Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
LUISBOND
Forumer attivo
fabriziof
Forumer storico
Allora confidiamo che completino l'operazione anche per arch coal
LUISBOND
Forumer attivo
giustissimo!
fabriziof
Forumer storico
gualberto
Charlie don't Surf
@Avaya
http://seekingalpha.com/article/401...ng-next-monday-maybe-goes-public-next-quarter
The Conclusion. The Company's credit facilities, the indentures for the senior secured notes due '19 and the indenture for the 2nd Lien notes due '21 all require AVYA to deliver timely audited financial statements without a "going concern" or similar qualification. A breach of this or any other covenant would be an event of default under one or all of the Company's credit agreements and indentures.
There is a reasonable chance that AVYA restructures its debt with at least a portion of the AVYA 10.5% 2nd Lien Notes due '21 getting swapped into equity. That 2nd lien issue is highly concentrated in a single investor's hands and that party will use its clout to both maximize the value it receives from any debt negotiation and to obtain liquidity, probably by having shares it receives via those discussions registered and listed. AVYA's private equity holders will be under significant pressure to either relinquish their ownership interest or provide an additional equity infusion to avoid a default.
The AVYA 7s and 9s with a similar 1st lien senior secured ranking and rating as the AVYA 1st lien term loans are logical beneficiaries of either a restructuring forced on the AVYA 10.5s or better results. Those public notes are trading at the widest spreads among the 1st lien instruments and allow investors a relatively attractive entry point for playing either outcome post release of Q4'16 results.
http://seekingalpha.com/article/401...ng-next-monday-maybe-goes-public-next-quarter
The Conclusion. The Company's credit facilities, the indentures for the senior secured notes due '19 and the indenture for the 2nd Lien notes due '21 all require AVYA to deliver timely audited financial statements without a "going concern" or similar qualification. A breach of this or any other covenant would be an event of default under one or all of the Company's credit agreements and indentures.
There is a reasonable chance that AVYA restructures its debt with at least a portion of the AVYA 10.5% 2nd Lien Notes due '21 getting swapped into equity. That 2nd lien issue is highly concentrated in a single investor's hands and that party will use its clout to both maximize the value it receives from any debt negotiation and to obtain liquidity, probably by having shares it receives via those discussions registered and listed. AVYA's private equity holders will be under significant pressure to either relinquish their ownership interest or provide an additional equity infusion to avoid a default.
The AVYA 7s and 9s with a similar 1st lien senior secured ranking and rating as the AVYA 1st lien term loans are logical beneficiaries of either a restructuring forced on the AVYA 10.5s or better results. Those public notes are trading at the widest spreads among the 1st lien instruments and allow investors a relatively attractive entry point for playing either outcome post release of Q4'16 results.
iguanito
Forumer storico
NOn è male per un acquisto. Ha la call fra 2 anni e l'emittente mi sembra buono
fabriziof
Forumer storico
ha dei problemi
- Stato
Similar threads
Obbligazioni societarie
HIGH YIELD e oltre, verso frontiere inesplorate, vol.3
