Lascio qui anche il commento di Moody's che segnala l'elevata probabilità che già nei prossimi mesi vi sia un secondo tentativo di swap sul debito, sempre mirato a ridurre debito e leverage.
Rispetto agli obiettivi di riduzione del debito e del carico degli interessi, il risultato ottenuto è troppo modesto.
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Moody's affirms NXP's CFR at Caa2 with a negative outlook, secured notes downgraded to C.[/FONT]
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Approximately US$6.0 billion debt securities affected [/FONT]
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Arrivato il secondo tentativo di NXP di ridurre il debito. In pratica, offrono cash per un totale di 300 mln $ per acquisti a 30-35/100 sui bond senior unsecured e fino a 40-45/100 sugli altri bond secured (per questi ultimi, soltanto nei limiti in cui avanzasse capienza nei 300 mln $ per scarsità di adesioni alla prima offerta) più un altro 2,5% in caso di adesione alla early tender date.
E' un distressed exchange, per cui il rating finisce intanto a livello di SD. Se le cose andassero a buon termine, si ridurrebbe il debito di un 16%, ed il rating passerebbe a quota CCC+.
La situazione resterebbe cmq traballante, con un gross debt a quota 4,7 mld $, cash disponibile per 0,8 mld $ e altri 300 mln $ disponibili sotto la linea di credito utilizzabile da NXP.
Però qualche barlume di speranza almeno di non andare a picco nel brevissimo termine potrebbe presentarsi, dipendendo da quanta cassa brucerà NXP (per la quale S&P pronostica che sia negative free operating cash flow per l'intero 2009), e considerato che non dovrà rinegoziare debito fino al 2012-2013.
Dutch Semiconductor Group NXP B.V. Downgraded To 'CC' On Bond Purchase Offer; All Ratings On CreditWatch Negative
--Dutch chip manufacturer NXP has launched a deeply discounted bond purchase offer
--The purchase would qualify as distressed under our criteria
--We are lowering our long-term rating to 'CC', from 'CCC+' and placing all ratings on CreditWatch negative
--On completion of the purchase, we expect to lower the corporate credit rating to 'SD' (selective default)
--Based on preliminary analysis, post-exchange ratings could return to pre-exchange levels, or 'CCC+'
PARIS (Standard & Poor's) June 8, 2009--Standard & Poor's Ratings Services said today that it has lowered its long-term corporate credit rating on Dutch semiconductor manufacturer NXP B.V. to 'CC' from 'CCC+'. At the same time, we placed the corporate rating and issue ratings on CreditWatch with negative implications.
The recovery ratings on the abovementioned debt issues are unchanged, respectively at '1', '4', and '5', indicating our expectations for full (90%-100%) recovery, average (30%-50%) recovery, and modest (10%-30%) recovery in the event of a payment default.
These rating actions follow NXP's announcement that it is offering holders of its senior unsecured notes--and, on a second- and third-priority basis, holders of its senior secured floating and fixed notes--a cash settlement of up to $300 million, based on parities of 30.5%-35% for unsecured notes and 40%-45% for secured notes—excluding early tender premiums of 2.5 basis points.
"This is an offer that, under our criteria, is tantamount to default, given that its acceptance would represent a substantial discount to the par amount of the outstanding issues," said Standard & Poor's credit analyst Patrice Cochelin.
On completion of the transaction, we would expect to lower the ratings on the unsecured notes--and possibly, depending on acceptance, on other debt issues--to 'D' (default). We would also lower the long-term corporate credit rating to 'SD' (selective default) on the assumption that the company continues to honor its other debt obligations. As soon as is practical thereafter, we would reassess NXP's capital structure, following our review of the revised liability structure.
At March 31, 2009, the company reported consolidated gross debt of $6.4 billion, including a $0.6 billion revolver draw, or about $5.7 billion, according to our estimates, giving pro forma consideration for a debt exchange and a $0.3 billion revolver repayment in April and May 2009.
We expect to resolve the CreditWatch status in July 2009, after reviewing the results of the purchase offer.
Assuming the offer succeeds, and in the absence of other developments, we could raise the corporate credit rating back to 'CCC+' once transactions have been completed, the same level as before the purchase announcement. This outcome is very preliminary, however, given the rapid and significant events affecting our assessment of the company's business and financial risk profiles and the potentially mixed credit impacts of the bond purchase offer.
We believe the offer could alleviate a meaningful portion of NXP's current debt burden (about 16% of its net debt, according to our calculations, after giving consideration to the April 2009 exchange offer, based on the unsecured debt offer, and assuming acceptance resulting in the maximum $300 million cash outflow) and related interest expense.
However, we estimate that NXP will likely continue to carry very high gross debt of about $4.7 billion, against consolidated cash and equivalents of less than $0.8 billion, after the reduction linked to the purchase of notes, and based on May 2009 cash numbers, and revolver availability of about $300 million.
Because we expect to continue to assess NXP's post-exchange leverage as high, and assuming continued negative free operating cash flow in 2009 despite the lower interest burden, we anticipate that refinancing risks of 2012 and 2013 maturities could remain a rating constraint. Over the near term, these risks are partially offset by our assessment of NXP's adequate liquidity and our expectations of modest, if any, principal debt repayment until 2012.
Related Research
"How Standard & Poor's Uses Its 'CCC' Rating," published Dec. 12, 2008.
"Rating Implications Of Exchange Offers And Similar Restructurings, Update," published May 12, 2009.
"Corporate Ratings Criteria 2008," published April 15, 2008 (see section "Definitions").
