(Private Company) (Debt: $4bn)
Leading European Vending Operator has Attractive Senior Bonds / Strong Market Position, Diversified Client Base, and Improved Contract Retention Rate All Positives / Struggling EBITDA Margin to Improve Through Ongoing Strategic Initiatives

Bond prices of Selecta’s Senior Secured Notes due 2020 have been volatile over 2015-16 due to declining EBITDA margin and increasing leverage. The prices declined further in May and June 2016 after Selecta’s rating was downgraded by both Moody’s and S&P’s citing the high leverage and weak cash flows.

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