AMPIL – Asset Sale
26-06-2024 Owner Asterion has reportedly launched a sale of AMPIL’s heat and biomass business. Any binding offers are expected around the end of July. The grid balancing side of the business is not up for sale. We note the bonds are currently callable at 102.
AMPIL – DSCR and historic DSCR for March 2023
Aggregated_Micro_Power_Infrastructure_2_plc_-_Forward_DSCR
AMPILT – Certificate and Model
September 2022 compliance certificate and updated model are available below. The latter corrects the cash balance to account for the £7.5m dividend (post balance sheet event mentioned in 1H accounts). Compliance_Certificate_September_2022 Model for bondholders v2 Sep 22
AMPIL – 1H 30 September 2022 unaudited accounts
The portfolio of biomass boiler and grid balancing assets is performing well. First half results published today show a positive step change, with revenue up 286% to £25.8m, profit before tax £7.7m, and £17.6m of operating cash flow before comfortably covering interest. Accounts are available here: 1H FY 2022-23
AMPIL – Year end accounts
As announced in October, AMP is leaving the bond in place for the time being. As per the docs it will commence amortisation of principal from December this year with income generated by its static portfolio of biomass (BM) and urban reserve (UR) grid balancing assets. Locked in contracts are producing solid income. Documents recently... Read More →
AMPIL Investor Update
Given recent events in financial markets, and in particular the significant increase in swap rates we have seen over the last few weeks, the board of Aggregated Micro Power Infrastructure 2 plc (the “Company”) have decided that the recent increase in swap rates has made it uneconomic to call the bonds at present. Please see... Read More →
Orchard Bond Finance – New £10mn 6.25% June 2027 Retail Bond
Orchard Funding Group is a well-run, AIM-listed provider of short-term insurance premium and professional fees financing, with a successful 20-year history. It operates in the UK, remained profitable throughout Covid-19, and is now returning to growth in existing and new markets. Guy Butler is a distributor for the new Orchard Bond Finance plc retail bond... Read More →
EnQuest plc – potential for double digit yield
EnQuest has quite the incentive to refinance its $ bond this year: doing so will automatically extend its bank facility out to 2028. The $ bond will yield solid double digits if they do it during 2022 (likely). Yield to maturity in October 2023 is still 10%. The £ bond has a 50bps make whole... Read More →
Jaguar Land Rover Automotive plc
Although the automotive sector is dealing with semiconductor shortages, we think JLR has a good opportunity to capitalise on improvements it made both before and during the pandemic. It has ample liquidity and is pivoting hard to electrification. Yields available in EUR, GBP, and USD are appealing. Jaguar Land Rover Desknote 2021 09 23
AMPIL2 – GREEN BOND
Aggregated Micro Power Holdings Limited, trading as AMP Clean Energy (“AMP”), develops, owns, and operates renewable energy generating facilities. Its strategy is to develop and manage low carbon distributed energy projects in the UK, principally via non-domestic biofuel boilers and flexible power generation. The assets are held separately within an on balance sheet SPV. Prudential... Read More →