant to the Federal Law "On the Insolvency (Bankruptcy)" or a liquidator under Article 23.1 of the Federal Law "On Banks and Banking Activities". In accordance with federal laws, the powers of the credit institution's executive bodies were suspended. The current development of the bank's status has been detailed in a press statement released by the Bank of Russia. TAATTA JSC: Bankruptcy Hearing Scheduled for August 21 ------------------------------------------------------ The provisional administration to manage Joint-stock Company Taatta Bank (further referred to as the Bank) appointed by Bank of Russia Order No. OD-1684, dated July 5, 2018, following banking license revocation, in the course of its investigation into the Bank's financial standing established that the Bank's management conducted operations which suggest theft of funds and other valuables to a total of RUR4.2 billion. The Bank of Russia applied on July 24, 2018, to the Court of Arbitration of the Republic of Sakha (Yakutia) to declare the Bank bankrupt. The hearing is scheduled for August 21, 2018. The Bank of Russia submitted the information on the financial transactions bearing the evidence of criminal offence conducted by the Bank's executives to the Prosecutor General's Office of the Russian Federation, the Ministry of Internal Affairs of the Russian Federation and the Investigative Committee of the Russian Federation for consideration and procedural decision making. The current development of the bank's status has been detailed in a press statement released by the Bank of Russia. =========================== U N I T E D K I N G D O M =========================== BLACKDOWN HILLS: Financial Losses Prompt Administration ------------------------------------------------------- Business Sale reports that egg producer Blackdown Hills Enterprises Limited has been placed in administration, citing substantial financial losses as the reason for its struggles. The business, located in Chard, Somerset, ceased trading on July 31, 2018, due to the unusually high temperatures experienced across the UK this summer, forcing the price of its produce to fall significantly, Business Sale relates. Auditing and accounting firm Mazars LLP have been called in, with partners Tim Ball -- tim.ball@mazars.co.uk -- and Mike Field -- mike.field@mazars.co.uk -- appointed as joint administrators, Business Sale discloses. In a statement issued by Mazars, the administrators, as cited by Business Sale, said: "A recent proposed sale of the company fell through and as a result of the extremely warm summer weather, demand for eggs dropped dramatically which has had a severe knock on effect on the price of eggs the company could demand resulting in cashflow difficulties and significant losses being incurred as a result." According to Business Sale, Mr. Field commented: "External factors have impacted this business which has, in recent years, developed a state-of-the-art egg grading, packing and distribution centre in the heart of Somerset. "Unfortunately, given a very significant drop off in trade in recent months, the company has run out of cash and the directors had to make the difficult decision to enter administration to prevent the position for creditors worsening. "The administrators are currently seeking a buyer for the business and assets and would welcome offers from any interested parties at this time." GREENE KING: S&P Lowers Ratings on Two Note Classes to 'BB+ (sf)' ----------------------------------------------------------------- S&P Global Ratings lowered its credit ratings on all of Greene King Finance PLC's classes of notes. Greene King Finance is a corporate securitization of the U.K. operating business of the managed and tenanted pub estate operator Greene King Retailing. The transaction features A, AB, and B classes of notes, the proceeds of which have been on-lent by the issuer to Greene King Retailing, via issuer-borrower loans. The revenues generated by the assets owned by the borrower and its subsidiaries (borrower group) are intended to service the loans advanced by the issuer that, in turn, uses the proceeds to meet its obligations under the notes. The transaction will likely qualify for the appointment of an administrative receiver under the U.K. insolvency regime. An obligor default would allow the noteholders to gain substantial control over the charged assets before an administrator's appointment, without necessarily accelerating the secured debt, both at the issuer and at the borrower level. S&P said, "A challenging operating environment, amid high cost inflation and very weak real wage growth in the U.K., caused us to lower our earnings and cash flow forecasts on Greene King Retailing, and so led us to lower our assessment of the business risk profile to fair from satisfactory." RATINGS RATIONALE Greene King Retailing's primary sources of funds for principal and interest payments on the class A, AB, and B notes are the loan interest and principal payments from the borrower and amounts available from the liquidity facility. S&P said, "Our ratings on the class A, AB, and B notes address the timely payment of interest, excluding any subordinated step- up coupons, and principal due on the notes. They are based primarily on our ongoing assessment of the borrowing group's underlying business risk profile, the integrity of the transaction's legal and tax structure, and the robustness of operating cash flows supported by structural enhancements. "Our cash flow analysis serves to both assess whether cash flows will be sufficient to service debt through the transaction's life and to project minimum debt-service coverage ratios in base-case and downside scenarios." RATINGS LIST Greene King Finance PLC GBP1.78 Billion Asset-Backed Fixed- And Floating-Rate Notes (Including GBP350 Million Further Issuance) Class Rating To From Ratings Lowered A1 BBB (sf) A- (sf) A2 BBB (sf) A- (sf) A3 BBB (sf) A- (sf) A4 BBB (sf) A- (sf) A5 BBB (sf) A- (sf) A6 BBB (sf) A- (sf) AB2 BBB- (sf) BBB (sf) B1 BB+ (sf) BBB- (sf) B2 BB+ (sf) BBB- (sf) HOMEBASE: To Close 42 Stores, Confirms Plan to Launch CVA --------------------------------------------------------- BBC News reports that DIY retailer Homebase has announced plans to close 42 stores, putting up to 1,500 jobs at risk. Restructuring company Hilco, which bought the DIY chain for GBP1 in May, confirmed it was planning a Company Voluntary Arrangement (CVA), BBC relates. It bought the struggling chain from Australia's Wesfarmers after its disastrous foray into the UK market, BBC recounts. The retailer, which has 241 stores, said the affected outlets would be shut over the next 16 months, BBC notes. According to BBC, Damian McGloughlin, chief executive of Homebase, said it had been a difficult decision: "We need to continue to take decisive action to address the underperformance of the business and deal with the burden of our cost base, as well as to protect thousands of jobs." A total of 17 Homebase stores have already shut this year, while 303 jobs at its head office in Milton Keynes have been cut, BBC discloses. Restructuring experts at Alvarez & Marsal will carry out the CVA, which will require the support of landlords, BBC states. HOUSE OF FRASER: Mike Ashley Vows to Keep Bulk of 59 Stores Open ---------------------------------------------------------------- BBC News reports that Mike Ashley has vowed to keep open the bulk of the 59 House of Fraser stores he bought last week. His company paid GBP90 million for House of Fraser on Aug. 10, just hours after it went into administration, BBC relates. Mr. Ashley wants to turn the department store chain into the "Harrods of the high street" with personal shopping services, BBC discloses. Sports Direct bought all the stores, including the 31 that had been earmarked for closure under a previous restructuring plan that has now been abandoned, according to BBC. Mr. Ashley has promised to keep 80% of the chain's 59 stores open and has appointed property experts from CBRE to advise him in negotiations with landlords, says the report. He also gave more information about his aim to take House of Fraser more up-market. As the retailer went into administration before being bought by Sports Direct, suppliers face losses on the stock they had already supplied to the department store chain, BBC discloses. Philip Day, a rival retailer who had ambitions to buy House of Fraser, has called on Mr. Ashley to pay suppliers "in full", according to BBC. The administrators to House of Fraser, EY, said that Sports Direct was the only bidder for the chain on Aug. 10, BBC notes. MISYS PLC: Bank Debt Trades at 2% Off ------------------------------------- Participations in a syndicated loan under which Misys Plc. is a borrower traded in the secondary market at 97.85 cents-on-the- dollar during the week ended Friday, August 3, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 1.56 percentage points from the previous week. Misys Plc. pays 725 basis points above LIBOR to borrow under the $1.245 billion facility. The bank loan matures on April 28, 2025. Moody's rates the loan 'Caa2' and Standard & Poor's gave a 'CCC' rating to the loan. The loan is one of the biggest gainers and losers among 247 quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, August 3. Misys is one of the world's largest independent applications software products groups and the UK's biggest. Its main activities include selling software solutions to banks, transaction processing and claims administration for physicians in the U.S., systems for insurance brokers in the U.K., and administrative and compliance services for Independent Financial Advisors, or IFs. It's corporate address is London, United Kingdom. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2018. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. * * * End of Transmission * * *