Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (6 lettori)

[Brizione]

Non conoscevo Takko ed il commento di Joe mi ha incuriosito e ho dato un'occhiata ai conti....
Non la vedo cosi' male...come mai e' da evitare come la peste ?
A solo scopo flusso cedolare non mi dispiace .
Ma magari c'e' qualche news negativa che non ho visto .....

esatto, anche a me non risulta così deprecabile
il difetto più evidente è il taglio gigante e ovviamente l'essere high yield e rating B3

attendiamo lumi

 

[qquebec]

Non conoscevo Takko ed il commento di Joe mi ha incuriosito e ho dato un'occhiata ai conti....
Non la vedo cosi' male...come mai e' da evitare come la peste ?
A solo scopo flusso cedolare non mi dispiace .
Ma magari c'e' qualche news negativa che non ho visto .....

...starei lontano dal settore che è uno dei più ballerini. Non ho approfondito, ma abbigliamento, moda, lusso sono altamente a rischio e non ci sono assets a sostegno del debito. Valutazione personale, naturalmente

 

[Joe Silver]

Takko

Non conoscevo Takko ed il commento di Joe mi ha incuriosito e ho dato un'occhiata ai conti....
Non la vedo cosi' male...come mai e' da evitare come la peste ?
A solo scopo flusso cedolare non mi dispiace .
Ma magari c'e' qualche news negativa che non ho visto .....

Veramente il commento era di Qquebec....ma comunque concordo con lui

 

[gionmorg]

Solvay and Ineos’ Joint Venture Limits Exposure to European PVC Sector
Last Tuesday, Solvay S.A. (Baa1 negative) and Ineos AG (unrated) announced plans to combine their
European chlorvinyls (PVC) activities into a 50-50 joint venture with 2012 pro forma sales of €4.3 billion
and recurring EBITDA of €257 million. The combination would be credit positive for Solvay, allowing the
company to exit the ailing European PVC sector. The deal would also be credit positive for Ineos,
stabilising its PVC subsidiary without committing new capital.
Solvay. When the deal closes in 2013 or early 2014, Solvay will receive €250 million in cash and expects to
contribute some working capital-related assets, liabilities, and pension liabilities, all of which will shore up
its balance sheet. Carving out the capital intensive and less profitable European PVC operations will also
improve Solvay’s overall profitability and capital returns. We estimate its pro forma EBITDA margin will
improve to approximately 18.3% from a reported 16.6% in 2012. However, the divestment will not
significantly dent Solvay’s debt capacity owing to the disposed assets contributing only modestly to Solvay’s
overall earnings and funds from operations.
After the joint venture has operated for three to six years, Solvay will have the option of selling its stake to
Ineos and exiting the European PVC sector. The transaction limits Solvay’s downside exposure, while
retaining exposureto the upside via a negotiated exit pricing formula that links future payments to a 5.5x
multiple of the venture’s mid-cycle EBITDA.
Ineos. For Ineos’ part, its petrochemicals subsidiary, Ineos Group Holdings SA (B2 positive), will
consolidate the ownership of a profitable petrochemicals cracker complex in Norway that it currently
operates in a 50-50 joint venture with the Ineos PVC subsidiary, Kerling plc(Caa1 negative). Ineos Group
Holdings SA will also retain some specialty assets that it will acquire from Kerling and will strengthen its
asset footprint and add some earnings capacity.
Ineos will retain a contingent liability to buy out Solvay’s stake in the PVC joint venture. More
immediately, however, the transaction limits the risks of future capital recourse to Ineos because it is
structured to stabilise the financial profile of the combined PVC subsidiary. The joint venture will have a
higher asset base and revenues supporting Kerling’s existing bonds.
However, whether and how quickly these manoeuvres improve Kerling’s credit will depend on the broader
recovery in the European PVC segment. This is because the segment remains under stress from the
persistent overcapacity related to the reduced level of demand from Europe’s troubled construction
industry, its largest customer.
European PVC producers’ profitability and capital returns have been low since 2008, and consequently
there has been little incentive to invest capital to upgrade plants to meet new European regulations. As a
result, several of the stronger incumbent chemical companies have exited the sector. The Solvay and Ineos
deal follows Arkema SA’s (Baa2 stable) disposal of its European PVC assets in 2012.
We maintain that in order to overcome the sector’s challenges the PVC segment must reduce capacity.
However, none of the industry’s asset disposals so far has resulted in capacity reductions, and the SolvayIneos transaction does not point to any PVC capacity closures. In the absence of sector restructuring, PVC
producers such as Kerling will continue to present higher financial risks.

 

[fabriziof]

se interessa clondalkin si vende con iw a 99,90

 

[Cat XL]

Mi sembra se ne fosse parlato, forse joe..



Chesapeake Wins Early Bond Call Over Hedge Funds and BNY

Chesapeake Energy Corp. (CHK) won a bid to carry out an early call of $1.3 billion in bonds at par after a judge rejected arguments by the notes’ trustee, Bank of New York Mellon Corp., and investors including River Birch Capital LLC.
Chesapeake met a March 15 deadline in the notes’ indenture contract for redeeming the bonds six years early at 100 cents on the dollar, U.S. District Judge Paul Engelmayer ruled today in Manhattan. Chesapeake has said a plan to refinance the debt will save about $100 million by tapping lower interest rates.
The 6.775 percent notes due in March 2019 dropped 7.2 cents to 100.8 cents on the dollar as of 10:27 a.m. in New York, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.
Chesapeake, the second-biggest producer of natural gas in the U.S., sued BNY Mellon in March after the bank challenged its bid to redeem the notes. The energy company argued the March 15 deadline in the indenture was for sending a notice of early redemption to investors. The bank argued the date was for such a call to be executed, and that notice should have been sent at least a month earlier.
“BNY Mellon’s construction” of the deadline language “is veritably riddled with canonical and logical problems, and brings various provisions of the indenture into irreconcilable conflict with each other,” Engelmayer said in the ruling. BNY Mellon’s interpretation is “tortured and incoherent.”
Company Pleased
Chesapeake Chief Financial Officer Nick Dell’Osso, who testified at a three-day trial last month, said in a statement today that the company is “pleased” with the ruling.
Bank of New York Mellon’s spokesman, Kevin Heine, declined to comment on the judgment when reached by phone and said the bank would “continue to represent the interests of the bondholders in our role as trustee.”
Bank of New York Mellon initially agreed with Chesapeake in February that the early redemption would meet the deadline. The New York-based trustee changed its position after River Birch argued Chesapeake had started the process too late, Chesapeake said in court papers.
Chesapeake issued the notes in February 2012 to access short-term financing after an unusually warm winter caused a “significant” drop in natural-gas prices, according to the ruling. Bank of America Merrill Lynch proposed the gas company try a debt offering with an “unusual feature” allowing it to call the bonds early in their lifetime, after planned asset sales that were already under way, it said.
River Birch
About a year later, on Feb. 15, River Birch bought some of notes after it believed Chesapeake had missed the window to redeem the notes at par, James Seery Jr., a lawyer at the hedge fund, said in a March 12 court filing. As of March, the hedge fund held $16.7 million of the securities.
Though River Birch wasn’t sued along with Bank of New York Mellon, it joined a group of investors holding a total of about $250 million in the bonds to formally intervene in the lawsuit, so it could make arguments in court. The group dropped out of the case before the trial.
Steve Kurz, a spokesman for River Birch, declined to comment on today’s ruling when reached by phone.
Other investors that intervened in support of Bank of New York Mellon’s view included Archer Capital Management LP, Ares Management LLC, Aurelius Capital Management LP, Carlson Capital LP, Cetus Capital LLC, Latigo Partners LLP, Monarch Alternative Capital LP, Schoenfeld Asset Management LP, River Birch Capital LLC and Taconic Capital Advisors LP.
Deadline Language
Chesapeake had several ways it could have improved the language of the early-call provision in the indenture contract and avoided market confusion, Engelmayer said. It could have replaced the phrase “may redeem” with “may commence the redemption process,” the judge said.
“This regrettable circumstance was of course readily preventable,” Engelmayer said. “Chesapeake’s failure to draft” the indenture language “optimally or with perfect clarity does not make its construction unreasonable. A provision, even if clumsily drafted, may still be subject to a single reasonable interpretation.”
BNY Mellon had “persuasively shown” that Chesapeake’s use of the word “redeem” in the indenture was uncommon in the industry, Engelmayer said.
“It ordinarily and customarily refers to the act of paying a noteholder in exchange for his or her note,” Engelmayer said. “It does not ordinarily or customarily refer to the act of giving notice of a redemption or to the overall redemption process.”
Earlier Evidence
Under questioning from Engelmayer on April 30, Chesapeake’s lawyer, Richard Ziegler, said there was no “rational, economic benefit” for Chesapeake, which issued the notes in February 2012, to define the deadline the way BNY Mellon had.
Engelmayer had said in court hearings that Chesapeake’s employees’ confusion over the deadline would weigh on his decision. Elliot Chambers, Chesapeake’s assistant treasurer and vice president of finance, wrote as recently as Jan. 9 that the company would need to complete the early call by March 15 to do so at par, according to internal e-mails submitted in the case. He was called by the bank to testify at the trial, where he said his earlier views on the deadline were mistaken.
Bank of New York Mellon suffered a setback earlier in the lawsuit when Engelmayer rejected the trustee’s argument that if Chesapeake lost the case, it should be forced to carry out the early redemption anyway, and pay all of the interest due over the life of the loans, or about $400 million. Engelmayer referred to the demand as “trickery” during a March 12 hearing, and BNY Mellon later dropped the demand.
The case is Chesapeake Energy Corp. v. Bank of New York Mellon Trust Co., 13-cv-01582, U.S. District Court, Southern District of New York (Manhattan).
To contact the reporter on this story: Erik Larson in New York at [email protected]
To contact the editor responsible for this story: John Pickering at [email protected]

BNY Mellon Appeals Ruling on Chesapeake’s Early Bond Call


By Erik Larson - May 13, 2013 1:13 AM GMT+0100

http://www.bloomberg.com/news/2013-...s-ruling-on-chesapeake-s-early-bond-call.html
Bank of New York Mellon Corp., the world’s biggest custody bank, is appealing a ruling allowing Chesapeake Energy Corp. (CHK) to proceed today with redeeming $1.3 billion in bonds six years early at 100 cents on the dollar.
A notice of the appeal was filed May 11 in federal court in Manhattan. BNY Mellon, the trustee for the notes, seeks reversal of U.S. District Judge Paul Engelmayer’s May 8 ruling that Chesapeake met a deadline in the notes’ indenture contract for calling the bonds early at par.

Bank of New York Mellon Appeals Ruling on Chesapeake Bond Call

Daniel Acker/Bloomberg

Chesapeake Energy Corp., the second-biggest producer of natural gas in the U.S., has said a plan to refinance the debt will save about $100 million by tapping lower interest rates.



Chesapeake Energy Corp., the second-biggest producer of natural gas in the U.S., has said a plan to refinance the debt will save about $100 million by tapping lower interest rates. Photographer: Daniel Acker/Bloomberg



Chesapeake, the second-biggest producer of natural gas in the U.S., has said a plan to refinance the debt, set to be executed today, will save about $100 million by tapping lower interest rates. Investors including River Birch Capital LLC had challenged the company’s plan and sided with BNY Mellon in the case.
Chesapeake sued BNY Mellon in March after the New York-based bank challenged its bid to redeem the notes. The energy company argued the March 15 deadline in the indenture was for sending a notice of early redemption to investors. The bank argued the date was for such a call to be executed, and that notice should have been sent at least a month earlier.
A three-day non-jury trial last month focused on what decision-makers at Chesapeake intended at the time the indenture was drafted, and what investors expected after the debt was issued. Engelmayer ruled that although the indenture contract could have been worded more clearly when describing the deadline, it should have been obvious that Chesapeake intended to give notice of an early call as late as March 15.
‘Tortured and Incoherent’

BNY Mellon (BK)’s interpretation of the indenture was “tortured and incoherent,” Engelmayer said in the ruling.
“We are confident in the legal basis of the ruling and expect to prevail on appeal,” Paul Caminiti, an outside spokesman for Chesapeake with Sard Verbinnen & Co., said yesterday in an e-mail. “The filing does not stay the ruling in Chesapeake’s favor, and the redemption of the notes will go forward on Monday as Chesapeake previously announced.”
In court hearings before the trial, neither party could explain to the judge how an appeal might work, since the early redemption has already been put in motion and is scheduled to be executed today.
BNY Mellon initially agreed with Oklahoma City-based Chesapeake in February that the early redemption would meet the deadline. The bank changed its position after River Birch argued Chesapeake had started the process too late, Chesapeake said in court papers.
The case is Chesapeake Energy Corp. v. Bank of New York Mellon Trust Co., 13-cv-01582, U.S. District Court, Southern District of New York (Manhattan).
To contact the reporter on this story: Erik Larson in New York at [email protected]
To contact the editor responsible for this story: John Pickering at [email protected]

 

[Joe Silver]

BNY Mellon Appeals Ruling on Chesapeake’s Early Bond Call



BNY Mellon (BK)’s interpretation of the indenture was “tortured and incoherent,” Engelmayer said in the ruling.
“We are confident in the legal basis of the ruling and expect to prevail on appeal,” Paul Caminiti, an outside spokesman for Chesapeake with Sard Verbinnen & Co., said yesterday in an e-mail. “The filing does not stay the ruling in Chesapeake’s favor, and the redemption of the notes will go forward on Monday as Chesapeake previously announced.”
In court hearings before the trial, neither party could explain to the judge how an appeal might work, since the early redemption has already been put in motion and is scheduled to be executed today.

Allora vediamo se, tra oggi e domani, arrivano i danè

 

[qquebec]

Zlomrex @69/71

 

[fabriziof]

Zlomrex @69/71

mi vieni a fare compagnia?

 

[gionmorg]

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