Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1

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XS1076715108 ardagh packaging
qualcuno ha qualche notizia su questo emittente? questa obbligazione paga un 8.375 e quota circa 100. in ottica cedola non sarebbe male
 
ArcelorMittal’s Rights Issue Will Reduce Debt
Last Monday, ArcelorMittal (Ba2 negative) announced that it will use the proceeds of a $3 billion rights issue launched on 4 April to buy back €1.5 billion of euro-denominated bonds and $1.5 billion of US dollardenominated bonds. The debt repayment is credit positive because the reduction in leverage will alleviate stress on the company’s capital structure and cash flow and improve debt-service coverage during a year when we do not expect a significant recovery in EBITDA and cash generation. If 100% of the targeted bonds are tendered, the repayment will immediately reduce leverage by nearly 1x based on the company’s 2016 EBITDA guidance of approximately $4.5 billion. The actual percentage may be less, but we expect that the company will maintain its commitment to pursuing its liability management and deleveraging process. Benefits on cash flow will mostly materialise next year with a lower annual cash interest charge of approximately $191 million. The lower pro rata cash interest charge this year will be partially offset by the premium to par of the price offered by the company. The debt buyback of the two euro-denominated bonds due in November 2017 and March 2018 and the US dollar-denominated bonds due in 2018 will be performed via two offers to purchase any and all bonds for cash, with prices in the 108.25%-108.65% range for the euro bonds and 104.625% for the US bonds. The offers to purchase commenced on 11 April and will close on 18 April. Even with the planned debt repayment, ArcelorMittal’s leverage, as adjusted by us, will remain elevated and within a range of 5.5x-6.0x this year. The high leverage continues to weigh negatively on the company’s rating. ArcelorMittal’s outstanding debt is mostly composed of senior unsecured bonds issued under a euro medium-term note programme rated (P)Ba2. ArcelorMittal’s financing structure is typical of investmentgrade companies in that it comprises unsecured and unguaranteed debt issued at the holdco level. There is a certain degree of structural subordination with the holdco unsecured bonds as a result of trade payables owed by operating companies, although the subordination is partially alleviated by a large amount of holdco debt being pushed down to operating companies via intercompany loans. However, if ArcelorMittal’s corporate family rating was lower, or if the company were to issue secured debt, we would reassess the current ranking of the senior unsecured instruments under our Loss-Given Default model, which could result in the unsecured debt receiving a lower rating. ArcelorMittal’s liquidity will remain solid after the debt buyback, supported by the large amount of cash held on its balance sheet that we estimate will total approximately $3.5 billion post transaction, and $6 billion of committed facilities available to the company. Although we expect the company’s cash position at the end of first-quarter 2016 to decrease because of high seasonal working capital requirements, it will remain adequate for 2016. The announced bond repayment will lower the amount of debt maturing to approximately $1.6 billion in 2017 and to $600 million in 2018. ArcelorMittal has $2.3 billion of debt maturing this year, which we expect will be met without putting excessive pressure on the company’s cash flow and liquidity, and as a result of the proceeds the company expects to receive from its sale of a 35% stake in Gestamp for approximately $1 billion.
 
AVON

Avon Products Inc. (AVP) il 1 marzo, 2016 ha annunciato la chiusura della loro transazione partnership strategica (precedentemente annunciato il 17 dicembre, 2015). Questa partnership comprende la separazione delle attività del Nord America Avon in una società privata che è e gestito da un affiliato di Cerberus di proprietà di maggioranza. L'attività del Nord America opererà sotto il nome di New Avon LLC. Avon Products, Inc., che comprende i restanti mercati internazionali, continua a commerciare al New York Stock Exchange sotto il ticker AVP.

In base ai termini della transazione, un affiliato di Cerberus investito milioni di $ 435 a Avon, in cambio di azioni privilegiate convertibili Avon perpetua. Assumendo la conversione delle azioni privilegiate in azioni ordinarie al prezzo di conversione di $ 5,00 per azione, ciò equivale a un interesse di proprietà di circa il 16,6% a partire dal 1 ° marzo 2016. Inoltre, le imprese del Nord America Avon è stato separato in un privately- entità in attesa, in cui un affiliato di Cerberus ha investito $ 170 milioni per un approssimativo 80% del capitale. Avon mantiene un approssimativo 20% a New Avon LLC. Per maggiori dettagli sul partenariato strategico, si prega di visitare il sito investor.avoncompany.com.
La nostra partnership strategica con Cerberus imposta Avon su un solido percorso di redditività e la crescita, fornendo una soluzione per il business del Nord America così come capitale, messa a fuoco, e le risorse per sostenere Avon Products, Inc. nell'esecuzione del nostro piano di trasformazione ", ha detto Sheri McCoy, amministratore delegato di Avon. "La partnership, insieme ad altre azioni che stiamo prendendo, anche aumenta ulteriormente la nostra flessibilità finanziaria. Abbiamo notevoli risorse di capitale e di liquidità con cui finanziare il capitale circolante, i costi di ristrutturazione, e il pensionamento del debito opportunistica ".

Avon Products Inc. Anleihe: 8,700% bis 15.03.2043 | Anleihe | Bond | A1HHLQ | US054303AZ59
 
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