Grupo Antolin-Irausa SA: Focus on maturity runway, noteholder treatment and backlog

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Grupo Antolin-Irausa SA: Focus on maturity runway, noteholder treatment and backlog

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Grupo Antolin-Irausa SA

Focus on maturity runway, noteholder

treatment and backlog

Rating Change - Credit

Floor for SSNs? Move to MW on next steps. 25 June 2026

We view Antolin’s June 24th capital structure announcement as a mixed bag for High Yield Credit

bondholders. This said, we do think bonds (pre exchange) could trade up to high 50% Spain

levels on this plan (and perhaps more if terms are improved). Updates on Antolin’s Automotive Suppliers

business plan, and what bank lenders were looking for in exchange for an extension, Stephanie Vincent, CFA

helps to underpin bond levels. Positives of the plan include key creditors committing to Research Analyst

maturity extension, a working capital facility through 2032 and amended financial MLI+44 (UK)20 7996 1143

covenants. Concerns about the plan include the banks’ springing maturity and planned stephanie.a.vincent@bofa.com

amortization, and a lack of contribution from Antolin shareholders. News of the plan’s

achieving requisite approval thresholds/ any changes in terms could move bonds. We

MW= marketweightmove from Overweight to Marketweight on the 2028/2030 SSNs as we think bonds will

remain rangebound in the near-term unless noteholders benefit from better terms. SSN=senior secured notes

Key business plan figures disclosed. Inflection seen in ’28. ICO facility=senior financing

2026 sales expectations were revised down (to €3.36bn, down from the previous guide agreement with a state guarantee

of €3.4bn-€3.5bn), while run-rate EBITDA margin estimates are within previously

EIB=European Investment Bankdisclosed ranges. In terms of backlog, the business sees book to bill between 95%-90%

over 2027-2028.