iguanito
Forumer storico
Ciao fabrizio. questo bond ha uno spread denaro lettera di 10 punti!!! In compenso il nostro ha guadagnato più del 5% in mattinata. In netta ripresa anche atu tv....
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (6 lettori)
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
fabriziof
Forumer storico
appunto, sarei curioso di conoscere i prezzi operativi
qquebec
Super Moderator
Per Perna le cose non sono messe tanto bene di sicuro. Tempo al tempo e la Procura di Isernia formulerà le dovute accuse. I soldi se li sarà anche imboscati, ma come uomo è finito e non credo se la passi tanto bene.
qquebec
Super Moderator
In arrivo un ADC?
Novasep ha annunciato che il CdA ha autorizzato gli amministratori a trovare altre fonti di finanziamento e a valutare alcune strategie per la riduzione del debito. Molto probabile un aumento di capitale e buy back dei bond.
Il prezzo del bond in EUR 9,625% 2016 dovrebbe essere 77/78 (fonte: Brokerjet)
Novasep ha annunciato che il CdA ha autorizzato gli amministratori a trovare altre fonti di finanziamento e a valutare alcune strategie per la riduzione del debito. Molto probabile un aumento di capitale e buy back dei bond.
Il prezzo del bond in EUR 9,625% 2016 dovrebbe essere 77/78 (fonte: Brokerjet)
Ultima modifica:
fabriziof
Forumer storico
speriamo non facciano qualche scherzetto
qquebec
Super Moderator
speriamo non facciano qualche scherzetto
Io aspetto prima di entrare il Q4 2010 (sarà buono), anche se, avendo fatto questo comunicato, le previsioni per il futuro non sono certo strabilianti.
qquebec
Super Moderator
Consent solcitation prorogata di 2 giorni
Consent Solicitation extended until 5:00 p.m., New York City time, on March 23, 2011.
Ultima modifica:
Appoints Houlihan Lokey to advise on a potential restructuring, confirms extension of two contracts at reduced prices
“Hold” the NOVASP 9.625% at mid price of 77.4 or a Z-spread of 1,277bps
Yesterday, Novasep announced the appointment of Houlihan Lokey to advise the company on financial and strategic alternatives, including one or a combination of: raising capital via debt/equity, refinancing existing debt, repurchasing debt on the open market, divesting assets and pursuing operational improvements. This follows disappointing H1 2010 results, with a 25% y-o-y drop in EBITDA and decreasing cash flow cover ratios, resulting in a rating downgrade by S&P and Moody’s. We expect pressure for the payment of the next coupon on 15th June (c. EUR 18 mn) given the weak performance, tight cash balances and absence of a RCF, to be a short term trigger for the restructuring. While Novasep has been pursuing operational restructuring for a decent part of last year, we believe the desired benefits have not accrued, and would thus require substantial further commitment from the sponsor/management. Further, Novasep announced the extension of two contracts (as indicated in the Q3 call), which makes sense in our view, first to supply Tenofovir Disoproxil Fumarate to Gilead Science for four more years until 31st December 2016, and second to supply an agrochemical intermediate for a further two years until 31st December 2013, each with downwards price revision in exchange for guaranteed minimal purchases and extensions. Novasep appears to have traded a lower EBITDA in exchange for greater stability and visibility in order to help address its liquidity issues. In our view, third party funding, either through an equity injection by the sponsors Guilde or a special situations RCF facility, is a relatively likely scenario. However, a certain risk of a debt restructuring remains. Lastly, French restructuring legislation is not debt holder friendly. In light of this, we downgrade our assessment from “High Risk” to “Very High Risk” on the LARA scale.
“Hold” the NOVASP 9.625% at mid price of 77.4 or a Z-spread of 1,277bps
Yesterday, Novasep announced the appointment of Houlihan Lokey to advise the company on financial and strategic alternatives, including one or a combination of: raising capital via debt/equity, refinancing existing debt, repurchasing debt on the open market, divesting assets and pursuing operational improvements. This follows disappointing H1 2010 results, with a 25% y-o-y drop in EBITDA and decreasing cash flow cover ratios, resulting in a rating downgrade by S&P and Moody’s. We expect pressure for the payment of the next coupon on 15th June (c. EUR 18 mn) given the weak performance, tight cash balances and absence of a RCF, to be a short term trigger for the restructuring. While Novasep has been pursuing operational restructuring for a decent part of last year, we believe the desired benefits have not accrued, and would thus require substantial further commitment from the sponsor/management. Further, Novasep announced the extension of two contracts (as indicated in the Q3 call), which makes sense in our view, first to supply Tenofovir Disoproxil Fumarate to Gilead Science for four more years until 31st December 2016, and second to supply an agrochemical intermediate for a further two years until 31st December 2013, each with downwards price revision in exchange for guaranteed minimal purchases and extensions. Novasep appears to have traded a lower EBITDA in exchange for greater stability and visibility in order to help address its liquidity issues. In our view, third party funding, either through an equity injection by the sponsors Guilde or a special situations RCF facility, is a relatively likely scenario. However, a certain risk of a debt restructuring remains. Lastly, French restructuring legislation is not debt holder friendly. In light of this, we downgrade our assessment from “High Risk” to “Very High Risk” on the LARA scale.
Cat XL
Shizuka Minamoto
grazie per il veloce riassunto
lighthouse denaro 31 lettera 32
Seat P.G.: S&P taglia il rating a CCC+, outlook negativo
LONDON (Standard & Poor's) March 22, 2011--Standard & Poor's Ratings Services
said today that it lowered to 'CCC+' from 'B-' its long-term corporate credit
rating on Italian-based international publisher of classified directories SEAT
PagineGialle SpA (SEAT). The outlook is negative.
At the same time, we lowered to 'B-' from 'B' our issue ratings on SEAT's
first-lien term debt, revolving credit facility (RCF), and senior secured
notes. The recovery ratings on these debt instruments are unchanged at '2',
indicating our expectation of substantial (70%-90%) recovery in the event of a
payment default.
We also lowered to 'CCC+' from 'B-' our issue rating on the second-lien notes
issued by related entity Lighthouse International Co. S.A. The recovery rating
on these notes is unchanged at '4', indicating our expectation of average
(30%-50%) recovery in the event of a payment default.
"The downgrades follow the Board of Directors' decision to instruct the
Chairman and CEO to identify, with the support of qualified advisors,
available financial options to guarantee the long-term stability of SEAT's
financial structure," said Standard & Poor's credit analyst Carlo Castelli.
"The downgrades mainly reflect our opinion that, given SEAT's upcoming
material debt maturities and persistent high leverage, management could
implement credit-dilutive debt-restructuring measures over the next 12-18
months," added Mr. Castelli. "We could view these measures as being tantamount
to default."
SEAT's reported consolidated revenues and EBITDA were down by about 8.2% and
8.4%, respectively, in the 12 months ending Dec. 31, 2010. In our opinion,
SEAT's operating performance will likely remain under strain in 2011, as a
result of the decline in the profitable traditional print business, along with
ongoing difficult economic environments. As a consequence, we anticipate a
mid-single-digit decline in the group's revenues in 2011. We project that
EBITDA will stabilize at about €450 million in 2011 (before restructuring
costs).
We believe that SEAT will remain highly leveraged over the medium term due to
its recent deferral of debt amortization. Standard & Poor's-adjusted gross
debt to EBITDA stood at 6.2x in the year ended Dec. 31, 2009, compared with
6.0x as of year-end 2008, owing to the decline in EBITDA. We believe that this
ratio is unlikely to improve to less than 6x in the medium term, unless SEAT
manages to quickly turn its operating performance around.
We could downgrade SEAT if, as the group moves closer to significant debt
maturities in June 2012 and 2013, it announces debt-restructuring measures
that we would deem tantamount to a default. The negative outlook also reflects
our opinion that SEAT's capital structure may not be sustainable over the long
term, as a result of ongoing pressures on the group's operating performance.
Although unlikely at this point, we could revise the outlook to stable if SEAT
were able to stabilize its operating performance within the next 12 months and
succeed in implementing measures to successfully address the refinancing risk
in 2012-2013. However, such a revision would also depend on the group being
able to avoid wiping out its cash flow generation to fund interest costs and
maintain adequate covenant headroom.
said today that it lowered to 'CCC+' from 'B-' its long-term corporate credit
rating on Italian-based international publisher of classified directories SEAT
PagineGialle SpA (SEAT). The outlook is negative.
At the same time, we lowered to 'B-' from 'B' our issue ratings on SEAT's
first-lien term debt, revolving credit facility (RCF), and senior secured
notes. The recovery ratings on these debt instruments are unchanged at '2',
indicating our expectation of substantial (70%-90%) recovery in the event of a
payment default.
We also lowered to 'CCC+' from 'B-' our issue rating on the second-lien notes
issued by related entity Lighthouse International Co. S.A. The recovery rating
on these notes is unchanged at '4', indicating our expectation of average
(30%-50%) recovery in the event of a payment default.
"The downgrades follow the Board of Directors' decision to instruct the
Chairman and CEO to identify, with the support of qualified advisors,
available financial options to guarantee the long-term stability of SEAT's
financial structure," said Standard & Poor's credit analyst Carlo Castelli.
"The downgrades mainly reflect our opinion that, given SEAT's upcoming
material debt maturities and persistent high leverage, management could
implement credit-dilutive debt-restructuring measures over the next 12-18
months," added Mr. Castelli. "We could view these measures as being tantamount
to default."
SEAT's reported consolidated revenues and EBITDA were down by about 8.2% and
8.4%, respectively, in the 12 months ending Dec. 31, 2010. In our opinion,
SEAT's operating performance will likely remain under strain in 2011, as a
result of the decline in the profitable traditional print business, along with
ongoing difficult economic environments. As a consequence, we anticipate a
mid-single-digit decline in the group's revenues in 2011. We project that
EBITDA will stabilize at about €450 million in 2011 (before restructuring
costs).
We believe that SEAT will remain highly leveraged over the medium term due to
its recent deferral of debt amortization. Standard & Poor's-adjusted gross
debt to EBITDA stood at 6.2x in the year ended Dec. 31, 2009, compared with
6.0x as of year-end 2008, owing to the decline in EBITDA. We believe that this
ratio is unlikely to improve to less than 6x in the medium term, unless SEAT
manages to quickly turn its operating performance around.
We could downgrade SEAT if, as the group moves closer to significant debt
maturities in June 2012 and 2013, it announces debt-restructuring measures
that we would deem tantamount to a default. The negative outlook also reflects
our opinion that SEAT's capital structure may not be sustainable over the long
term, as a result of ongoing pressures on the group's operating performance.
Although unlikely at this point, we could revise the outlook to stable if SEAT
were able to stabilize its operating performance within the next 12 months and
succeed in implementing measures to successfully address the refinancing risk
in 2012-2013. However, such a revision would also depend on the group being
able to avoid wiping out its cash flow generation to fund interest costs and
maintain adequate covenant headroom.
- Stato