arkymede74
Forumer storico
Nella gornata ha recuperato è passata da 89 a 94 bhe decisimante meglio , quando vendi dimmelo cosi ti seguo onde evitare di trovarmi solo
ci sono anche io.. e nn mollo
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
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- Data di Inizio
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ci sono anche io.. e nn mollo
arkymede74
Forumer storico
Abengoa Bonds Jump Most on Record After Report on Capital Raise
Bonds of Abengoa SA, the Spanish renewable energy company that has lost almost half its market value this year, rose the most on record after a report that it is near an agreement on a capital increase. The shares also jumped.
By Rodrigo Orihuela - 23 set 2015, 14:31:56
Bonds of Abengoa SA, the Spanish renewable energy company that has lost almost half its market value this year, rose the most on record after a report that it is near an agreement on a capital increase. The shares also jumped.
Abengoa’s 500 million euros ($557 million) of 6 percent bonds due March 2021
surged 49 percent to 40 cents on the euro, the biggest increase on record, at
2:27 p.m. Madrid time. The Seville-based company’s 550 million euros of 8.875
percent notes maturing in February 2018 rose 48 percent to 41.7 cents on the
euro, which was also a record.
The producer of renewable energy has been negotiating for weeks with creditors to get backing to raise 650 million euros in a capital increase that was announced on Aug. 3. The intention is to raise funds to cut debt and to cover cash flow needs.
Expansion, a Spanish newspaper, reported on Wednesday that Abengoa has held talks with creditors this week and that an agreement to go ahead with the capital increase is practically sealed.
Investors have been concerned about the willingness of banks to support Abengoa, with JPMorgan Chase & Co. having said in a note that the company has “almost exhausted of all its options.”
Abengoa’s Class B shares, the most widely traded, rose 23 percent to 94.9 cents in Madrid at 2:23 p.m. local time. That’s the most since Aug. 25.
A press officer for the company, who cannot be named under corporate policy,
declined to comment.
More articles on Bonds
Bonds of Abengoa SA, the Spanish renewable energy company that has lost almost half its market value this year, rose the most on record after a report that it is near an agreement on a capital increase. The shares also jumped.
By Rodrigo Orihuela - 23 set 2015, 14:31:56
Bonds of Abengoa SA, the Spanish renewable energy company that has lost almost half its market value this year, rose the most on record after a report that it is near an agreement on a capital increase. The shares also jumped.
Abengoa’s 500 million euros ($557 million) of 6 percent bonds due March 2021
surged 49 percent to 40 cents on the euro, the biggest increase on record, at
2:27 p.m. Madrid time. The Seville-based company’s 550 million euros of 8.875
percent notes maturing in February 2018 rose 48 percent to 41.7 cents on the
euro, which was also a record.
The producer of renewable energy has been negotiating for weeks with creditors to get backing to raise 650 million euros in a capital increase that was announced on Aug. 3. The intention is to raise funds to cut debt and to cover cash flow needs.
Expansion, a Spanish newspaper, reported on Wednesday that Abengoa has held talks with creditors this week and that an agreement to go ahead with the capital increase is practically sealed.
Investors have been concerned about the willingness of banks to support Abengoa, with JPMorgan Chase & Co. having said in a note that the company has “almost exhausted of all its options.”
Abengoa’s Class B shares, the most widely traded, rose 23 percent to 94.9 cents in Madrid at 2:23 p.m. local time. That’s the most since Aug. 25.
A press officer for the company, who cannot be named under corporate policy,
declined to comment.
More articles on Bonds
21 Sep 2015 8:00 PM GMT/UTC
Fitch: Weatherford's Equity and Equity-Like Offering Has No Near-Term Rating Impact
Fitch Ratings-Chicago-21 September 2015: Weatherford International plc's (Weatherford) announcement to issue a combined $1 billion in the company's common equity and Weatherford International Ltd, a wholly owned Bermuda subsidiary, mandatorily exchangeable subordinated notes has no near-term rating impact, according to Fitch Ratings. The company intends to use the proceeds to pre-fund potential acquisitions and for general corporate purposes. Proceeds are expected to temporarily reduce borrowings under its revolving credit facility and commercial paper program until potential acquisition funding is needed.
ma c'è una obll sub ???
apposto...
Fixed Income Research | Please find important legal information at the end of this document.
Issuer rating
Hold
Risk category Speculative
MSCI ESG Rating* BB
FTR, the fourth-largest Incumbent local exchange carrier in the US, offers a variety of voice, data and television services to resi- dential and business customers. FTR’s debt-financed acquisition of AT&T’s wireline business in Connecticut in October 2014 has significantly increased its size and reach. As of end-June 2015, FTR had ca. 3.5m customers and 2.4m broadband subscribers spread across 28 states in the US.
INVESTMENT RATIONALE
Stable H1 2015 results: Frontier Communications Corporation’s (FTR) revenue grew 19% y/y to USD2.7bn, supported by con- solidation of AT&T’s (not covered) Connecticut operations (ac- quired in October 2014). However, revenues declined 3.9% y/y organically owing to 10.4% y/y and 7.1% y/y drop in voice ser- vices (ca. 38% of H1 2015 sales) and switched access (10%), partly offset by an increase in data services (42%) revenue. The decline in voice revenues was driven by sustained subscriber losses [residential (-0.9% y/y in H1 2015) and business (-1.8% y/y)], partly offset by price increases. The company generated positive free cash flow of USD397m (down 12% y/y) on higher profitability. Adjusted debt/EBITDA improved to 4.7x (vs. FY 2014: 5.0x), on higher absolute EBITDA and debt repayment.
Favourable regulatory environment: FTR, through its participa- tion in the Federal Communications Commission’s (FCC, feder- al regulatory) Connect America Fund (CAF; to provide broad- band services in high-cost unserved or underserved areas) phase II programme, received USD283m in annual subsidy pro- ceeds. This grant will replace USD155m of frozen Universal Ser- vice Fund and support market share growth. Subsequently, FTR revised its FCF guidance for FY 2015 to USD825m-USD865m (vs. USD785m-USD825m previously) and guided capex of USD700m-USD750m (USD650m-USD700m) and cash taxes of USD95m-USD110m (USD175m-USD200m).
Acquisitions bolster business profile: On 2 September 2015, the FCC approved FTR’s acquisition of Verizon Communications, Inc.’s (Verizon, not covered) wireline business in Florida, Texas and California for USD10.5bn via a mix of debt (ca. 75% of the transaction to be debt funded) and equity. We expect the transaction to almost double FTR’s scale and improve its com- petitive position (supported by the addition of high-quality as- sets). Although the transaction (expected to close in Q1 2016; pending approval in California) will weaken FTR’s leverage (pro forma debt/EBITDA of 8x as of June 2015) in the near term, we expect it to improve in the medium term supported by stronger cash flow and debt repayments.
Major risks include continued need for investment in network improvement, intense competition, adverse regulatory interven- tion and management’s highly acquisitive growth strategy.
Rating
We maintain our Hold/Speculative rating on FTR. We believe the benefits of improved operating scale and sizeable cash flow fol- lowing the Verizon acquisition are offset by its stressed leverage profile. We are also concerned about the reinvestment of cash flow given management’s high appetite for acquisitions. The current rating is supported by its healthy operating margin, high cash flow visibility and strong liquidity.
*as of 1 September 2015
arkymede74
Forumer storico
NoWay
It's time to play the game
Iw ha corretto la cedola avon.
Ottimo
Io ho la 2020 e, invece dell'originario 4,6%, mi hanno dato un 5,35%... di quanto hanno corretto la vostra?
Peco
Forumer storico
tasso annuo 7,7%
7.70 ma ora dovrebbe essere 8.95
Comunque vorrei ringraziare lupin70 che ha sollevato l'inghippo senza di lui non me ne sarei mai accorto.
- Stato
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HIGH YIELD e oltre, verso frontiere inesplorate, vol.3
