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    Ethan Kalis

    High Yield Credit Research Associate at Bank of America

    Ethan Kalis is a High Yield Credit Research Associate at Bank of America, specializing in fixed income analysis with a focus on high yield corporate bonds. He covers a range of high-yield issuers across various sectors, contributing valuable research and insights to institutional clients, though public records do not yet show independent analyst performance metrics or ranking data. Ethan began his career in credit research after college, joining Bank of America as an analyst and quickly advancing within the firm. He holds professional credentials with FINRA through BOFA Securities, Inc., reflecting his securities industry registration and qualifications for delivering regulated investment research.

    Ethan Kalis's questions to MATTHEWS INTERNATIONAL (MATW) leadership

    Ethan Kalis's questions to MATTHEWS INTERNATIONAL (MATW) leadership • Q1 2025

    Question

    Ethan Kalis focused on the capital structure, asking which debt would be repaid with the SGK sale proceeds, the strategy around the bond's first call option, and the company's post-transaction leverage target.

    Answer

    CFO Steven Nicola explained that proceeds would substantially be applied to the revolver debt initially. He noted the company intentionally structured its bonds with a short-term, 1-year no-call feature (expiring in September) and will evaluate refinancing then. CEO Joseph Bartolacci added this was intentional given the pending SGK deal. Nicola reiterated the long-term leverage target is 3.0x or less, which this transaction helps achieve.

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