...- DKT Holdings has improved its liquidity position to adequate from less than adequate, in our opinion, thanks to DKT Finance ApS, the holding company of Danish telecommunication operator TDC Holding, having redeemed its 1.05 billion and $410 million high-yield bonds due June 2023, with 475 million new subordinated debt out of 500 million issued at DK Telekommunication ApS, 475 million equity contribution from the shareholders, 402 million funds upstreamed from Nuuday, and cash on its balance sheet. Additionally, TDC Holding today repaid its ú425 million unsecured notes. - However, DKT Holdings' free operating cash flow (FOCF) after lease payments could remain negative in the next 12 months because of a reduced EBITDA margin and significant expansionary capital expenditure (capex), despite our anticipation that a slight growth in mobility and internet service revenue should keep revenues stable, notwithstanding smaller contributions from the TV segment. - We assess the overall group liquidity...
