A differnza di Brizione, io ti offro una cedola del 25%
Scherzi a parte = Petrol AD
se va male con petrol ad organizzo un pulman di gente incazzata destinazione bulgaria
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (15 lettori)
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
se va male con petrol ad organizzo un pulman di gente incazzata destinazione bulgaria
qquebec
Super Moderator
se va male con petrol ad organizzo un pulman di gente incazzata destinazione bulgaria
Anche se va bene, dai
ma così mi ammazzateeeeeeeeeeeee
CEDOLONE
Forumer storico
A differnza di Brizione, io ti offro una cedola del 25%
Scherzi a parte = Petrol AD
thanks
bonds in euro taglio 1.000
per i nuovi arrivati posto qualche bonds SENIOR high yield con prezzi intorno a 100 e flottante almeno 50.000.000
CONSTANTIN MEDIEN AG IHS | Bond | A1R07C | DE000A1R07C3 | Börse Frankfurt (Frankfurt Stock Exchange)
VENEZUELA 05/15 INTL | Bond | A0DZ45 | XS0214851874 | Börse Frankfurt (Frankfurt Stock Exchange)
RICKMERS HOLD.ANL 13/18 | Bond | A1TNA3 | DE000A1TNA39 | Börse Frankfurt (Frankfurt Stock Exchange)
Peach Property Group Anleihe 11/16 | Bond | A1KQ8K | DE000A1KQ8K4 | Börse Frankfurt (Frankfurt Stock Exchange)
!!!! QUESTO ELENCO NON è DA INTENDERSI QUALE CONSIGLIO DI INVESTIMENTO E ACQUISTO !!!!
per i nuovi arrivati posto qualche bonds SENIOR high yield con prezzi intorno a 100 e flottante almeno 50.000.000
CONSTANTIN MEDIEN AG IHS | Bond | A1R07C | DE000A1R07C3 | Börse Frankfurt (Frankfurt Stock Exchange)
VENEZUELA 05/15 INTL | Bond | A0DZ45 | XS0214851874 | Börse Frankfurt (Frankfurt Stock Exchange)
RICKMERS HOLD.ANL 13/18 | Bond | A1TNA3 | DE000A1TNA39 | Börse Frankfurt (Frankfurt Stock Exchange)
Peach Property Group Anleihe 11/16 | Bond | A1KQ8K | DE000A1KQ8K4 | Börse Frankfurt (Frankfurt Stock Exchange)
!!!! QUESTO ELENCO NON è DA INTENDERSI QUALE CONSIGLIO DI INVESTIMENTO E ACQUISTO !!!!
Ultima modifica:
angy2008
Forumer storico
cancella pure la Clond che è stata richiamata, fresca fresca:
Qualcuno seguiva eircom se non ricordo male, forse fabri o nik.
Rating Action: Moody's assigns definitive ratings to eircom's EUR350 million senior secured notes
Global Credit Research - 31 May 2013
Madrid, May 31, 2013 -- Moody's Investors Service has today assigned a definitive Caa1 rating and loss given default (LGD) assessment of LGD3 to the EUR350 million of senior secured notes due 2020 issued by eircom Finance Limited ("EFL"), an indirectly wholly owned subsidiary of eircom Holdings (Ireland) Limited ("eircom"). eircom's Caa1 corporate family rating (CFR) and Caa1-PD probability of default rating (PDR), as well as the Caa1 rating on the EUR2.3 billion senior secured credit facility due 2017 raised by eircom Finco S.à.r.l., remain unchanged. The outlook on all ratings is stable.
RATINGS RATIONALE
Moody's definitive rating on this debt obligation is in line with the provisional rating assigned on 1 May 2013.
The Caa1 rating on the senior secured notes is in line with eircom's CFR and with the rating on the EUR2.3 billion senior credit facility. The new notes are guaranteed by the same entities that guarantee the senior credit facility, and are secured over the same collateral on a pari passu basis with the senior credit facility.
The group will use the proceeds from the notes issuance to refinance part of the existing senior credit facility at a price below par.
This refinancing exercise does not have an impact on eircom's rating or its stable outlook, given that the group's leverage ratios will remain broadly unchanged. While interest paid will increase since the new debt is more expensive than the debt eircom is retiring, the proposed refinancing is also positive for eircom in that it will extend its debt maturity profile and diversify its funding sources.
Moody's notes that eircom has made good progress in executing its business plan since the initial rating assignment in June 2012. The group's operating performance has been in line or slightly exceeded the business plan, particularly with regard to EBITDA generation and reducing the rate of fixed-line access losses. eircom is also progressing well with its investment in next-generation fibre, and the future roll-out of the 4G mobile network and the launch of quad-play offers will enable the group to strengthen its competitive positioning.
However, Moody's believes that the execution risk of the plan remains significant, while visibility with regard to a recovery in revenue growth is very limited. In fact, eircom has recently announced a headcount reduction plan affecting 2,000 full-time employees over two years. This plan would allow the group to generate EUR100 million in cost savings per year and partially mitigate the higher pressure on revenues than initially anticipated.
Moody's expects that eircom's EBITDA will bottom out in fiscal year (FY) 2012/13 and grow slowly thereafter. At the same time, the group's accelerated investment in FY2013/14 will lead to negative free cash flow generation, such that adjusted debt/EBITDA will remain around 6.0x, a level that Moody's considers to be high when compared with that of other European telecom peers. Note that Moody's adjusted debt includes the EUR638 million pension deficit reported by eircom as of December 2012, as well as the standard adjustment for operating leases. In light of eircom's high leverage, the rating agency believes that the group's equity cushion is negative, which could potentially reduce the recovery prospects for debt holders.
eircom's liquidity profile is currently adequate, with a cash balance of EUR243 million, no mandatory debt repayments until 2017 and sufficient headroom under covenants. However, the group has not yet sought the EUR150 million super senior revolving credit facility or the vendor financing of up to EUR200 million that is available under the senior secured credit facility. In the event of a weaker-than-expected operating performance or higher-than-expected capex needs, not only eircom's credit metrics but also its liquidity profile could come under negative pressure as a result of the group's lack of committed external liquidity sources.
The Caa1 CFR reflects (1) eircom's high leverage and very limited deleveraging prospects for the foreseeable future; (2) its negative equity cushion, resulting from an enterprise value that, in Moody's view, is lower than the group's debt; (3) the execution risk and operational challenges embedded in eircom's business plan, in the midst of tough competition, regulatory pressures and an adverse macroeconomic environment, which is weakening the group's operating performance; (4) the group's negative free cash flow generation in the first two years of the implementation of its new strategy owing to the acceleration of its fibre investments and spectrum requirements; and (5) the lack of committed external facilities to support eircom's liquidity profile beyond existing cash balances in the event of the group deviating from its business plan.
The rating also reflects (1) eircom's dominant position in the fixed-line market as Ireland's incumbent operator, with a 53% market share, and its position as the third-largest operator in the mobile segment, based on a market share of 20% as of December 2012, as reported by the Irish communications regulator; (2) the potential for its competitive position to be strengthened over time as a result of its accelerated investment plan; and (3) its currently adequate liquidity profile.
OUTLOOK
The stable outlook on the ratings reflects Moody's expectation that eircom will perform according to its business plan. The outlook also reflects the rating agency's expectation that eircom's leverage will increase to around 6.0x in FY2012/13, before decreasing towards 5.5x in FY2014/15 as the group executes its investment plan and stabilises its competitive positioning in the Irish market. In Moody's view, there is limited flexibility built in for deviation from the business plan should execution risk prove to be higher than anticipated by management.
WHAT COULD CHANGE THE RATING UP/DOWN
Upward pressure on the rating could develop over time if eircom stabilises its market share in fixed line, and improves its margins in mobile, leading to operating performance and cash flow generation metrics that sustainably exceed those implied by the group's business plan. Upward rating pressure would also require the group to maintain a sound liquidity profile, with comfortable headroom under financial covenants. Upward pressure on the rating would be supported by adjusted debt/EBITDA trending towards 5.0x on a sustained basis.
Conversely, downward pressure on the rating could materialise if the group fails to execute its business plan, leading to weaker-than-expected credit metrics, including adjusted debt/EBITDA trending sustainably above 6.0x, and free cash flow generation persistently in negative territory. Given the size and volatility of eircom's pension deficit, the Caa1 rating with a stable outlook incorporates the potential for moderate deviations from these ranges on a temporary basis.
Moody's would also be concerned if eircom's liquidity came under stress as a result of a weaker-than-expected operating performance or larger cash outflows for capex in the absence of alternative external sources, such as a revolving credit facility.
In addition, downward pressure on the rating could arise in the event that eircom were to consider plans that could involve swapping debt for equity, which Moody's could consider a distressed exchange.
PRINCIPAL METHODOLOGY
The principal methodology used in this rating was the Global Telecommunications Industry published in December 2010. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Please see the Credit Policy page on Moody's - credit ratings, research, tools and analysis for the global capital markets for a copy of these methodologies.
eircom Holdings (Ireland) Limited is the holding company of the eircom group, the principal provider of fixed-line telecommunications services in Ireland, with a revenue share of the fixed-line market of approximately 53% (according to ComReg). The group is also the third-largest mobile operator in Ireland, with a subscriber market share of approximately 20% (according to ComReg). eircom reported revenue of EUR1.5 billion and adjusted EBITDA of EUR542 million in the financial year ending 30 June 2012, and revenue of EUR723 million and adjusted EBITDA of EUR243 million for the six months ending 31 December 2012.
Rating Action: Moody's assigns definitive ratings to eircom's EUR350 million senior secured notes
Global Credit Research - 31 May 2013
Madrid, May 31, 2013 -- Moody's Investors Service has today assigned a definitive Caa1 rating and loss given default (LGD) assessment of LGD3 to the EUR350 million of senior secured notes due 2020 issued by eircom Finance Limited ("EFL"), an indirectly wholly owned subsidiary of eircom Holdings (Ireland) Limited ("eircom"). eircom's Caa1 corporate family rating (CFR) and Caa1-PD probability of default rating (PDR), as well as the Caa1 rating on the EUR2.3 billion senior secured credit facility due 2017 raised by eircom Finco S.à.r.l., remain unchanged. The outlook on all ratings is stable.
RATINGS RATIONALE
Moody's definitive rating on this debt obligation is in line with the provisional rating assigned on 1 May 2013.
The Caa1 rating on the senior secured notes is in line with eircom's CFR and with the rating on the EUR2.3 billion senior credit facility. The new notes are guaranteed by the same entities that guarantee the senior credit facility, and are secured over the same collateral on a pari passu basis with the senior credit facility.
The group will use the proceeds from the notes issuance to refinance part of the existing senior credit facility at a price below par.
This refinancing exercise does not have an impact on eircom's rating or its stable outlook, given that the group's leverage ratios will remain broadly unchanged. While interest paid will increase since the new debt is more expensive than the debt eircom is retiring, the proposed refinancing is also positive for eircom in that it will extend its debt maturity profile and diversify its funding sources.
Moody's notes that eircom has made good progress in executing its business plan since the initial rating assignment in June 2012. The group's operating performance has been in line or slightly exceeded the business plan, particularly with regard to EBITDA generation and reducing the rate of fixed-line access losses. eircom is also progressing well with its investment in next-generation fibre, and the future roll-out of the 4G mobile network and the launch of quad-play offers will enable the group to strengthen its competitive positioning.
However, Moody's believes that the execution risk of the plan remains significant, while visibility with regard to a recovery in revenue growth is very limited. In fact, eircom has recently announced a headcount reduction plan affecting 2,000 full-time employees over two years. This plan would allow the group to generate EUR100 million in cost savings per year and partially mitigate the higher pressure on revenues than initially anticipated.
Moody's expects that eircom's EBITDA will bottom out in fiscal year (FY) 2012/13 and grow slowly thereafter. At the same time, the group's accelerated investment in FY2013/14 will lead to negative free cash flow generation, such that adjusted debt/EBITDA will remain around 6.0x, a level that Moody's considers to be high when compared with that of other European telecom peers. Note that Moody's adjusted debt includes the EUR638 million pension deficit reported by eircom as of December 2012, as well as the standard adjustment for operating leases. In light of eircom's high leverage, the rating agency believes that the group's equity cushion is negative, which could potentially reduce the recovery prospects for debt holders.
eircom's liquidity profile is currently adequate, with a cash balance of EUR243 million, no mandatory debt repayments until 2017 and sufficient headroom under covenants. However, the group has not yet sought the EUR150 million super senior revolving credit facility or the vendor financing of up to EUR200 million that is available under the senior secured credit facility. In the event of a weaker-than-expected operating performance or higher-than-expected capex needs, not only eircom's credit metrics but also its liquidity profile could come under negative pressure as a result of the group's lack of committed external liquidity sources.
The Caa1 CFR reflects (1) eircom's high leverage and very limited deleveraging prospects for the foreseeable future; (2) its negative equity cushion, resulting from an enterprise value that, in Moody's view, is lower than the group's debt; (3) the execution risk and operational challenges embedded in eircom's business plan, in the midst of tough competition, regulatory pressures and an adverse macroeconomic environment, which is weakening the group's operating performance; (4) the group's negative free cash flow generation in the first two years of the implementation of its new strategy owing to the acceleration of its fibre investments and spectrum requirements; and (5) the lack of committed external facilities to support eircom's liquidity profile beyond existing cash balances in the event of the group deviating from its business plan.
The rating also reflects (1) eircom's dominant position in the fixed-line market as Ireland's incumbent operator, with a 53% market share, and its position as the third-largest operator in the mobile segment, based on a market share of 20% as of December 2012, as reported by the Irish communications regulator; (2) the potential for its competitive position to be strengthened over time as a result of its accelerated investment plan; and (3) its currently adequate liquidity profile.
OUTLOOK
The stable outlook on the ratings reflects Moody's expectation that eircom will perform according to its business plan. The outlook also reflects the rating agency's expectation that eircom's leverage will increase to around 6.0x in FY2012/13, before decreasing towards 5.5x in FY2014/15 as the group executes its investment plan and stabilises its competitive positioning in the Irish market. In Moody's view, there is limited flexibility built in for deviation from the business plan should execution risk prove to be higher than anticipated by management.
WHAT COULD CHANGE THE RATING UP/DOWN
Upward pressure on the rating could develop over time if eircom stabilises its market share in fixed line, and improves its margins in mobile, leading to operating performance and cash flow generation metrics that sustainably exceed those implied by the group's business plan. Upward rating pressure would also require the group to maintain a sound liquidity profile, with comfortable headroom under financial covenants. Upward pressure on the rating would be supported by adjusted debt/EBITDA trending towards 5.0x on a sustained basis.
Conversely, downward pressure on the rating could materialise if the group fails to execute its business plan, leading to weaker-than-expected credit metrics, including adjusted debt/EBITDA trending sustainably above 6.0x, and free cash flow generation persistently in negative territory. Given the size and volatility of eircom's pension deficit, the Caa1 rating with a stable outlook incorporates the potential for moderate deviations from these ranges on a temporary basis.
Moody's would also be concerned if eircom's liquidity came under stress as a result of a weaker-than-expected operating performance or larger cash outflows for capex in the absence of alternative external sources, such as a revolving credit facility.
In addition, downward pressure on the rating could arise in the event that eircom were to consider plans that could involve swapping debt for equity, which Moody's could consider a distressed exchange.
PRINCIPAL METHODOLOGY
The principal methodology used in this rating was the Global Telecommunications Industry published in December 2010. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Please see the Credit Policy page on Moody's - credit ratings, research, tools and analysis for the global capital markets for a copy of these methodologies.
eircom Holdings (Ireland) Limited is the holding company of the eircom group, the principal provider of fixed-line telecommunications services in Ireland, with a revenue share of the fixed-line market of approximately 53% (according to ComReg). The group is also the third-largest mobile operator in Ireland, with a subscriber market share of approximately 20% (according to ComReg). eircom reported revenue of EUR1.5 billion and adjusted EBITDA of EUR542 million in the financial year ending 30 June 2012, and revenue of EUR723 million and adjusted EBITDA of EUR243 million for the six months ending 31 December 2012.
fabriziof
Forumer storico
i bond eircom miei e di nik sono ormai in default senza speranza
- Stato