Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (1 Viewer)
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
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ok quadra tutto a parte arcelor
captain sparrow
Forumer storico
problemi al sito
non sono riuscito a collegarmi a questo sito per un paio di giorni . è successo anche a voi?
non sono riuscito a collegarmi a questo sito per un paio di giorni . è successo anche a voi?
fabriziof
Forumer storico
AMD’s Planned Joint Venture Is Credit Positive as Liquidity Gets a Boost
Last Thursday, Advanced Micro Devices Inc. (AMD, Caa1 negative) said that it had reached a definitive
agreement with Nantong Fujitsu Microelectronics Co. Ltd. (unrated) to form a joint venture to conduct
assembly, test and packaging services. The agreement is credit positive for AMD because the receipt of
around $320 million of after-tax cash proceeds from concluding the transaction will boost much-needed
liquidity in 2016, while the company’s operations continue to burn cash.
Subject to regulatory approvals, the company expects to close the transaction in the first half of 2016.
Under the terms of the agreement, AMD would own 15% of the joint venture, with Nantong owning the
remaining 85%. Natong, a leading China-based outsourced assembly and test service (OSAT) provider, will
provide back-end services to AMD for existing and new products, although AMD will also be able to use
other OSAT providers for new products. In addition to the pending receipt of $320 million in after-tax
proceeds, the transaction will reduce AMD’s annual capital expenditure needs by approximately $40 million.
However, the company’s Caa1 corporate family rating and negative rating outlook will be unaffected.
Through the nine months that ended 30 September 2015, AMD’s cash flow less capital expenditures was
negative $354 million, resulting in cash balances of $755 million, down from $1.04 billion at the beginning
of the year. Based on guidance for the coming fourth quarter, and given that AMD made approximately $70
million of interest payments in its first and third quarters, we expect AMD’s year-end 2015 cash balances to
be approximately $750 million.
Considering the slower seasonality of the first quarter, in addition to approximately $70 million of cash
interest payments, cash balances in the early part of 2016 will likely fall below $700 million. The cash
infusion from the joint venture will be critical to supporting AMD’s liquidity throughout 2016, when we
project that the company will continue to burn approximately $200 million of cash. AMD has no debt
maturities until 2019, when a $600 million note matures.
Last Thursday, Advanced Micro Devices Inc. (AMD, Caa1 negative) said that it had reached a definitive
agreement with Nantong Fujitsu Microelectronics Co. Ltd. (unrated) to form a joint venture to conduct
assembly, test and packaging services. The agreement is credit positive for AMD because the receipt of
around $320 million of after-tax cash proceeds from concluding the transaction will boost much-needed
liquidity in 2016, while the company’s operations continue to burn cash.
Subject to regulatory approvals, the company expects to close the transaction in the first half of 2016.
Under the terms of the agreement, AMD would own 15% of the joint venture, with Nantong owning the
remaining 85%. Natong, a leading China-based outsourced assembly and test service (OSAT) provider, will
provide back-end services to AMD for existing and new products, although AMD will also be able to use
other OSAT providers for new products. In addition to the pending receipt of $320 million in after-tax
proceeds, the transaction will reduce AMD’s annual capital expenditure needs by approximately $40 million.
However, the company’s Caa1 corporate family rating and negative rating outlook will be unaffected.
Through the nine months that ended 30 September 2015, AMD’s cash flow less capital expenditures was
negative $354 million, resulting in cash balances of $755 million, down from $1.04 billion at the beginning
of the year. Based on guidance for the coming fourth quarter, and given that AMD made approximately $70
million of interest payments in its first and third quarters, we expect AMD’s year-end 2015 cash balances to
be approximately $750 million.
Considering the slower seasonality of the first quarter, in addition to approximately $70 million of cash
interest payments, cash balances in the early part of 2016 will likely fall below $700 million. The cash
infusion from the joint venture will be critical to supporting AMD’s liquidity throughout 2016, when we
project that the company will continue to burn approximately $200 million of cash. AMD has no debt
maturities until 2019, when a $600 million note matures.
captain sparrow
Forumer storico
Cgg
Les obligations CGG toujours sous pression | OBLIS
segnalo anche la
US204386AK24 US$ scad 2017 a circa 85/86 taglio 2000
Les obligations CGG toujours sous pression | OBLIS
segnalo anche la
US204386AK24 US$ scad 2017 a circa 85/86 taglio 2000
iguanito
Forumer storico
Ho provato alcune volte a prenderla ma niente da fare.peraltro ha spread assurdi
fabriziof
Forumer storico
Si prende poco sotto 80,almeno una settimana fa
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