In July 2014, Boparan Finance plc, the finance subsidiary of UK based food manufacturer 2 Sisters Food Group, issued three series of high yield bonds (the “Notes”): £250 million 5.25% senior notes due 2019, £330 million 5.5% senior notes due 2021 and €300 million 4.375% senior notes due 2021. The first of these is just over a year before its final maturity on July 15, 2019.
Boparan has fallen on hard times lately. LTM EBITDA has fallen from £181 million at 4Q15/16, to £161 million at 4Q16/17 and further still to £139 million at 2Q17/18.1 This decline has been driven in part by commodity inflation, which has not been fully offset by price increases.
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