...- Causeway Consortium Holdings Ltd. is the holding company of the Applegreen group, a motorway service area (MSA), trunk road service area (TRSA), and petrol-filling station (PFS) operator in Ireland, the U.K., and the U.S. - Applegreen benefits from the captive nature of its MSA and TRSA operations and the lengthy concession contracts, providing some revenue and operational visibility, and underpinning its solid market positions and profitability. - In our forecast, Applegreen will reach S&P Global Ratings-adjusted EBITDA of 375 million by 2026 (from about 290 million in 2023); however, its ambitious growth plans and related hefty investments will result in persistently negative free operating cash flow (FOCF) after leases and high leverage. - The group has completed a debt refinancing and recapitalization transaction, including new senior secured facilities guaranteed by Applegreen Ltd. and a 210 million equity contribution by its majority shareholder, Blackstone Infrastructure Partners....
