Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
zoro-aster
Forumer storico
interessante, ma pare illiquido, chi ha notizie?
Rating Action: Moody's downgrades Quicksilver Resources to Caa3
Global Credit Research - 26 Sep 2014
Approximately $1.8 billion of rated debt affected
New York, September 26, 2014 -- Moody's Investors Service downgraded Quicksilver Resources Inc.'s (Quicksilver) Corporate Family Rating (CFR) to Caa3 from Caa1. Moody's also downgraded the company's senior secured second lien obligations to Caa2 from B2, the senior unsecured notes to Ca from Caa2 and the subordinated notes to Ca from Caa3. The SGL-4 Speculative Grade Liquidity Rating is affirmed and the outlook remains negative.
"The downgrade to Caa3 reflects our view that Quicksilver Resources' risk of default has further increased," said Pete Speer, Moody's Senior Vice President. "The hiring of a Strategic Alternatives Officer combined with the ongoing delay in reaching an agreement for potential asset sales increases the possibility that the company may pursue a debt restructuring that we would view as a distressed exchange."
Downgrades:
..Issuer: Quicksilver Resources Inc.
.... Probability of Default Rating, Downgraded to Caa3-PD from Caa1-PD
.... Corporate Family Rating (Local Currency), Downgraded to Caa3 from Caa1
....Senior Subordinated Regular Bond/Debenture (Local Currency) Apr 1, 2016, Downgraded to Ca(LGD6) from Caa3(LGD6)
....Senior Secured Term Loan (Local Currency) Jun 21, 2019, Downgraded to Caa2(LGD3) from B2(LGD2)
....Senior Secured Regular Bond/Debenture (Local Currency) Jun 21, 2019, Downgraded to Caa2(LGD3) from B2(LGD3)
....Senior Unsecured Regular Bond/Debenture (Local Currency) Jul 1, 2021, Downgraded to Ca(LGD5) from Caa2(LGD5)
....Senior Unsecured Regular Bond/Debenture (Local Currency) Aug 15, 2019, Downgraded to Ca(LGD5) from Caa2(LGD5)
Outlook Actions:
..Issuer: Quicksilver Resources Inc.
....Outlook, Remains Negative
Affirmations:
..Issuer: Quicksilver Resources Inc.
.... Speculative Grade Liquidity Rating, Affirmed SGL-4
RATINGS RATIONALE
Quicksilver disclosed on September 25, 2014 that it is has appointed a Strategic Alternatives Officer pursuant to an agreement with a financial advisory services firm. The company has been actively pursuing for some time a joint venture or other sales transaction to raise cash from its Horn River Basin properties to serve as a catalyst for a major refinancing and reduction of outstanding debt. No such catalyst transaction agreement has been reached to date.
Moody's views Quicksilver's present debt levels as unsustainable and the company has $350 million of senior subordinated notes that mature April 1, 2016. All of these factors lead Moody's to believe that there is a heightened risk that Quicksilver may need to reach a negotiated agreement to reduce its outstanding debt and extend maturities that we would view as equivalent to a default.
Quicksilver's Caa3 CFR reflects the company's cash margins that are insufficient to cover its heavy interest costs, high debt levels and near-term refinancing risk that raises concerns over the sustainability of the company's capital structure. The company's production and proved developed (PD) reserve base have been in a multi-year decline owing to its concentration in the Barnett Shale, which generates weak cash margins and returns in the present natural gas price environment, and also because of large asset sales to raise cash.
The company's SGL-4 rating indicates weak liquidity owing to the upcoming debt maturity and insufficient cash flow to sustain production and proved reserves. Quicksilver has completed asset sales and negotiated amendments to its bank credit facility to maintain some liquidity and covenant headroom as it pursues a catalyst transaction to allow the company to reduce financial leverage. At August 1, 2014 the company had $272 million of liquidity.
The Caa3-PD probability of default rating results in the second lien senior secured obligations being rated Caa2 and the senior unsecured notes and subordinated notes being rated Ca under Moody's Loss Given Default (LGD) Methodology. This notching from Quicksilver's Caa3 CFR reflects the relative size of company's $325 million senior secured global borrowing base credit facility (not rated), the $625 million senior secured second lien term loan and the $200 million second lien senior secured notes priority claim over the $623 million senior unsecured notes and $350 million senior subordinated notes.
A downgrade would be considered if Quicksilver's liquidity profile further deteriorates. An upgrade is unlikely absent a substantial reduction in debt and higher natural gas and NGL prices supportive of improved cash flow generation.
The principal methodology used in this rating was Global Independent Exploration and Production Industry published in December 2011. 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 www.moodys.com for a copy of these methodologies.
Quicksilver Resources Inc. is an independent exploration and production company headquartered in Fort Worth, Texas.
Global Credit Research - 26 Sep 2014
Approximately $1.8 billion of rated debt affected
New York, September 26, 2014 -- Moody's Investors Service downgraded Quicksilver Resources Inc.'s (Quicksilver) Corporate Family Rating (CFR) to Caa3 from Caa1. Moody's also downgraded the company's senior secured second lien obligations to Caa2 from B2, the senior unsecured notes to Ca from Caa2 and the subordinated notes to Ca from Caa3. The SGL-4 Speculative Grade Liquidity Rating is affirmed and the outlook remains negative.
"The downgrade to Caa3 reflects our view that Quicksilver Resources' risk of default has further increased," said Pete Speer, Moody's Senior Vice President. "The hiring of a Strategic Alternatives Officer combined with the ongoing delay in reaching an agreement for potential asset sales increases the possibility that the company may pursue a debt restructuring that we would view as a distressed exchange."
Downgrades:
..Issuer: Quicksilver Resources Inc.
.... Probability of Default Rating, Downgraded to Caa3-PD from Caa1-PD
.... Corporate Family Rating (Local Currency), Downgraded to Caa3 from Caa1
....Senior Subordinated Regular Bond/Debenture (Local Currency) Apr 1, 2016, Downgraded to Ca(LGD6) from Caa3(LGD6)
....Senior Secured Term Loan (Local Currency) Jun 21, 2019, Downgraded to Caa2(LGD3) from B2(LGD2)
....Senior Secured Regular Bond/Debenture (Local Currency) Jun 21, 2019, Downgraded to Caa2(LGD3) from B2(LGD3)
....Senior Unsecured Regular Bond/Debenture (Local Currency) Jul 1, 2021, Downgraded to Ca(LGD5) from Caa2(LGD5)
....Senior Unsecured Regular Bond/Debenture (Local Currency) Aug 15, 2019, Downgraded to Ca(LGD5) from Caa2(LGD5)
Outlook Actions:
..Issuer: Quicksilver Resources Inc.
....Outlook, Remains Negative
Affirmations:
..Issuer: Quicksilver Resources Inc.
.... Speculative Grade Liquidity Rating, Affirmed SGL-4
RATINGS RATIONALE
Quicksilver disclosed on September 25, 2014 that it is has appointed a Strategic Alternatives Officer pursuant to an agreement with a financial advisory services firm. The company has been actively pursuing for some time a joint venture or other sales transaction to raise cash from its Horn River Basin properties to serve as a catalyst for a major refinancing and reduction of outstanding debt. No such catalyst transaction agreement has been reached to date.
Moody's views Quicksilver's present debt levels as unsustainable and the company has $350 million of senior subordinated notes that mature April 1, 2016. All of these factors lead Moody's to believe that there is a heightened risk that Quicksilver may need to reach a negotiated agreement to reduce its outstanding debt and extend maturities that we would view as equivalent to a default.
Quicksilver's Caa3 CFR reflects the company's cash margins that are insufficient to cover its heavy interest costs, high debt levels and near-term refinancing risk that raises concerns over the sustainability of the company's capital structure. The company's production and proved developed (PD) reserve base have been in a multi-year decline owing to its concentration in the Barnett Shale, which generates weak cash margins and returns in the present natural gas price environment, and also because of large asset sales to raise cash.
The company's SGL-4 rating indicates weak liquidity owing to the upcoming debt maturity and insufficient cash flow to sustain production and proved reserves. Quicksilver has completed asset sales and negotiated amendments to its bank credit facility to maintain some liquidity and covenant headroom as it pursues a catalyst transaction to allow the company to reduce financial leverage. At August 1, 2014 the company had $272 million of liquidity.
The Caa3-PD probability of default rating results in the second lien senior secured obligations being rated Caa2 and the senior unsecured notes and subordinated notes being rated Ca under Moody's Loss Given Default (LGD) Methodology. This notching from Quicksilver's Caa3 CFR reflects the relative size of company's $325 million senior secured global borrowing base credit facility (not rated), the $625 million senior secured second lien term loan and the $200 million second lien senior secured notes priority claim over the $623 million senior unsecured notes and $350 million senior subordinated notes.
A downgrade would be considered if Quicksilver's liquidity profile further deteriorates. An upgrade is unlikely absent a substantial reduction in debt and higher natural gas and NGL prices supportive of improved cash flow generation.
The principal methodology used in this rating was Global Independent Exploration and Production Industry published in December 2011. 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 www.moodys.com for a copy of these methodologies.
Quicksilver Resources Inc. is an independent exploration and production company headquartered in Fort Worth, Texas.
Joe Silver
Forumer storico
Bcp
Ne ho accumulato una discreta quantità fin dall'emissione, ma ora è effettivamente diventato piuttosto illiquido: nel senso che OTC c'è sempre denaro ma molto spesso non c'è lettera. Non so se via banca fisica si riesca a prendere.
Ne ho accumulato una discreta quantità fin dall'emissione, ma ora è effettivamente diventato piuttosto illiquido: nel senso che OTC c'è sempre denaro ma molto spesso non c'è lettera. Non so se via banca fisica si riesca a prendere.
CEDOLONE
Forumer storico
Heckler & k
dopo aver letto ho panicato ....oggi vendo ...
al netto di cedole incassate e prezzo di carico lascio sul campo
un loss di un ca 10%.....
le prossime pronte al lancio sono le Edcon .....
ma tengo ancora duro ....
al limite switcho su Venezuela ...che oltretutto sta' gia' risalendo alla grande ...
Titoli di Stato - Venezuela 9.25% 15st27 | EuroTLX
dopo aver letto ho panicato ....oggi vendo ...
al netto di cedole incassate e prezzo di carico lascio sul campo
un loss di un ca 10%.....
le prossime pronte al lancio sono le Edcon .....
ma tengo ancora duro ....
al limite switcho su Venezuela ...che oltretutto sta' gia' risalendo alla grande ...
Titoli di Stato - Venezuela 9.25% 15st27 | EuroTLX
CEDOLONE
Forumer storico
mi sembra che la fuga sia iniziata anche al di fuori degli ETF...
Hy di serie C crollano ,di serie B scendono vistosamente,
di serie A iniziano a tentennare ....
iguanito
Forumer storico
Ci sono HY di serie A?
lupin70
Volere è potere.
cedola della general shopping 12% USG3812TAA90
Sentito Binck. Dicono che è un problema della depositante... ho fatto notare che son già passati 10 gg... Aspettiamo.
ok strano lo stacco senza accredito
Sentito Binck. Dicono che è un problema della depositante... ho fatto notare che son già passati 10 gg... Aspettiamo.
iguanito
Forumer storico
ma di cosa si tratta?
- Stato