Obbligazioni societarie Abengoa XS0498817542 XS1048657800 XS1219438592 XS1113021031
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Fra41
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capt.harlock
MENA IL CAMMELLO FAN CLUB
toccarsi con forza gli zebedeii....
cmq non so che e' successo mezz'oretta fa ma ci sono stati degli acquisti che hanno fatto riprendere quota di 1/2 figure
61,95 ask operativo greenfield
molto forte la 2018
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Fra41
Forumer storico
Ho visto! Mi chiedevo la stessa cosa!
A1HFNE | Abengoa Finance-Anleihe: 8.875% bis 05.02.2018 | finanzen.net
qquebec
Super Moderator
Abengoa wins its two first power transmission lines in South Africa
Abengoa, an international company that applies
innovative technology solutions for sustainable development in the energy
and environment sectors, has been selected by Eskom Holdings, the main
electricity company in South Africa, to build and commissioning in South
Africa two 400 kV power transmission lines totaling 174 km.
Abengoa will be responsible for the engineering, design and construction,
and also for the commissioning of the two lines, which extend from the
substation Medupi in Lephalale region to substation Borutho in Mokopane
region, located in northeastern South Africa. The project is expected to
reach commercial operation in 2017.
Abengoa has started up in South Africa the country's first thermosolar
plant, Kaxu, with 100 MW capacity. In addition, the company is building
Khi and Xina, two solar plants of 50 MW and 100 MW respectively.
The award of the company's first projects of electric transmission in the
country consolidates its presence in the generation and transmission
sectors in South Africa.
Abengoa, an international company that applies
innovative technology solutions for sustainable development in the energy
and environment sectors, has been selected by Eskom Holdings, the main
electricity company in South Africa, to build and commissioning in South
Africa two 400 kV power transmission lines totaling 174 km.
Abengoa will be responsible for the engineering, design and construction,
and also for the commissioning of the two lines, which extend from the
substation Medupi in Lephalale region to substation Borutho in Mokopane
region, located in northeastern South Africa. The project is expected to
reach commercial operation in 2017.
Abengoa has started up in South Africa the country's first thermosolar
plant, Kaxu, with 100 MW capacity. In addition, the company is building
Khi and Xina, two solar plants of 50 MW and 100 MW respectively.
The award of the company's first projects of electric transmission in the
country consolidates its presence in the generation and transmission
sectors in South Africa.
capt.harlock
MENA IL CAMMELLO FAN CLUB
venduto la 2018 su stoccarda a 70,25
rimango con 1 lotto greenfield
rimango con 1 lotto greenfield
Abengoa Junk Bondholders Comb Covenants for Next Possible Shock
Abengoa SA’s high-yield bondholders are scouring the terms of its debt to anticipate another possible shock.
28/ago/2015 10:05:17
Abengoa SA’s high-yield bondholders are scouring the terms of its debt to anticipate another possible shock.
The distressed Spanish energy company may take advantage of unusual provisions that would subordinate noteholders if its planned capital increase is insufficient, according to Covenant Review. About eight bondholders called to discuss the documentation last week, compared with one in July, said Sabrina Fox, head of European research at the independent credit research firm.
The debt terms allow Abengoa to pledge corporate assets to secure short-term project financing, according to Covenant Review and DebtXplained. Creditors have been looking more closely at Abengoa’s complicated debt structure since being startled by its reclassification of some notes in November, even though the documentation of those securities allowed it.
“Abengoa’s covenants are non-standard and counter-intuitive,” Fox said. “This is a company that has surprised investors in the past. People want to understand how the covenants work so they don’t get surprised again.”
The possibility of securing non-recourse financing with corporate assets is a “loophole” that allows Abengoa to address near-term funding needs at the expense of high-yield noteholders, Fox said. Its willingness to use the provision may depend on whether its capital increase addresses cash flow concerns, she said.
Abengoa declined to comment on whether its debt covenants allow it to pledge corporate assets to secure short-term project financing, why it would have included such terms or whether it would use them. The company said there are restrictions in its debt documentation.
Debt Classification
“Abengoa’s bonds and our bank syndicated facility include the standard clauses that protect bondholders,” the company said in an e-mailed statement. “This includes, for example, limitations on liens or when granting security over corporate assets above a certain threshold.”
Abengoa classifies short-term bridge financing for projects as “non-recourse debt in process,” even though it’s guaranteed by the parent. When projects are completed, Abengoa refinances the loans with long-term debt that doesn’t have a claim on the company.
The ability to pledge corporate assets to lenders of some project debt is unusual even among competitors, according to DebtXplained. The terms potentially deplete assets available to creditors in the event of insolvency, the London-based firm of legal analysts wrote in a report.
“Why Abengoa has included this flexibility is unclear,” said Temitope Adesanya, a senior legal analyst at DebtXplained. “It’s an aggressive feature and is a significant weakness in the covenants.”
Change Guarantees
The securities dropped below 50 percent of face value this month after Abengoa surprised the market by saying that it plans to raise 650 million-euros ($734 million) and sell assets to cut some of its 9.8 billion euros of gross debt. It also reported that free cash flow would be less than previously forecast.
Abengoa’s 500 million euros of 6 percent notes maturing March 2021 rose to 62.4 cents on the euro today from a record low of 44.4 cents on Monday, according to data compiled by Bloomberg.
The company said last month it would change guarantees on convertible and exchangeable bonds to align them with high-yield securities. That diluted junk bondholders’ claims and added to confusion about its accounting methods. In November, Abengoa reclassified some corporate bonds as non-recourse-in-process bridge financing for projects.
Investors are increasingly concerned about Abengoa’s debt covenants and looking at how it classifies non-recourse debt in process, Fox said. If it chooses to use corporate assets to secure short-term project debt, that would “test the limits of bondholder protection in the high-yield market,” she said.
More articles on Debt
Abengoa SA’s high-yield bondholders are scouring the terms of its debt to anticipate another possible shock.
28/ago/2015 10:05:17
Abengoa SA’s high-yield bondholders are scouring the terms of its debt to anticipate another possible shock.
The distressed Spanish energy company may take advantage of unusual provisions that would subordinate noteholders if its planned capital increase is insufficient, according to Covenant Review. About eight bondholders called to discuss the documentation last week, compared with one in July, said Sabrina Fox, head of European research at the independent credit research firm.
The debt terms allow Abengoa to pledge corporate assets to secure short-term project financing, according to Covenant Review and DebtXplained. Creditors have been looking more closely at Abengoa’s complicated debt structure since being startled by its reclassification of some notes in November, even though the documentation of those securities allowed it.
“Abengoa’s covenants are non-standard and counter-intuitive,” Fox said. “This is a company that has surprised investors in the past. People want to understand how the covenants work so they don’t get surprised again.”
The possibility of securing non-recourse financing with corporate assets is a “loophole” that allows Abengoa to address near-term funding needs at the expense of high-yield noteholders, Fox said. Its willingness to use the provision may depend on whether its capital increase addresses cash flow concerns, she said.
Abengoa declined to comment on whether its debt covenants allow it to pledge corporate assets to secure short-term project financing, why it would have included such terms or whether it would use them. The company said there are restrictions in its debt documentation.
Debt Classification
“Abengoa’s bonds and our bank syndicated facility include the standard clauses that protect bondholders,” the company said in an e-mailed statement. “This includes, for example, limitations on liens or when granting security over corporate assets above a certain threshold.”
Abengoa classifies short-term bridge financing for projects as “non-recourse debt in process,” even though it’s guaranteed by the parent. When projects are completed, Abengoa refinances the loans with long-term debt that doesn’t have a claim on the company.
The ability to pledge corporate assets to lenders of some project debt is unusual even among competitors, according to DebtXplained. The terms potentially deplete assets available to creditors in the event of insolvency, the London-based firm of legal analysts wrote in a report.
“Why Abengoa has included this flexibility is unclear,” said Temitope Adesanya, a senior legal analyst at DebtXplained. “It’s an aggressive feature and is a significant weakness in the covenants.”
Change Guarantees
The securities dropped below 50 percent of face value this month after Abengoa surprised the market by saying that it plans to raise 650 million-euros ($734 million) and sell assets to cut some of its 9.8 billion euros of gross debt. It also reported that free cash flow would be less than previously forecast.
Abengoa’s 500 million euros of 6 percent notes maturing March 2021 rose to 62.4 cents on the euro today from a record low of 44.4 cents on Monday, according to data compiled by Bloomberg.
The company said last month it would change guarantees on convertible and exchangeable bonds to align them with high-yield securities. That diluted junk bondholders’ claims and added to confusion about its accounting methods. In November, Abengoa reclassified some corporate bonds as non-recourse-in-process bridge financing for projects.
Investors are increasingly concerned about Abengoa’s debt covenants and looking at how it classifies non-recourse debt in process, Fox said. If it chooses to use corporate assets to secure short-term project debt, that would “test the limits of bondholder protection in the high-yield market,” she said.
More articles on Debt
qquebec
Super Moderator
Abengoa awarded sanitation works in Uruguay for 13 million dollars
August 31, 2015- Abengoa (MCE: ABG.B/P SM /NASDAQ: ABGB), the
international company that applies innovative technology solutions for
sustainability in the energy and environment sectors, has been awarded the
realization of new sanitation works in Ciudad de la Costa, Uruguay, for
the state company OSE (Obras Sanitarias del Estado), responsible for
drinking water supply and sanitation services in the country's hinterland.
Abengoa will be responsible for the execution of the works, the supply of
material and equipment necessary for the full execution of the works and
other services necessary for the construction of sanitation system in the
so-called B3 area, of about 244 hectares, in Ciudad de la Costa. This
involves the execution of 40.5 km of sewerage, including household
connections and two pumping systems.
The execution deadline is 24 months, and works are expected to start in
the second semester of 2015. The project's investment exceeds $13 million.
This project contributes to OSE's goal for environmental improvement in
Ciudad de la Costa, giving people better conditions in the sanitation
coverage service. Currently, 80 % of the urbanized area lacks these
services and the current system is based on the use of watertight wells
that are unloaded with barometric trucks and then the effluents are
transferred to a treatment plant.
The implementation of this project reaffirms Abengoa's leadership in
Uruguay, where it has been participating for 35 years in major projects in
the country. The experience that the company has in the execution of large
civil infrastructure water, energy and industry projects stands out. In
particular, in the hydraulic area, Abengoa has executed projects involving
more than 1,200 km of pipelines and 25 treatment plants across the
country, among which stand out the Sixth Pumping Line and the remodeling
of the Aguas Corrientes plant.
August 31, 2015- Abengoa (MCE: ABG.B/P SM /NASDAQ: ABGB), the
international company that applies innovative technology solutions for
sustainability in the energy and environment sectors, has been awarded the
realization of new sanitation works in Ciudad de la Costa, Uruguay, for
the state company OSE (Obras Sanitarias del Estado), responsible for
drinking water supply and sanitation services in the country's hinterland.
Abengoa will be responsible for the execution of the works, the supply of
material and equipment necessary for the full execution of the works and
other services necessary for the construction of sanitation system in the
so-called B3 area, of about 244 hectares, in Ciudad de la Costa. This
involves the execution of 40.5 km of sewerage, including household
connections and two pumping systems.
The execution deadline is 24 months, and works are expected to start in
the second semester of 2015. The project's investment exceeds $13 million.
This project contributes to OSE's goal for environmental improvement in
Ciudad de la Costa, giving people better conditions in the sanitation
coverage service. Currently, 80 % of the urbanized area lacks these
services and the current system is based on the use of watertight wells
that are unloaded with barometric trucks and then the effluents are
transferred to a treatment plant.
The implementation of this project reaffirms Abengoa's leadership in
Uruguay, where it has been participating for 35 years in major projects in
the country. The experience that the company has in the execution of large
civil infrastructure water, energy and industry projects stands out. In
particular, in the hydraulic area, Abengoa has executed projects involving
more than 1,200 km of pipelines and 25 treatment plants across the
country, among which stand out the Sixth Pumping Line and the remodeling
of the Aguas Corrientes plant.
