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

[MRPINK]

(Il Sole 24 Ore Radiocor) - Milano, 13 set - Con
riferimento all'andamento borsistico registrato nelle ultime
sedute di mercato da parte del titolo Sopaf, la societa'
comunica che, previa condivisione e su richiesta delle
Autorita' di Vigilanza, allo stato l'emittente non e' a
conoscenza di informazioni ulteriori rispetto a quelle
precedentemente comunicate al mercato che possono
giustificare tale andamento. Oggi a Piazza Affari Sopaf
segna un rialzo di oltre il 10%.

 

[qquebec]

In arrivo 130 mln dai noteholders per rilevare Wind Hellas

I bondholders secured hanno approntato un'offerta di 130 mln di euro per rilevare il controllo di Wind Hellas. Ad oggi questa sembra la via migliore per salvare la Compagnia telefonica greca dal fallimento (si fa per dire). La strada sarà comunque quella di un fallimento pilotato, come è già stato fatto per i bondholders subordinati lo scorso anno in terra londinese. L'offerta sarà formalizzata entro il 18 Ottobre.

Creditors Plan Wind Hellas Bid With Up To EUR130 Million New Cash-Sources
(DOW JONES NEWSWIRES, Sep. 15 2010) - Wind Hellas creditors are likely to include a capital injection of as much as EUR130 million as part of their bid to take control of the Greek telecommunications company, people familiar with the situation said Tuesday. Binding offers are due to be submitted by potential buyers Wednesday, the people said. One of the bids is likely to come from the senior secured bondholders, which hold EUR1.22 billion in outstanding notes. The outstanding debt is higher than the company's value, which has been estimated at around EUR700 million to EUR800 million, putting the noteholders in a strong position. The company also has a EUR250 million revolver and EUR355 million in unsecured notes. Other parties undertaking due diligence are Oslo-based telecommunications company Telenor Group, U.S.-based Saban Capital, Athens-based Info-Quest, and Greek telecommunication company On Telecoms, according to another person familiar with the situation. Wind Hellas owner Weather Investments is also intending to make a bid, according to previous comments made by its Egyptian billionaire owner Naguib Sawiris. Sawiris wasn't immediately available for comment. The preferred bidder is expected to be announced by Oct. 14. The noteholders group--led by a committee of hedge funds made up of Anchorage Advisors, Mount Kellett Capital Management, Taconic Capital, Angelo Gordon, Eton Park Capital Management and Providence Equity--is expected to put the company through a prepack procedure should its bid be successful. A prepack procedure is a U.K. insolvency process where a business on the brink of insolvency is sold on without liabilities such as debt. It would be the group's second prepack in a year, after last year's debt restructuring in which Wind Hellas's parent company, Hellas II, was declared insolvent and placed in administration, with EUR1.17 billion of subordinated bonds wiped from its balance sheet. The Wind Hellas sale process was triggered in July after the Greek government introduced austerity measures in the wake of the country's sovereign debt crisis.

 

[fabriziof]

I bondholders secured hanno approntato un'offerta di 130 mln di euro per rilevare il controllo di Wind Hellas. Ad oggi questa sembra la via migliore per salvare la Compagnia telefonica greca dal fallimento (si fa per dire). La strada sarà comunque quella di un fallimento pilotato, come è già stato fatto per i bondholders subordinati lo scorso anno in terra londinese. L'offerta sarà formalizzata entro il 18 Ottobre.

Creditors Plan Wind Hellas Bid With Up To EUR130 Million New Cash-Sources
(DOW JONES NEWSWIRES, Sep. 15 2010) - Wind Hellas creditors are likely to include a capital injection of as much as EUR130 million as part of their bid to take control of the Greek telecommunications company, people familiar with the situation said Tuesday. Binding offers are due to be submitted by potential buyers Wednesday, the people said. One of the bids is likely to come from the senior secured bondholders, which hold EUR1.22 billion in outstanding notes. The outstanding debt is higher than the company's value, which has been estimated at around EUR700 million to EUR800 million, putting the noteholders in a strong position. The company also has a EUR250 million revolver and EUR355 million in unsecured notes. Other parties undertaking due diligence are Oslo-based telecommunications company Telenor Group, U.S.-based Saban Capital, Athens-based Info-Quest, and Greek telecommunication company On Telecoms, according to another person familiar with the situation. Wind Hellas owner Weather Investments is also intending to make a bid, according to previous comments made by its Egyptian billionaire owner Naguib Sawiris. Sawiris wasn't immediately available for comment. The preferred bidder is expected to be announced by Oct. 14. The noteholders group--led by a committee of hedge funds made up of Anchorage Advisors, Mount Kellett Capital Management, Taconic Capital, Angelo Gordon, Eton Park Capital Management and Providence Equity--is expected to put the company through a prepack procedure should its bid be successful. A prepack procedure is a U.K. insolvency process where a business on the brink of insolvency is sold on without liabilities such as debt. It would be the group's second prepack in a year, after last year's debt restructuring in which Wind Hellas's parent company, Hellas II, was declared insolvent and placed in administration, with EUR1.17 billion of subordinated bonds wiped from its balance sheet. The Wind Hellas sale process was triggered in July after the Greek government introduced austerity measures in the wake of the country's sovereign debt crisis.

a malta che si dice?

 

[ferdo]

IW: oggi Yioula 70 / 72

 

[fabriziof]

IW: oggi Yioula 70 / 72

però!

 

[nik.sala]

iw: Oggi yioula 70 / 72

però!

cento, cento, cento :d

 

[qquebec]

Un'altra banca d'investimento, specializzata in ristrutturazioni finanziarie, ha avvisato gli obbligazionisti di Eircom che i covenants saranno violati il prossimo anno e che la ristrutturazione del debito è inevitabile. Nulla di nuovo a quello che già si sapeva, se non il fatto che appare sempre più evidente la difficoltà finanziaria del gruppo telefonico irlandese e che i tempi per prendere provvedimenti stringono nel silenzio disarmante di ST Telemedia che detiene il controllo di Eircom.

Eircom Bondholders Said to Consult Advisors Amid Loan Covenant Concerns
Houlihan Lokey Howard & Zukin, theU.S.-based investment bank that specializes in financialrestructuring, is advising Eircom Group Ltd.’s bondholders amidconcern the company will breach debt conditions next year,according to three people familiar with the situation. Investors holding 210 million euros ($271 million), or 60percent, of the floating-rate notes of Ireland’s largest phoneoperator are also consulting law firm Caldwalader, Wicksham &Taft LLP, said the people, who asked not to be identifiedbecause discussions are private. Dublin-based Eircom may breachcovenants on its loans in 2011, Standard & Poor’s said in a Julyreport. “It makes sense at this stage to get organized as there is a sense of inevitability about the breach,” said Jonathan Moore, a high-yield debt strategist at Evolution Securities Ltd.in London. Paul Bradley, a spokesman for Eircom declined to comment,as did Andrea Hewitt, a London-based spokeswoman for HoulihanLokey. A spokesman for Cadwalader, who declined to beidentified, wouldn’t comment. Eircom has 3.3 billion euros of loans, of which 542 millioneuros comes due in 2013, according to data compiled byBloomberg. The company’s floating-rate notes were issued throughits ERC Ireland Finance unit and the securities are quoted at40.5 cents on the euro, up from 33 cents at the beginning ofJuly, according to HSBC Holdings Plc prices on Bloomberg. Eircom is ranked at B-, six steps below investment grade,at S&P and the ratings firm revised its outlook on the companyto negative from stable earlier this month. Holders of thefloating-rate notes will recover less than 10 percent in theevent of a default, S&P said in January.

 

[jamesbiss]

a malta che si dice?

L offerta dei bondholder non e ancora confermata, la tua e u articolo speculativo di ieri. La Wind non ha ancora rilasciato notizia di chi ha fatto offerte. Di sicuro perche lo ha confermato di perse ci sona, Sawiris ha fatto un offerta di cash e debt/share swap.

E tutto ancora da vedere se ci sono state altre offerte...

Di sicuro anche...qui da Malta nessuno a offerto niente

 

[fabriziof]

L offerta dei bondholder non e ancora confermata, la tua e u articolo speculativo di ieri. La Wind non ha ancora rilasciato notizia di chi ha fatto offerte. Di sicuro perche lo ha confermato di perse ci sona, Sawiris ha fatto un offerta di cash e debt/share swap.

E tutto ancora da vedere se ci sono state altre offerte...

Di sicuro anche...qui da Malta nessuno a offerto niente

tienici informati grazie

 

[qquebec]

Sei pretendenti per Wind Hellas

Wind Hellas finirà in sposa a uno dei sei pretendenti che ha presentato offerte (non vincolanti) al quartier generale di Sawiris. La Weather del magnate egiziano avrà ancora qualche settimana di tempo per valutare la proposta migliore, ma già dalle prime indiscrezioni, pare che i candidati migliori siano Telenor e i bondholders secured. Chiunque sarà il vincitore dell'asta, comunque, rileverà Wind Hellas in stato di "fallimento pilotato", secondo lo schema già adottato lo scorso anno sotto la speciale legislazione britannica che consente l'azzeramento dei debiti attraverso un meccanismo di vendita e riacquisto della società in fallimento, ma senza più il peso dei debiti. Per gli unsecured non ci sarà trippa per gatti, mentre per i secured (se vincessero loro) il recovery sarà automaticamente trasformato in azioni Wind Hellas.

Six vie for Wind Hellas, Argo amid bidders- sources
ATHENS/LONDON Sept 17 (Reuters) - A total of six firms have submitted binding bids to buy Greece's cash-strapped telecom Wind Hellas, an official close to the sale process said on Friday. The bidders include Wind Hellas's current owner, Egyptian tycoon Naguib Sawiris, the company's senior secured bondholders and Cayman-island based Argo Capital Partners Fund, other people close to the sale said. Greece's third-biggest telecom Wind Hellas put itself up for sale in July after it started its second debt restructuring talks with bondholders within a year to avoid missing debt payments. A deadline to submit binding bids expired on Thursday. Bankers have said that Norway's Telenor (TEL.OL) had "a serious ambition" concerning Wind Hellas. But a company spokesman declined on Friday to comment, saying it was not company policy to make comments on M&A activity. Wind Hellas is seeking a fresh cash injection, which would likely be provided by the winning bidder, and needs to further cut its debt pile, after reducing it by over 1 billion euros last year to about 1.8 billion euros. Wind Hellas underwent a similar process late last year, when Weather put in a restructuring bid for the company, sold it and then bought it back -- minus a chunk of junior debt -- with the backing of senior lenders, a mechanism known in Britain as a pre-pack administration.

ARGO, BONDHOLDERS COULD COOPERATE
Earlier on Friday, an official close to the sale said that Argo Capital Partners Fund has offered to buy Wind Hellas. "Argo has submitted a binding bid," the official told Reuters. Argo has submitted its bid independently from Wind Hellas's bondholders, but is open to cooperating with them at a later stage, he added. "If (Argo's) bid is turned down, (Wind Hellas's) bondholders could look at it as complementary to their own move, if they decide to convert their bonds into shares and become shareholders," the official said. Some Wind Hellas bondholders are fighting a bid from Sawiris, who has controlled Wind Hellas through Weather Investments. These senior secured bondholders, who own just over 1.2 billion euros of bonds, have also bid for the company, two sources close to the debt negotiations said. The bondholders are open to proposals from outside bidders, people close to the matter said on Thursday. Argo and Wind Hellas declined to comment. Argo has a stake in On Telecoms, a Greek rival of Wind Hellas.