Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (4 lettori)

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cristian2008

Forumer attivo
qquebec ha scritto:
Magyar = 40/41 (...recovery 50%:up:)
ATU = 21/24 (... recovery 0% :D)
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ho trovato questo.Non ho capito molto bene come funziona la ristrutturazione del debito.
Qualcuno può spiegare ? Grazie

MAGYAR TELECOM B.V.
Luna ArenA
Herikerbergweg 238
1101 CM Amsterdam Zuidost
The Netherlands
1
MAGYAR TELECOM B.V. ANNOUNCES AGREEMENT ON TERMS OF FINANCIAL
RESTRUCTURING WITH NOTEHOLDER GROUP
Restructuring Agreement
LONDON – 15 July 2013 – Magyar Telecom B.V. (“Matel”, the "Group” or the
“Company”) is pleased to announce that it has entered into an agreement to implement a restructuring
of its balance sheet (the "Proposed Restructuring") with an informal group (the “Noteholder
Group”) of holders of its 9.50% Senior Secured Notes due 2016 (the “Existing Notes”). The
Noteholder Group, which represents approximately 40% of the net total outstanding €328,956,000 of
Existing Notes, has unanimously signed a restructuring agreement (the “Restructuring Agreement”).
The Noteholder Group includes the five largest identified holders. Under the terms of the
Restructuring Agreement the Noteholder Group has agreed, amongst other things, to support the
Proposed Restructuring and to not take any enforcement action in respect of the Company's failure to
pay interest due on 15 June 2013 for a period to enable the Proposed Restructuring to be
implemented. The Proposed Restructuring, subject to requisite approvals and participation, will result
in a significant reduction in the Company's debt and its related interest expense. The directors of the
Company believe that the Proposed Restructuring will provide the Group with a strengthened capital
structure and additional free cash flow to invest in targeted growth initiatives.
Under the terms of the Proposed Restructuring, €155 million of Existing Notes will be
retained or exchanged into new notes (the “Reinstated Notes”). The Reinstated Notes will bear cash
interest at 7% (subject to a PIK toggle) and PIK interest of 2%, which shall accrue from 15 June 2013
and be paid semi-annually in arrears on 15 December and 15 June. The PIK toggle will allow the
Company to capitalise a portion of the cash interest at a rate of 9% to the extent necessary to maintain
a minimum liquidity level of €10 million. The remaining €174 million of Existing Notes, together
with all accrued interest on the Existing Notes up to the closing date of the Proposed Restructuring,
will be converted into 49 per cent. of the pro-forma post-restructuring equity in the Group.
Noteholders’ equity interests will be stapled to the Reinstated Notes. €21 million of Existing Notes
held by the Company in treasury will be written-off in full on the closing of the transaction.
The equity sponsor, Mid Europa Partners (the “Sponsor”) will invest €25 million on closing
of the restructuring consisting of €15 million as equity and €10 million as debt (the "Sponsor Notes"),
which will rank pari passu with the Reinstated Notes. The €15 million new equity investment will be
used to buyback the Reinstated Notes (and corresponding equity entitlement) via a reverse Dutch
auction. The Sponsor will retain 51 per cent. of the pro-forma post-restructuring equity in the Group
(subject to pro-rata potential dilution, along with pro-forma post-restructuring equity held by the
holders of the Reinstated Notes, as a result of any new management incentive plan).
On closing, the Sponsor will have the rights to appoint a majority of the board of directors of
the Company (the “Board”). The Noteholders (in their capacity as shareholders) will also be able to
appoint directors to the Board ("Noteholder Directors"), whose approval will be required in relation
to certain strategic matters. If certain actions are not implemented in the medium term, then the
Noteholders (in their capacity as shareholders) will have the right to appoint a majority of the
directors to the Board. The Sponsor will not receive any payment for management or other services,
but will receive payments on the Sponsor Notes (pari passu with the Reinstated Notes) and be eligible
to receive between 3% and 5% of net sale proceeds (depending on amount of proceeds received).
2
A consent fee of 0.25 per cent. of holdings of Existing Notes will be payable on closing of the
transaction to Noteholders that are party to or accede to the Restructuring Agreement by 15 August
2013. Holders of the Existing Notes who have not yet signed the Restructuring Agreement, but are
interested in doing so, are invited to contact the legal advisers to an ad hoc committee of Noteholders,
Bingham McCutchen (London) LLP, whose details are provided at the end of this statement. The
Company has engaged an Information Agent, Lucid Issuer Services Limited, who will be responsible
for compiling the accession letters to the Restructuring Agreement. The details of Lucid Issuer
Services Limited are also provided at the end of this statement.
It is expected that the Proposed Restructuring will be completed by 15 October 2013 and
additional details around the implementation will be provided to the Noteholders in due course.
3
Financial Projections
In agreeing the Restructuring Agreement with the Noteholder Group, financial projections
were provided by the Company to the Noteholder Group for the remainder of fiscal year 2013 (ending
31 December 2013) and for the following five fiscal years (ending 31 December 2018).
For comparative purposes, the projections below have been presented consistent with the
accounting policies used by the Company before 1 January 2013. From 1 January 2013 the Company
changed its accounting policy mostly with respect to certain groups of capital expenditures, whereby
certain items previously reported as capital expenditures are treated as operating expenses or cost of
sales. 2013 figures have also been presented below on a restated basis consistent with the new
accounting policy change.
The Company continues to operate in a weak macroeconomic environment with competitive
pressures strong across its residential, corporate and wholesale segments. Government policy changes,
most notably the introduction of per minute telecoms tax in mid-2012 and the utility tax from January
2013, have had a further significant adverse impact on cash flow generation. The management team
continues to focus on its bundling strategies, namely its TV led strategy in the Residential segment,
expected to yield further growth in multiplay bundles and Hosting and IT Services expansion in the
Corporate segment. The Company will also continue its cost cutting efforts, with annual opex and
capex savings of HUF 4.0bn and HUF 500m, respectively, targeted by 2018.
The Company’s cash balance as of 31 May 2013 was HUF 6,945m.
____________________________
(1) Figures are presented consistent with the Company’s change in accounting policy mostly regarding the treatment of
certain groups of capital expenditures
Sum m ary Projections (HUFm )
Projected Year Ending 31 December Restated
2013 2014 2015 2016 2017 2018 2013 (1)
Residential 21,995 20,640 20,430 19,737 20,023 19,591 21,995
Corporate 18,995 19,882 20,853 21,456 21,948 22,432 19,167
Wholesale 6,976 5,924 5,541 5,268 5,071 4,929 6,976
Total Revenue 47,967 46,445 46,824 46,461 47,041 46,951 48,139
COGS (9,785) (9,964) (10,991) (11,687) (12,410) (13,007) (10,649)
Gross Margin 38,182 36,481 35,833 34,775 34,631 33,944 37,490
Operating Expenses (18,454) (18,222) (18,027) (17,794) (17,564) (17,348) (18,949)
EBITDA 19,728 18,259 17,806 16,981 17,067 16,596 18,541
Extraordinary Taxes (3,771) (3,602) (3,514) (3,414) (3,375) (3,309) (3,771)
EBITDA less Ext. Taxes 15,957 14,657 14,292 13,567 13,692 13,287 14,770
Local Business Tax (845) (807) (793) (769) (766) (751) (845)
Capital Expenditure (10,785) (10,612) (10,305) (10,102) (9,536) (9,399) (9,599)
Change in Working Capital 139 501 8 76 (218) 44 139
Other Cash Flow Items (5,153) (1,407) (931) (916) (916) (916) (5,153)
Free Cash Flow (687) 2,331 2,270 1,856 2,256 2,265 (687)
Capex Breakdown (HUFm )
Projected Year Ending 31 December Restated
2013 2014 2015 2016 2017 2018 2013 (1)
Residential 3,890 3,501 3,377 3,293 3,134 3,006 3,890
Corporate & Wholesale 3,779 3,842 3,677 3,600 3,198 3,213 3,455
Total Variable Capex 7,668 7,343 7,054 6,892 6,332 6,219 7,344
Fixed Capex 3,917 3,769 3,751 3,709 3,705 3,680 3,055
Cost Cutting (800) (500) (500) (500) (500) (500) (800)
Total Capex 10,785 10,612 10,305 10,102 9,536 9,399 9,599
4
In addition to the assumptions utilised for the business plan, the Company is continually
evaluating potential investment projects that represent an attractive use of capital and has identified
several initiatives across all segments to offset the structural decline in its legacy copper business and
drive growth across the platform. The Company’s investment case assumes several initiatives
targeting enhanced network capability, expanded product offerings and increased scale. Specific
investments considered include further upgrading the cable network through conversions to DOCSIS
3.0 and digitalisation, continuing the fibre rollout program and further building out the wholesale
network. The initiatives that comprise the investment case are discrete projects that can be pursued
individually or in combination. Like other infrastructure investments made by our peers in the
telecommunications industry, these projects require a significant upfront capex investment with
incremental benefits realised over the long term, much of which is expected beyond the projection
period.
The incremental benefit and cost of pursuing a broad investment case is outlined below:
Residential KPIs
Projected Year Ending 31 December
2013 2014 2015 2016 2017 2018
ARPU (HUF)
Voice 2,236 1,979 1,870 1,711 1,660 1,561
Broadband 3,482 3,222 3,151 2,994 2,980 2,869
TV 2,808 2,840 2,997 3,034 3,204 3,242
Off-net 882 836 792 758 736 719
RGU ('000s)
Voice 290 280 265 257 243 235
Broadband 183 193 197 204 206 209
TV 134 149 159 170 177 185
Off-net 176 141 116 97 84 75
Increm ental Cost / Benefit of Initiatives (HUFm )
Projected Year Ending 31 December
2014 2015 2016 2017 2018
Revenue 425 1,649 2,423 3,687 4,396
EBITDA (43) 753 1,185 2,047 2,558
Total Capex 3,748 1,395 2,027 1,299 1,554
Operating Cash Flow (Use) (2,090) (1,795) (634) 270 987
5
In case of any enquiries, please contact one of the advisers below:
Company Advisers
Houlihan Lokey (Europe) Limited
Chris Foley
Tel: +44 20 7747 2717
Email: [email protected]
White & Case LLP
Stephen Phillips
Tel: +44 20 7532 1221
Email: [email protected]
Ad Hoc Committee Advisers
Moelis & Company
Charles Noel-Johnson
Tel: +44 20 7634 3500
Email: [email protected]
Rohan Choudhary
Tel: +44 20 7634 3660
Email: [email protected]
Bingham McCutchen LLP
Neil Devaney
Tel: +44 20 7661 5430
Email: [email protected]
James Terry
Tel: +44 20 7661 5310
Email: [email protected]
Information Agent
Lucid Issuer Services Limited
Sunjeeve Patel / Yves Theis
Tel: +44 20 7704 0880
Email: [email protected]
6
Disclosure Statement
This press release and presentation includes forward-looking statements. These forwardlooking
statements include all matters that are not historical facts, statements regarding Magyar
Telecom B.V.’s (together with its subsidiaries, the “Company”) intentions, beliefs, projections or
current expectations concerning, among other things, the Company’s results of operations, financial
condition, liquidity, prospects, growth, strategies and the industry in which the Company operates. By
their nature, forward-looking statements involve risks and uncertainties because they relate to events
and depend on circumstances that may or may not occur in the future. The Company cautions you that
forward-looking statements are not guarantees of future performance and that the actual results of
operations, financial condition and liquidity and the development of the industry in which the
Company operates may differ materially from those made in or suggested by the forward-looking
statements contained in this press release and presentation. Factors that may cause the Company’s
actual results to differ materially from those expressed or implied by the forward-looking statements
in this press release and presentation, include, but are not limited to: (i) the Company’s inability to
execute its business strategy, (ii) the continuing effects of the global economic crisis and in particular
the effects of macroeconomic issues affecting the countries relevant to the Company’s operations, (iii)
the Company’s ability to generate growth or profitable growth and (iv) political changes in countries
relevant to the Company’s operations, including changes in taxation. In addition, even if the
Company’s results of operations, financial condition and liquidity and the development of the industry
in which the Company operates are consistent with the forward-looking statements contained in this
press release and presentation, those results or developments may not be indicative of results or
developments in future periods. The Company does not assume any obligation to review or confirm
analyst expectations or estimates or to release publicly any revisions to any forward-looking
statements to reflect events that occur or circumstances that arise after the date of this press release
and presentation.
This press release and presentation is not an offer to sell or a solicitation of an offer to buy or
exchange or acquire securities in the United States and no offer, tender offer, sale, exchange or
acquisition of securities is proposed in a jurisdiction where such offer, tender offer, sale, exchange or
acquisition would be illegal. The securities referenced in this press release and presentation may not
be offered, sold, exchanged or delivered in the United States absent registration or an applicable
exemption from the registration requirement under the U.S. Securities Act of 1933, as amended. The
securities mentioned in this press release and presentation are not, and will not be, registered in the
United States
 

Hobbit64

Forumer attivo
Riguardo Solarworld leggo questo:
Stando la memorandum d’intesa che mettiamo a disposizione in fondo all’articolo, per ogni 1.000 euro nominali i titolari del bond 2016 riceveranno 57,84 euro, 7,31 nuove azioni e 439,39 euro nominali di nuove obbligazioni, mentre i titolari del bond 2017 riceveranno 53,52 euro, 6,77 nuove azioni e 451,73 euro nominali di nuove obbligazioni. In sostanza SolaWorld emetterà nuove azioni per oltre 14 milioni e nuove obbligazioni senior secured per 61,2 milioni con scadenza 2016 e 174,8 milioni con scadenza 2017. Le nuove obbligazioni avranno una durata di 5 anni a partire dalla data di efficacia della ristrutturazione.
Ora Solarworld 2016 quota intorno a 31, acquistate oggi verrebbero convertite in quelle nuove a circa 43 oltre un po' di azioni , sarebbe il caso di rischiare qualcosina entrando ora?
 

fabriziof

Forumer storico
Hobbit64 ha scritto:
Riguardo Solarworld leggo questo:
Stando la memorandum d’intesa che mettiamo a disposizione in fondo all’articolo, per ogni 1.000 euro nominali i titolari del bond 2016 riceveranno 57,84 euro, 7,31 nuove azioni e 439,39 euro nominali di nuove obbligazioni, mentre i titolari del bond 2017 riceveranno 53,52 euro, 6,77 nuove azioni e 451,73 euro nominali di nuove obbligazioni. In sostanza SolaWorld emetterà nuove azioni per oltre 14 milioni e nuove obbligazioni senior secured per 61,2 milioni con scadenza 2016 e 174,8 milioni con scadenza 2017. Le nuove obbligazioni avranno una durata di 5 anni a partire dalla data di efficacia della ristrutturazione.
Ora Solarworld 2016 quota intorno a 31, acquistate oggi verrebbero convertite in quelle nuove a circa 43 oltre un po' di azioni , sarebbe il caso di rischiare qualcosina entrando ora?
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Bisogna considerare 2 cose,che la ristrutturazione deve ancora essere approvata dagli obbligazionisti il 5 e 6 agosto(non credo che ci saranno problemi) e che il valore di mercato dei nuovi bond è un'incognita.
 
Tobia

Tobia

Forumer storico
Brizione ha scritto:
per non lasciarvi soli e malinconici ho preso un cip della 36 a 100.8328
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mi sembra giusto :lol:
questo bond è strascontato :up: 200 bp di cds a cui si somma l'irs mi danno un fair value superiore ai 120 (livello dov'era un paio di mesi fa)
ovvio che è sensibilissimo alle variazioni dei tassi ma insomma una puntatina si può fare
 
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