INVITE: VMO2 - WHERE NOW FOR THE CREDIT?

What's New: James Ratzer will be hosting a client call to discuss the credit outlook for VMO2 on Wednesday 22 July, 10am ET/ 3pm UK​.

This call follows our recent note, discussing why VMO2 bond yields have widened and what organic and inorganic options are open to the owners, Liberty Global and Telefonica to bring leverage levels down ahead of the refinancing in 2029.

There will be a presentation followed by an interactive Q&A session.

Registration: To attend, please register HERE.

When: Wednesday 22 July, 10am ET/ 3pm UK​

​​​​​​Topics: ​The call will cover the following key topics:

• How sustainable is VMO2’s current capital structure?
• Outlook for mid-term FCF, given competitive pressures, the Netomnia deal and increasing licence fees?
• Downside risk to fixed broadband ARPU?
• Impact of Netomnia transaction on VMO2 leverage?
• Which asset disposals could provide the most effective deleveraging?
• Should VMO2 scale back its fibre-overbuild programme?
• Opportunity to shut down the HFC network as path to delever?
• Could a broader debt restructuring ultimately be the best solution?