Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (8 lettori)
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
30 mln di outstanding, da noi si dice, "non ve iate cerchenne i guai che non tenete"
iguanito
Forumer storico
......che tanto ci pensano loro a trovarvi
iguanito
Forumer storico
Gion hai avuto il rimborso delle baires 2017 in euro?
gualberto
Charlie don't Surf
DynCorp Internazionale Ottenuta One Year-Estensione a continuare a sostenere US Army sotto LOGCAP IV
5 ottobre 2015 12:39 Eastern Daylight Time
MCLEAN, Va .-- (BUSINESS WIRE) - Il Sustainment Command dell'esercito degli Stati Uniti ha assegnato DynCorp internazionale una modifica contratto di un anno su un ordine compito di continuare a fornire supporto vitale di base e dei servizi di gestione e manutenzione in Afghanistan nell'ambito del Programma Augmentation Civile Logistica (LOGCAP) Contratto IV. La modifica ha un valore di $ 154.300.000.
In base a tale ordine compito, DI fornisce operazioni e supporto di manutenzione, inclusi ma non limitati a gestione delle strutture, energia elettrica, acqua, fognature e gestione dei rifiuti, le operazioni di lavanderia, servizi di ristorazione e le operazioni del parco macchine del trasporto.
"L'estensione di questo ordine compito solidifica fiducia dei nostri clienti in DI per continuare a fornire servizi di supporto best-in-class per le forze Usa in Afghanistan," ha dichiarato Randy Bockenstedt, vice presidente senior di DynLogistics, DynCorp International. "Il team DI prende orgogliosi del nostro lavoro su questo importante programma."
Questo cost-plus-quota fissa ordine compito è stato originariamente assegnato nel luglio 2009 con un anno di riferimento e quattro opzioni di un anno, con un valore totale corrente di $ 6,6 miliardi.
Il contratto LOGCAP IV è la componente militare del Dipartimento degli sforzi di difesa di attribuire contratti con aziende statunitensi ad una vasta gamma di logistica e di supporto negli Stati Uniti e le forze alleate durante le operazioni di combattimento, di mantenimento della pace, umanitari e di formazione. Il veicolo del contratto, istituito nel giugno del 2007, ha una durata totale di fino a 10 anni.
5 ottobre 2015 12:39 Eastern Daylight Time
MCLEAN, Va .-- (BUSINESS WIRE) - Il Sustainment Command dell'esercito degli Stati Uniti ha assegnato DynCorp internazionale una modifica contratto di un anno su un ordine compito di continuare a fornire supporto vitale di base e dei servizi di gestione e manutenzione in Afghanistan nell'ambito del Programma Augmentation Civile Logistica (LOGCAP) Contratto IV. La modifica ha un valore di $ 154.300.000.
In base a tale ordine compito, DI fornisce operazioni e supporto di manutenzione, inclusi ma non limitati a gestione delle strutture, energia elettrica, acqua, fognature e gestione dei rifiuti, le operazioni di lavanderia, servizi di ristorazione e le operazioni del parco macchine del trasporto.
"L'estensione di questo ordine compito solidifica fiducia dei nostri clienti in DI per continuare a fornire servizi di supporto best-in-class per le forze Usa in Afghanistan," ha dichiarato Randy Bockenstedt, vice presidente senior di DynLogistics, DynCorp International. "Il team DI prende orgogliosi del nostro lavoro su questo importante programma."
Questo cost-plus-quota fissa ordine compito è stato originariamente assegnato nel luglio 2009 con un anno di riferimento e quattro opzioni di un anno, con un valore totale corrente di $ 6,6 miliardi.
Il contratto LOGCAP IV è la componente militare del Dipartimento degli sforzi di difesa di attribuire contratti con aziende statunitensi ad una vasta gamma di logistica e di supporto negli Stati Uniti e le forze alleate durante le operazioni di combattimento, di mantenimento della pace, umanitari e di formazione. Il veicolo del contratto, istituito nel giugno del 2007, ha una durata totale di fino a 10 anni.
si, purtroppo :°°°
Cat XL
Shizuka Minamoto
German Apparel Retailer Takko Fashion Rating Affirmed At 'CCC+'; Outlook Stable
Come ho sottolineato piu' volte in passato situazione critica ma stabile per il momento.
<LI class=date-time>16-Oct-2015 11:12 EDT View Analyst Contact Information
German apparel retailer Takko Fashion posted sound first-quarter 2015 results, leading to a 4.1% improvement in like-for-like sales year on year.
We consider that the company has strengthened its liquidity, but it still has a way to go to achieve a sustainable long-term capital structure.
We are therefore affirming our 'CCC+' long-term rating on Takko Fashion. We are raising our issue rating on Takko Fashion's senior secured notes to 'CCC+' from 'CCC' due to an improved recovery rating of '4'.
The stable outlook reflects our expectations that Takko Fashion will achieve positive like-for-like sales growth and a rise in company-adjusted EBITDA over the next 12 months.
FRANKFURT (Standard & Poor's) Oct. 16, 2015--Standard & Poor's Ratings Services today affirmed its 'CCC+' long-term corporate credit rating on German apparel retailer Takko Fashion S.a.r.l. The outlook is stable.We also raised our issue rating on Takko Luxembourg 2 S.C.A.'s €525 million senior secured notes to 'CCC+' from 'CCC'. The recovery rating is now at '4', versus '5' previously, indicating our expectation of average recovery in the higher half of the 30%-50% range in the event of a payment default. In the first quarter of the current shortened fiscal year ending Jan. 31, 2016, Takko Fashion generated a 4.1% rise in its like-for-like sales, compared with the same period one year earlier. This marks the third consecutive quarter of performance improvement. After like-for-like sales declines of 10.3% and 8.6%, respectively, in the second and third quarters of fiscal 2015, the company posted a 0.5% improvement in the fourth quarter.As a result of Takko Fashion's better revenue performance, combined with disciplined operating expenditure and capital expenditure management, cash on the balance sheet plus availability of amounts under the revolving credit facility (RCF) rose to €80 million as of July 31, 2015, compared with €58 million on April 30, 2015. In addition, we estimate headroom under the company's financial covenants at about 15% over the coming 12 months, leading us to revise up our liquidity assessment to "adequate" from "less than adequate."Still, we have affirmed our 'CCC+' rating on Takko Fashion based on our view that, absent significant improvements, the company's financial commitments are unsustainable in the long-term.Takko Fashion has highly volatile revenues. In the first quarter of the current fiscal year, monthly revenues swung between negative 14% and positive 18% year-on-year. This is about four times the market average, as calculated by trade magazine Textilwirtschaft and market research company GfK. This low visibility and high volatility make financial planning fairly difficult and can quickly lead to unexpected shortfalls in the company's profitability and liquidity needs.We estimate that Takko Fashion's adjusted EBITDA in the quarter ending April 30, 2016, will likely decline in a year-on-year comparison due to the tough comparison base with the year-earlier quarter. Consequently, we think the company will need to generate a fairly significant rise in its adjusted EBITDA in the current and the next quarter to offset this likely shortfall.However, even if Takko Fashion raises its company-adjusted EBITDA over the coming quarters, covenant thresholds will rise from the beginning of 2016. Under our base case, we estimate covenant headroom at about 15%. This headroom could shrink signficantly due to the company's highly volatale revenues and profitabilty.Furthermore, Takko Fashion faces cash interest expenses that consume about 60% of the company's reported EBITDA. Consequently, we forecast neutral to small levels of free operating cash flow over the coming two years. We consider that any unexpected shortfall in cash flows will need to be covered by either existing cash or availability under the RCF. These two sources combined amounted to €80 million as of July 31, 2015, which we regard as low for a company with annual revenues of approximately €1.1 billion.We continue to assess Takko Fashion's business risk profile as "weak." This reflects the company's reliance on discretionary spending from mid- to lower-income families and its positioning in the price-competitive value retail clothing market. In addition, weather conditions have a strong effect on Takko Fashion's sales, adding to the group's volatile profitability. The company is exposed to changes in fashion trends, leading to a frequent risk of inventory write-downs.On the positive side, fashion trends are slightly less important in the value segment than in higher-price segments of the apparel industry. Also, we regard competition from online retailing as less severe in the discount and value segment, as there is generally less room to optimize costs.We assess Takko Fashion's financial risk as "highly leveraged" due to its private equity ownership and its weak credit metrics. Both of our core leverage ratios--debt to EBITDA and funds from operations (FFO) to debt--strongly indicate an assessment in this highest financial risk category. We estimate that Takko Fashion's adjusted FFO to debt will average about 5% and its adjusted debt to EBITDA should reach about 7.5x-8.0x. On a fully Standard & Poor's-adjusted basis, EBITDA interest coverage is approximately 1.5x-1.7x, also consistent with our assessment of Takko Fashion's financial risk profile as "highly leveraged." In our base case, we assume:An overall stable German economic environment, with real consumer spending rising by 2.2% and 1.6% year on year in 2015 and 2016, respectively.
A reduction of about 1% per year in the number of stores between April 30, 2015, and April 30, 2017, and positive like-for-like sales growth of 1.5%-2.0% per year over the same period. This should translate into group revenue growth of 0.5%-1.0% annually.
Reported EBITDA margin rising from 7.1% as of April 30, 2015, to 8.0-8.5% in fiscals 2016 and 2017, owing to tight control of rental expenses.
A company-adjusted EBITDA margin of 10.0%-10.5% and a Standard & Poor's adjusted EBITDA margin of 22%-23%. The covenant-relevant company-adjusted EBITDA should stand at about €110 million.
Working capital needs of €10 million-€20 million in the 12 months to April 30, 2016, and between zero and €10 million in the subsequent 12 months to April 30, 2017.
Capital expenditures of about €30 million per year.
Broadly neutral free operating cash flow for the 12 months to April 30, 2016, and €5 million-€15 million in the 12 months ending April 30, 2017.
Based on these assumptions, we arrive at the following Standard & Poor's-adjusted credit measures for Takko Fashion for the 12 months ending April 30, 2016, and April 30, 2017:FFO to debt of about 5%.
Debt to EBITDA of 7.5x-8.0x.
EBITDA interest coverage of 1.5x-1.7x.
The stable outlook reflects our view that Takko Fashion will maintain its market position and increase its like-for-like sales. Combined with continued strict operating expenditure and capital expenditure management, we foresee an improvement in the covenant-relevant company-adjusted EBITDA to about €110 million and neutral to slightly positive reported free operating cash flow in the coming 12 months.We could consider an upgrade if Takko Fashion improved its operating performance over the coming several quarters on a sustainable basis. In particular, higher-than-expected like-for-like sales growth rates could lead the company-adjusted EBITDA to rise above our expectations. An upgrade would also hinge on our expectation of the company's company's sustainbly positive free operating cash flow generation.We could consider a downgrade if adverse market circumstances or other factors lead to a further severe deterioration in Takko Fashion's revenues, EBITDA, and cash flows. This would likely result in the company breaching its financial covenants while weakening its liquidity.
Come ho sottolineato piu' volte in passato situazione critica ma stabile per il momento.
<LI class=date-time>16-Oct-2015 11:12 EDT View Analyst Contact Information
German apparel retailer Takko Fashion posted sound first-quarter 2015 results, leading to a 4.1% improvement in like-for-like sales year on year.
We consider that the company has strengthened its liquidity, but it still has a way to go to achieve a sustainable long-term capital structure.
We are therefore affirming our 'CCC+' long-term rating on Takko Fashion. We are raising our issue rating on Takko Fashion's senior secured notes to 'CCC+' from 'CCC' due to an improved recovery rating of '4'.
The stable outlook reflects our expectations that Takko Fashion will achieve positive like-for-like sales growth and a rise in company-adjusted EBITDA over the next 12 months.
FRANKFURT (Standard & Poor's) Oct. 16, 2015--Standard & Poor's Ratings Services today affirmed its 'CCC+' long-term corporate credit rating on German apparel retailer Takko Fashion S.a.r.l. The outlook is stable.We also raised our issue rating on Takko Luxembourg 2 S.C.A.'s €525 million senior secured notes to 'CCC+' from 'CCC'. The recovery rating is now at '4', versus '5' previously, indicating our expectation of average recovery in the higher half of the 30%-50% range in the event of a payment default. In the first quarter of the current shortened fiscal year ending Jan. 31, 2016, Takko Fashion generated a 4.1% rise in its like-for-like sales, compared with the same period one year earlier. This marks the third consecutive quarter of performance improvement. After like-for-like sales declines of 10.3% and 8.6%, respectively, in the second and third quarters of fiscal 2015, the company posted a 0.5% improvement in the fourth quarter.As a result of Takko Fashion's better revenue performance, combined with disciplined operating expenditure and capital expenditure management, cash on the balance sheet plus availability of amounts under the revolving credit facility (RCF) rose to €80 million as of July 31, 2015, compared with €58 million on April 30, 2015. In addition, we estimate headroom under the company's financial covenants at about 15% over the coming 12 months, leading us to revise up our liquidity assessment to "adequate" from "less than adequate."Still, we have affirmed our 'CCC+' rating on Takko Fashion based on our view that, absent significant improvements, the company's financial commitments are unsustainable in the long-term.Takko Fashion has highly volatile revenues. In the first quarter of the current fiscal year, monthly revenues swung between negative 14% and positive 18% year-on-year. This is about four times the market average, as calculated by trade magazine Textilwirtschaft and market research company GfK. This low visibility and high volatility make financial planning fairly difficult and can quickly lead to unexpected shortfalls in the company's profitability and liquidity needs.We estimate that Takko Fashion's adjusted EBITDA in the quarter ending April 30, 2016, will likely decline in a year-on-year comparison due to the tough comparison base with the year-earlier quarter. Consequently, we think the company will need to generate a fairly significant rise in its adjusted EBITDA in the current and the next quarter to offset this likely shortfall.However, even if Takko Fashion raises its company-adjusted EBITDA over the coming quarters, covenant thresholds will rise from the beginning of 2016. Under our base case, we estimate covenant headroom at about 15%. This headroom could shrink signficantly due to the company's highly volatale revenues and profitabilty.Furthermore, Takko Fashion faces cash interest expenses that consume about 60% of the company's reported EBITDA. Consequently, we forecast neutral to small levels of free operating cash flow over the coming two years. We consider that any unexpected shortfall in cash flows will need to be covered by either existing cash or availability under the RCF. These two sources combined amounted to €80 million as of July 31, 2015, which we regard as low for a company with annual revenues of approximately €1.1 billion.We continue to assess Takko Fashion's business risk profile as "weak." This reflects the company's reliance on discretionary spending from mid- to lower-income families and its positioning in the price-competitive value retail clothing market. In addition, weather conditions have a strong effect on Takko Fashion's sales, adding to the group's volatile profitability. The company is exposed to changes in fashion trends, leading to a frequent risk of inventory write-downs.On the positive side, fashion trends are slightly less important in the value segment than in higher-price segments of the apparel industry. Also, we regard competition from online retailing as less severe in the discount and value segment, as there is generally less room to optimize costs.We assess Takko Fashion's financial risk as "highly leveraged" due to its private equity ownership and its weak credit metrics. Both of our core leverage ratios--debt to EBITDA and funds from operations (FFO) to debt--strongly indicate an assessment in this highest financial risk category. We estimate that Takko Fashion's adjusted FFO to debt will average about 5% and its adjusted debt to EBITDA should reach about 7.5x-8.0x. On a fully Standard & Poor's-adjusted basis, EBITDA interest coverage is approximately 1.5x-1.7x, also consistent with our assessment of Takko Fashion's financial risk profile as "highly leveraged." In our base case, we assume:An overall stable German economic environment, with real consumer spending rising by 2.2% and 1.6% year on year in 2015 and 2016, respectively.
A reduction of about 1% per year in the number of stores between April 30, 2015, and April 30, 2017, and positive like-for-like sales growth of 1.5%-2.0% per year over the same period. This should translate into group revenue growth of 0.5%-1.0% annually.
Reported EBITDA margin rising from 7.1% as of April 30, 2015, to 8.0-8.5% in fiscals 2016 and 2017, owing to tight control of rental expenses.
A company-adjusted EBITDA margin of 10.0%-10.5% and a Standard & Poor's adjusted EBITDA margin of 22%-23%. The covenant-relevant company-adjusted EBITDA should stand at about €110 million.
Working capital needs of €10 million-€20 million in the 12 months to April 30, 2016, and between zero and €10 million in the subsequent 12 months to April 30, 2017.
Capital expenditures of about €30 million per year.
Broadly neutral free operating cash flow for the 12 months to April 30, 2016, and €5 million-€15 million in the 12 months ending April 30, 2017.
Based on these assumptions, we arrive at the following Standard & Poor's-adjusted credit measures for Takko Fashion for the 12 months ending April 30, 2016, and April 30, 2017:FFO to debt of about 5%.
Debt to EBITDA of 7.5x-8.0x.
EBITDA interest coverage of 1.5x-1.7x.
The stable outlook reflects our view that Takko Fashion will maintain its market position and increase its like-for-like sales. Combined with continued strict operating expenditure and capital expenditure management, we foresee an improvement in the covenant-relevant company-adjusted EBITDA to about €110 million and neutral to slightly positive reported free operating cash flow in the coming 12 months.We could consider an upgrade if Takko Fashion improved its operating performance over the coming several quarters on a sustainable basis. In particular, higher-than-expected like-for-like sales growth rates could lead the company-adjusted EBITDA to rise above our expectations. An upgrade would also hinge on our expectation of the company's company's sustainbly positive free operating cash flow generation.We could consider a downgrade if adverse market circumstances or other factors lead to a further severe deterioration in Takko Fashion's revenues, EBITDA, and cash flows. This would likely result in the company breaching its financial covenants while weakening its liquidity.
NoWay
It's time to play the game
fedro10
è la somma che fa il totale...
chiaro e limpidofedro10
è la somma che fa il totale...
US26817CAB72 DynCorp International Inc. Anleihe: 10,375% bis 01.07.2017
Nell'allegato non vedo l'importo totale dell'emissione, voi lo sapete
Nell'allegato non vedo l'importo totale dell'emissione, voi lo sapete
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