captain sparrow
Forumer storico
chi ha eccedenze?
io per l'altare non mi offro, anche se mi associo al rito voodo. adesso il problema è trovare il volontario per il rito. mi do da fare e se lo trovo posto.
Obbligazioni societarie Bond NEW WORLD RESOURCES 2018 7,875% (XS0504814509) e 2021 7,875% (XS0877986231)
- Creatore Discussione captain sparrow
- Data di Inizio
chi ha eccedenze?
io per l'altare non mi offro, anche se mi associo al rito voodo. adesso il problema è trovare il volontario per il rito. mi do da fare e se lo trovo posto.
Cat XL
Shizuka Minamoto
Nwr
Vedo il senior in leggera ripresa su BBG
New World Resources
NWORLD EUR 7.875% May 2018 61 – 63.5 YTM 22.5%
NWORLD EUR 7.875% January 2021 15 – 17 YTM 63%
Advisors Hired
According to Bloomberg news, citing two persons familiar with the talks, the creditors of the Czech mining company have hired Moelis for financing talks with the company and Freshfields as the legal advisors. The company previously said that it has hired Blackstone group to prepare a balance sheet restructuring proposal. Analysts say that the most likely outcome will be debt-for-equity swap, although some say it will be just haircut. Meanwhile, junior bonds have hit the lowest level at around 15 cents while senior bonds are trading in the low 60s region after coming down from mid 70s prior to announcement of capital structure review.
Vedo il senior in leggera ripresa su BBG
New World Resources
NWORLD EUR 7.875% May 2018 61 – 63.5 YTM 22.5%
NWORLD EUR 7.875% January 2021 15 – 17 YTM 63%
Advisors Hired
According to Bloomberg news, citing two persons familiar with the talks, the creditors of the Czech mining company have hired Moelis for financing talks with the company and Freshfields as the legal advisors. The company previously said that it has hired Blackstone group to prepare a balance sheet restructuring proposal. Analysts say that the most likely outcome will be debt-for-equity swap, although some say it will be just haircut. Meanwhile, junior bonds have hit the lowest level at around 15 cents while senior bonds are trading in the low 60s region after coming down from mid 70s prior to announcement of capital structure review.
cumulate
Forumer storico
certo che se avessi pelo sullo stomaco ...
il rapporto tra le 2 era 4 su 7 fino a una settimana fa, oggi siamo 1 su 4
captain sparrow
Forumer storico
prezzi delle 13.30
2021 18.5/19.5 su fra 18/19.5 su stu
2021 18.5/19.5 su fra 18/19.5 su stu
captain sparrow
Forumer storico
notizie - positive??
Le point sur les obligations New World Resources | OBLIS
da notare che la linea di credito di 100 mil. non utilizzata e in scadenza al 07/02 gli è stata rinnovata mi sembra sia positivo
Le point sur les obligations New World Resources | OBLIS
da notare che la linea di credito di 100 mil. non utilizzata e in scadenza al 07/02 gli è stata rinnovata mi sembra sia positivo
qquebec
Super Moderator
Strano
NWR dice esattamente il contrario. A meno che sia cambiato qualocsa nelle ultime ore 
...NWR’s EUR 100 million Revolving Credit Facility (currently fully undrawn) expires on 7 February 2014, and the Company has not secured an extension of this credit line.
zoro-aster
Forumer storico
purtroppo non è vero che la linea di credito è stata rinnovata, Oblis dice:
...La Compagnie indique avoir echouè a securizer....... vuol dire che non sono riusciti a rinnovare
Ultima modifica di un moderatore:
captain sparrow
Forumer storico
hai ragione. chiedo scusa il mio francese non è dei migliori.
anzi lascia a desiderare. 2021 a 21.5 ore 17 circafabriziof
Forumer storico
Rating Action: Moody's downgrades New World Resources' rating to Caa3 from Caa1; negative outlook
Global Credit Research - 27 Jan 2014
Approximately EUR775 million of rated debt affected
Milan, January 27, 2014 -- Moody's Investors Service has today downgraded the corporate family rating (CFR) of New World Resources N.V. (NWR, or the group) to Caa3 from Caa1 and its probability of default rating (PDR) to Caa3-PD from Caa1-PD, following the company's announcement on 22 January of a potential capital structure review. At the same time, Moody's has downgraded the senior secured rating on the group's notes due 2018 to Caa2 (LGD2 -- 29%) from B3 and the senior unsecured rating on its notes due 2021 to Ca (LGD5 -- 89%) from Caa3. The outlook on the ratings is negative.
"We are downgrading NWR ratings to Caa3 because in our view the possible restructuring of its capital structure, triggered by the ongoing deterioration in the coal market, could result in a loss for existing bondholders, which would mean a default," says Paolo Leschiutta, a Moody's Vice President - Senior Credit Officer and lead analyst for NWR.
RATINGS RATIONALE
--DOWNGRADE OF CORPORATE FAIMILY RATING TO Caa3 FROM Caa1
Today's rating action reflects NWR's recent announcement that it would conduct a review of its capital structure. The planned review has been triggered by ongoing historically low prices for coking and thermal coal, which are not sufficient to sustain the company's current capital structure. In the fourth quarter of 2013, average prices for coking and thermal coal were EUR98 tonne and EUR55 tonne, respectively. These prices are broadly in line with the average price for the full year of 2013. For the first quarter of 2014, however, the company announced prices for coking and thermal coal of EUR91 tonne and EUR54 tonne, respectively, indicating further downward pressure in the market.
Moody's recognises that NWR has successfully implemented a number of restructuring measures thus far in calendar year 2013, including the disposal of its coke activities for EUR95 million (completed in December 2013) and the negotiation of a suspension of financial covenants contained in its Export Credit Agencies loan. Moody's also expects that NWR will have sufficient liquidity to operate for the next 6 to 12 months. However, these factors are not enough to compensate for the further decline in market conditions, which are putting significant strain on the company's ability to generate cash flow. Prospects for recovery are also modest at the moment, which could lead NWR to consider additional changes to its capital structure.
RATIONALE FOR NEGATIVE OUTLOOK
The negative outlook on the ratings reflects Moody's view that a default within the next few months is extremely likely at this stage and that a debt restructuring that implies a loss for bondholders could result in a further downgrade.
WHAT COULD CHANGE THE RATING UP/DOWN
Upward pressure on the ratings is currently limited. Nonetheless, Moody's could upgrade NWR's ratings following an improvement in (1) market conditions, and, in particular, (2) the currently depressed coal prices. Such improvements would result in a recovery in the company's cash generation and a boost to its liquidity profile.
Conversely, negative rating pressure could result from the company offering its bondholders a restructuring plan that implies economic loss. Negative rating pressure could also arise in case of further deterioration in NWR's liquidity profile or market conditions.
Global Credit Research - 27 Jan 2014
Approximately EUR775 million of rated debt affected
Milan, January 27, 2014 -- Moody's Investors Service has today downgraded the corporate family rating (CFR) of New World Resources N.V. (NWR, or the group) to Caa3 from Caa1 and its probability of default rating (PDR) to Caa3-PD from Caa1-PD, following the company's announcement on 22 January of a potential capital structure review. At the same time, Moody's has downgraded the senior secured rating on the group's notes due 2018 to Caa2 (LGD2 -- 29%) from B3 and the senior unsecured rating on its notes due 2021 to Ca (LGD5 -- 89%) from Caa3. The outlook on the ratings is negative.
"We are downgrading NWR ratings to Caa3 because in our view the possible restructuring of its capital structure, triggered by the ongoing deterioration in the coal market, could result in a loss for existing bondholders, which would mean a default," says Paolo Leschiutta, a Moody's Vice President - Senior Credit Officer and lead analyst for NWR.
RATINGS RATIONALE
--DOWNGRADE OF CORPORATE FAIMILY RATING TO Caa3 FROM Caa1
Today's rating action reflects NWR's recent announcement that it would conduct a review of its capital structure. The planned review has been triggered by ongoing historically low prices for coking and thermal coal, which are not sufficient to sustain the company's current capital structure. In the fourth quarter of 2013, average prices for coking and thermal coal were EUR98 tonne and EUR55 tonne, respectively. These prices are broadly in line with the average price for the full year of 2013. For the first quarter of 2014, however, the company announced prices for coking and thermal coal of EUR91 tonne and EUR54 tonne, respectively, indicating further downward pressure in the market.
Moody's recognises that NWR has successfully implemented a number of restructuring measures thus far in calendar year 2013, including the disposal of its coke activities for EUR95 million (completed in December 2013) and the negotiation of a suspension of financial covenants contained in its Export Credit Agencies loan. Moody's also expects that NWR will have sufficient liquidity to operate for the next 6 to 12 months. However, these factors are not enough to compensate for the further decline in market conditions, which are putting significant strain on the company's ability to generate cash flow. Prospects for recovery are also modest at the moment, which could lead NWR to consider additional changes to its capital structure.
RATIONALE FOR NEGATIVE OUTLOOK
The negative outlook on the ratings reflects Moody's view that a default within the next few months is extremely likely at this stage and that a debt restructuring that implies a loss for bondholders could result in a further downgrade.
WHAT COULD CHANGE THE RATING UP/DOWN
Upward pressure on the ratings is currently limited. Nonetheless, Moody's could upgrade NWR's ratings following an improvement in (1) market conditions, and, in particular, (2) the currently depressed coal prices. Such improvements would result in a recovery in the company's cash generation and a boost to its liquidity profile.
Conversely, negative rating pressure could result from the company offering its bondholders a restructuring plan that implies economic loss. Negative rating pressure could also arise in case of further deterioration in NWR's liquidity profile or market conditions.
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