Distressed Pitch List — 6 June


News and Analysis

Distressed Pitch List — 6 June

Larry Feldman's avatar
  1. Larry Feldman
4 min read

We have now published the second edition of our Distressed Pitch List.

We will be publishing the Pitch List every two weeks. In it, we aim to identify topical credits that may be targets for liability management exercises and/or turnaround efforts in the future, and that are for the most part not yet deeply distressed.

The list includes both public and private issuers that may be subject to a number of actionable triggers, including earnings pressure, elevated leverage, an unsustainable capital structure, a potential covenant breach, liquidity need, failed M&A, operational turnaround, or upcoming maturities.

The list will be monitored and updated with relevant commentary regarding corporate actions, earnings results, secondary trading levels, and 9fin intelligence. For each issuer, we will include its relevant ticker or symbol, its current enterprise value, debt, EBITDA, net leverage, potential triggers, a business description and the next catalyst date.

The following new names have been added:

The following old names have been removed:

  • Petco — Continued growth in services segment revenue, outlined cost savings, and reduced capex spend have resulted in the TLB trading back up to 93 from the low 80s post Q1 24 earnings. The company also announced an executive leadership reset in late May.
  • Trinseo — Increased trading volume in the 5.125% SUNs due 2029 in recent weeks, currently trading for 42.3 (YTW 26.9%).
  • US LBM — Priced a $2.1bn dual-tranche TLB due 2031 on 31 May, with $500m going towards paying down the company’s ABL due 2027.

Remaining names include:

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