Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1

[iguanito]

incrementate clondalkin a 99

 

[gionmorg]

incrementate clondalkin a 99

Ieri moodys ha pubblicato il seguente report, che però non posso vedere, se magari qualcuno riuscisse a postarlo...

18 Mar 2013 Issuer Comment Clondalkin's disposal of packaging distribution business is credit positive

 

[Cat XL]

Ieri moodys ha pubblicato il seguente report, che però non posso vedere, se magari qualcuno riuscisse a postarlo...


Issuer Comment: Clondalkin's disposal of packaging distribution business is credit positive



Global Credit Research - 18 Mar 2013


On 18 March 2013, Dutch packaging group Clondalkin (corporate family rating: B3 negative; probability of default rating: Caa1-PD) announced that it has agreed to sell its packaging distribution business, the Van der Windt Group, to Paardekooper Group (not rated), a packaging distribution business based in the Netherlands for total proceeds of EUR 68.5 million.

The transaction is credit positive for Clondalkin as it is a first step to tackle its upcoming debt maturities of in total EUR 580 million that need to be refinanced over the next 12 months. We believe the successful divestment of Van der Windt Group is an important milestone that will support an orderly refinancing in two ways: (i) it will moderately reduce leverage measured by debt/EBITDA and thus make Clondalkin's credit profile more appealing to bond investors; and (ii) it will provide Clondalkin with additional cash that can be used to repay debt and thus reduce the overall amount to be refinanced.

The transaction values the Van der Windt Group at EUR 68.5 million or 7.8 times its 2012 EBITDA of EUR 8.8 million. While Clondalkin's leverage will remain high the divestment supports the group's deleveraging efforts. Pro forma the transaction we estimate net debt/EBITDA of 5.8x for 2012 (as adjusted by Moody's) which compares favorably to a current net debt/EBITDA of 6.0x.

Clondalkin expects net proceeds from the transaction at completion to be approximately EUR 65 million before fees. At year end 2012, Clondalkin's cash position amounted to EUR 113 million, so that we calculate a cash position pro forma the divestment of EUR 178 million. In total, Clondalkin has EUR 580 million of financial debt, thereof EUR 414 million coming due in December 2013 and EUR 170 million in March 2014.

However, Clondalkin is still exposed to near-term debt maturities with still high amounts of debt outstanding and due to the continued high leverage, the rating B3 CFR/Caa1-PD PDR remain unchanged with a negative outlook. The negative outlook reflects uncertainty regarding a timely refinancing of the group's significant debt maturities which represent all of the group's debt financing arrangements. With the high net leverage, we caution that Clondalkin could be challenged to implement a successful refinancing, despite currently benign high yield capital market conditions.

Clondalkin is a leading converter of niche packaging products. In 2012, the company recorded sales of EUR 951 million, of which about two thirds were generated in Europe and one third in North America. Clondalkin is owned by Warburg Pincus and management.

 

[nik.sala]

Non so chi ha in portafoglio questa Cemex XS0289333048
Offerta di riacquisto da parte dell'emittente @ 102.75 un anno prima della maturity per un max di 200 mln di €

 

[arkymede74]

Windreich

Google Traduttore


ma i creditori che nn si affidano ad avvocati, che fanno? rimangono fuori da eventuali benefici?? come funziona in questi casi??

 

[gionmorg]

Ieri moodys ha pubblicato il seguente report, che però non posso vedere, se magari qualcuno riuscisse a postarlo...


Issuer Comment: Clondalkin's disposal of packaging distribution business is credit positive



Global Credit Research - 18 Mar 2013


On 18 March 2013, Dutch packaging group Clondalkin (corporate family rating: B3 negative; probability of default rating: Caa1-PD) announced that it has agreed to sell its packaging distribution business, the Van der Windt Group, to Paardekooper Group (not rated), a packaging distribution business based in the Netherlands for total proceeds of EUR 68.5 million.

The transaction is credit positive for Clondalkin as it is a first step to tackle its upcoming debt maturities of in total EUR 580 million that need to be refinanced over the next 12 months. We believe the successful divestment of Van der Windt Group is an important milestone that will support an orderly refinancing in two ways: (i) it will moderately reduce leverage measured by debt/EBITDA and thus make Clondalkin's credit profile more appealing to bond investors; and (ii) it will provide Clondalkin with additional cash that can be used to repay debt and thus reduce the overall amount to be refinanced.

The transaction values the Van der Windt Group at EUR 68.5 million or 7.8 times its 2012 EBITDA of EUR 8.8 million. While Clondalkin's leverage will remain high the divestment supports the group's deleveraging efforts. Pro forma the transaction we estimate net debt/EBITDA of 5.8x for 2012 (as adjusted by Moody's) which compares favorably to a current net debt/EBITDA of 6.0x.

Clondalkin expects net proceeds from the transaction at completion to be approximately EUR 65 million before fees. At year end 2012, Clondalkin's cash position amounted to EUR 113 million, so that we calculate a cash position pro forma the divestment of EUR 178 million. In total, Clondalkin has EUR 580 million of financial debt, thereof EUR 414 million coming due in December 2013 and EUR 170 million in March 2014.

However, Clondalkin is still exposed to near-term debt maturities with still high amounts of debt outstanding and due to the continued high leverage, the rating B3 CFR/Caa1-PD PDR remain unchanged with a negative outlook. The negative outlook reflects uncertainty regarding a timely refinancing of the group's significant debt maturities which represent all of the group's debt financing arrangements. With the high net leverage, we caution that Clondalkin could be challenged to implement a successful refinancing, despite currently benign high yield capital market conditions.

Clondalkin is a leading converter of niche packaging products. In 2012, the company recorded sales of EUR 951 million, of which about two thirds were generated in Europe and one third in North America. Clondalkin is owned by Warburg Pincus and management.

Grazie Cat, se non ci fossi tu!!!!!

 

[gionmorg]

buy gol finance USG3980PAD71 @ 98.25

 

[Joe Silver]

buy gol finance USG3980PAD71 @ 98.25

Facile battuta : hai fatto gol, Gion Questa dovrebbe avere call option nel 2015 a 104 abbondante (secondo i miei appunti....). Molto interessante.

 

[qquebec]

Petrol AD 8,375% 2017

Notizia un po' datata, ma forse non l'avevamo ancora postata

Bulgaria’s Petrol buys back Eurobonds worth 68.4 mln euro

SOFIA (Bulgaria), January 16 (SeeNews) - Bulgarian fuel retailer Petrol [BUL:5PET] said on Wednesday it has repurchased Eurobonds with a total nominal value of 68.4 million euro ($91.2 million). Bonds with a combined par value of 55.2 million euro were repurchased on December 22, while the rest were bought back by the company on January 9, Petrol said in a statement filed with the Sofia bourse. The 100 million euro Eurobond was issued on the international capital markets with an 8.38% coupon in 2006 and matures in January 2017.

Le obbligazioni quotate alla borsa di Londra non fanno prezzo da diverso tempo, non scambiano più una cippa ormai. Avendone già riacquistate per 3 milioni in precedenza, l'oustanding è inferiore ai 29 milioni (290 lotti da 100k)

 

[Camajan]

Notizia un po' datata, ma forse non l'avevamo ancora postata

Bulgaria’s Petrol buys back Eurobonds worth 68.4 mln euro

SOFIA (Bulgaria), January 16 (SeeNews) - Bulgarian fuel retailer Petrol [BUL:5PET] said on Wednesday it has repurchased Eurobonds with a total nominal value of 68.4 million euro ($91.2 million). Bonds with a combined par value of 55.2 million euro were repurchased on December 22, while the rest were bought back by the company on January 9, Petrol said in a statement filed with the Sofia bourse. The 100 million euro Eurobond was issued on the international capital markets with an 8.38% coupon in 2006 and matures in January 2017.

Le obbligazioni quotate alla borsa di Londra non fanno prezzo da diverso tempo, non scambiano più una cippa ormai. Avendone già riacquistate per 3 milioni in precedenza, l'oustanding è inferiore ai 29 milioni (290 lotti da 100k)

non mi pare di averla vista ... mika scemi però