iguanito
Forumer storico
Sì l'ho presa con db tempo fa. Di tagli grossi ho ceva e una rbs 2018
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
fabriziof
Forumer storico
bia06
Listen other's viewpoint avoid conflicts & wars.
Grazie
Grazie a Tutti per le risposte su Ceva.
Certo è che la scivolata del 2009 (a 25
) è fa impressione.
Però un cinquantone ce lo mettereste, a quanto capisco.
Nel frattempo mi ha risposto l'IR di ceva che mi ha rimandato al sito gratuito da cui venivo
PS: Nik (Sala), dove sei?
Grazie a Tutti per le risposte su Ceva.
Certo è che la scivolata del 2009 (a 25
) è fa impressione. Però un cinquantone ce lo mettereste, a quanto capisco.
Nel frattempo mi ha risposto l'IR di ceva che mi ha rimandato al sito gratuito da cui venivo
PS: Nik (Sala), dove sei?
fabriziof
Forumer storico
qui sono elencate in ordine dalle più alle meno garantite
qquebec
Super Moderator
Eircom, STT si tira indietro?
Prima promettono di investire soldi solo se i lavoratori accetteranno una riduzione dello stipendio e poi si tirano indietro
The main shareholder in Eircom will not confirm whether it will proceed to invest in the company he main shareholder in Eircom
(01 apr. 2011) - Singapore Technologies Telemedia - has declined to confirm whether it will proceed to invest in the company following the staff's acceptance of a €92m cost reduction programme. In a statement, STT said it understood that Eircom management was still exploring various options on the balance sheet remediation, including preliminary engagement with lenders. It said that it was therefore inappropriate for it to comment at this point. Eircom is carrying a debt burden of €3.8 billion and has already warned that it may breach its debt covenants. Yesterday the Communications Workers Union called on the shareholders to inject necessary investment into the company as soon as possible.
Prima promettono di investire soldi solo se i lavoratori accetteranno una riduzione dello stipendio e poi si tirano indietro
The main shareholder in Eircom will not confirm whether it will proceed to invest in the company he main shareholder in Eircom
(01 apr. 2011) - Singapore Technologies Telemedia - has declined to confirm whether it will proceed to invest in the company following the staff's acceptance of a €92m cost reduction programme. In a statement, STT said it understood that Eircom management was still exploring various options on the balance sheet remediation, including preliminary engagement with lenders. It said that it was therefore inappropriate for it to comment at this point. Eircom is carrying a debt burden of €3.8 billion and has already warned that it may breach its debt covenants. Yesterday the Communications Workers Union called on the shareholders to inject necessary investment into the company as soon as possible.
Ultima modifica:
fabriziof
Forumer storico
FRANKFURT (Standard & Poor's) April 5, 2011--Standard & Poor's Ratings
Services said today that it had lowered its corporate credit rating on
France-based pharmaceutical services company Novasep Holding S.A.S. (Novasep)
to 'CCC+' from 'B'. In addition, we placed the company on CreditWatch with
developing implications. At the same time, we lowered our issue-level rating
on the company's EUR270 million and $150 million senior secured bonds to 'CCC+'
from 'B'. The recovery rating remains unchanged at '4', indicating our
expectation of 30% to 50% recovery in the event of default.
"The downgrade and CreditWatch listing follow the company's announcement of
potential restructuring plans as a consequence of Novasep's inability to
decrease leverage over the last two years," said Standard & Poor's credit
analyst Olaf Toelke.
The downgrade reflects Standard & Poor's assessment of management's
significantly more negative financial policy, as one of the proposed measures
is a potential debt exchange offer, which could be viewed as a distressed
exchange under our criteria.
The CreditWatch listing with developing implications reflects a potential
default on the issue, and selective default on the corporate credit rating,
according to our criteria, should the final decision involve an exchange
offer. On the other hand, it reflects the potential for a positive rating
action, as the restructuring measures include new equity, partial
divestitures, or a buyback of bonds on the open market, which would not have
the same negative consequences as an outright exchange offer.
"We expect to resolve the CreditWatch within three months assuming the company
provides further clarity about the proposals it intends to implement," said
Mr. Toelke.
The developing implications reflect our view on the one hand that there is a
chance for a default scenario, if management opts for the exchange offer as a
strategic alternative. On the other hand, it indicates potential ratings
upside if the more credit-supportive options are considered, such as an equity
issuance or the exercise of divestitures.
Services said today that it had lowered its corporate credit rating on
France-based pharmaceutical services company Novasep Holding S.A.S. (Novasep)
to 'CCC+' from 'B'. In addition, we placed the company on CreditWatch with
developing implications. At the same time, we lowered our issue-level rating
on the company's EUR270 million and $150 million senior secured bonds to 'CCC+'
from 'B'. The recovery rating remains unchanged at '4', indicating our
expectation of 30% to 50% recovery in the event of default.
"The downgrade and CreditWatch listing follow the company's announcement of
potential restructuring plans as a consequence of Novasep's inability to
decrease leverage over the last two years," said Standard & Poor's credit
analyst Olaf Toelke.
The downgrade reflects Standard & Poor's assessment of management's
significantly more negative financial policy, as one of the proposed measures
is a potential debt exchange offer, which could be viewed as a distressed
exchange under our criteria.
The CreditWatch listing with developing implications reflects a potential
default on the issue, and selective default on the corporate credit rating,
according to our criteria, should the final decision involve an exchange
offer. On the other hand, it reflects the potential for a positive rating
action, as the restructuring measures include new equity, partial
divestitures, or a buyback of bonds on the open market, which would not have
the same negative consequences as an outright exchange offer.
"We expect to resolve the CreditWatch within three months assuming the company
provides further clarity about the proposals it intends to implement," said
Mr. Toelke.
The developing implications reflect our view on the one hand that there is a
chance for a default scenario, if management opts for the exchange offer as a
strategic alternative. On the other hand, it indicates potential ratings
upside if the more credit-supportive options are considered, such as an equity
issuance or the exercise of divestitures.
After Heidelberger Druckmaschinen successfully tapped markets, Kion is currently roadshowing a EUR 400 mn issue. Both companies are highly cyclical and at the lower end of the rating spectrum. Heidelberger Druckmaschinen bonds were rated at Caa1/B- while Kion’s bond is rated at B2/B. Further, dividend deals and toggle notes are back on the agenda, at least in the US. On Monday, Aramak successfully placed 5Y USD 600 mn of toggle /PiK notes with a coupon of 8.625% rated B3/B-/CCC. Proceeds were used to pay a dividend to its shareholders.
Kion to tap European HY markets with EUR 400 mn issue
Participation in new issue should depend on pricing
Kion, Europe’s largest manufacturer of industrial trucks (35% market share in Europe and 15% globally) owned by funds advised by KKR and Goldman Sachs Capital Partners will tap capital markets with a EUR 400 mn 7Y bond issue. Proceeds will be used to pay back senior facilities. The company is currently meeting with investors and we expect it to launch later this week. The industrial trucks market is highly cyclical, with peak to trough new orders falling by up to 50% in a cyclical downturn. Further, it is a relatively capital intensive business with high working capital requirements. However, currently the industry environment is favourable. In FY 2010, Kion achieved new orders of EUR 4,399 mn (up 45.3% y-o-y), revenues of EUR 3,534 mn (+14.6%) and an adjusted EBITDA of EUR 462 mn (up 48.7%). Its net adjusted leverage (for pensions, finance and operating leases) according to our calculation at FYE 2010 was 6.6x (vs. 8.7x at FYE 2009; note according to the OM current net financial debt to pro forma EBITDA is 4.47x). New notes will be issued by Kion Finance S.A., which will then lend on the proceeds to Linde Material Handling GmbH (via the notes credit facility). Notes in principal will rank pari passu with senior facilities, yet note holders have no direct recourse against Kion and only the security agent of the notes credit facility can take any enforcement action. The new notes will be secured by share pledges and pledges over certain assets of the Kion Group companies, including bank accounts. The guarantor subsidiaries account for 60% of total revenues, 75% of total assets and 55% of adjusted EBITDA. Underlying law of the notes is State of New York. We like Kion’s strong market position, its increasing presence in emerging markets, particularly China (in FY 2010 accounting for 7% of its revenues). The outlook for FY 2011 is bright and we expect substantially improved figures. Additionally, we believe management steered the company well through the financial crisis by amending its senior credit facilities, gaining shareholder support and successfully executing a comprehensive restructuring program. However, we are concerned about the very high leverage, the cyclicality of the business and the fact that even in the boom years Kion did not pursue any meaningful deleveraging. Furthermore, Kion has a debt maturity wall upcoming in 2014 and 2015 when its senior facilities are due and also the maturity of the EUR 200 mn second lien facility and the EUR 100 mn PiK loan, which was granted by its shareholders, and matures ahead of the bonds. The structure and the security package of the notes seem decent in our view, but the share of EBITDA of subsidiary guarantors is relatively low. Hence, we expect Kion to issue further notes or even increase the issue size if markets allow. We think that pricing should be slightly tighter than that of the recently launched HeidelbergDruck bond, which was priced at bunds +642 bps. We will comment in more detail later today in an Event Flash. If you would like to discuss the credit, please do not hesitate to call us.
Participation in new issue should depend on pricing
Kion, Europe’s largest manufacturer of industrial trucks (35% market share in Europe and 15% globally) owned by funds advised by KKR and Goldman Sachs Capital Partners will tap capital markets with a EUR 400 mn 7Y bond issue. Proceeds will be used to pay back senior facilities. The company is currently meeting with investors and we expect it to launch later this week. The industrial trucks market is highly cyclical, with peak to trough new orders falling by up to 50% in a cyclical downturn. Further, it is a relatively capital intensive business with high working capital requirements. However, currently the industry environment is favourable. In FY 2010, Kion achieved new orders of EUR 4,399 mn (up 45.3% y-o-y), revenues of EUR 3,534 mn (+14.6%) and an adjusted EBITDA of EUR 462 mn (up 48.7%). Its net adjusted leverage (for pensions, finance and operating leases) according to our calculation at FYE 2010 was 6.6x (vs. 8.7x at FYE 2009; note according to the OM current net financial debt to pro forma EBITDA is 4.47x). New notes will be issued by Kion Finance S.A., which will then lend on the proceeds to Linde Material Handling GmbH (via the notes credit facility). Notes in principal will rank pari passu with senior facilities, yet note holders have no direct recourse against Kion and only the security agent of the notes credit facility can take any enforcement action. The new notes will be secured by share pledges and pledges over certain assets of the Kion Group companies, including bank accounts. The guarantor subsidiaries account for 60% of total revenues, 75% of total assets and 55% of adjusted EBITDA. Underlying law of the notes is State of New York. We like Kion’s strong market position, its increasing presence in emerging markets, particularly China (in FY 2010 accounting for 7% of its revenues). The outlook for FY 2011 is bright and we expect substantially improved figures. Additionally, we believe management steered the company well through the financial crisis by amending its senior credit facilities, gaining shareholder support and successfully executing a comprehensive restructuring program. However, we are concerned about the very high leverage, the cyclicality of the business and the fact that even in the boom years Kion did not pursue any meaningful deleveraging. Furthermore, Kion has a debt maturity wall upcoming in 2014 and 2015 when its senior facilities are due and also the maturity of the EUR 200 mn second lien facility and the EUR 100 mn PiK loan, which was granted by its shareholders, and matures ahead of the bonds. The structure and the security package of the notes seem decent in our view, but the share of EBITDA of subsidiary guarantors is relatively low. Hence, we expect Kion to issue further notes or even increase the issue size if markets allow. We think that pricing should be slightly tighter than that of the recently launched HeidelbergDruck bond, which was priced at bunds +642 bps. We will comment in more detail later today in an Event Flash. If you would like to discuss the credit, please do not hesitate to call us.
- Stato
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