...- Odyssey Europe Holdco S.a.r.l, parent of Baltics gaming company Olympic Entertainment (Olympic), faces increasing refinancing risk, with the group's revolving credit facility (RCF) due December 2022 and the 200 million notes due May 2023. We understand conversations are ongoing between Odyssey and an ad hoc noteholder group regarding financing options for the term notes. - The COVID-19 pandemic continues to affect the group with a mix of lockdowns, curfews, and travel restrictions continuing to hinder parts of the business. - We currently forecast negative free operating cash flow (FOCF) generation in the short term, and despite tight control by management, we assess the group's current liquidity position as weak. We also consider that the notes have traded comfortably below par for the duration of 2021. - The group faces covenant testing at the end of December that we calculate may require a waiver to avoid a breach. In this context, we see the group's approaching maturities as potentially...
