fabriziof
Forumer storico
a questo prezzo per me è ancora una scommessa, comunque a parte il marge con OneWeb, news non ce ne sono, qualche commento qua e là, tipo il seguente:
Intelsat S.A. shares plummeted 18.12% to close at 3.65, down for a third straight day after SoftBank announced plans to merge OneWeb with Intelsat. The shares are down 37.65% since the proposed deal was announced on February 28. Independent research firm CreditSights said exchange-offer holdouts will make it challenging for SoftBank to get the 85% participation rate needed to successfully complete the exchange. (All 7 bond issues are trading at levels higher than Intelsat’s offer.) “We think SoftBank is willing to negotiate… Jackson bondholders should hold out for a better offer, but we don’t think the total consideration of a new offer will be as high as where the market is currently trading…Luxembourg bondholders are getting a good deal, in our view.” If the SoftBank-financed debt exchange reaches its required 85% participation, Intelsat’s pro forma free cash flow-to-debt ratio may improve to 3% this year, based on consensus and prior to any capital expenditure synergies from the proposed merger with OneWeb. As a result of the exchange, Intelsat’s debt will be reduced by $3.6 billion to $10.9 billion, annual interest expense will decline by $291 million, net leverage may improve to 6.1x and pro forma free cash flow may increase to $330 million.
Toronto, March 01, 2017 -- Moody's Investors Service (Moody's) said Intelsat SA's (Intelsat, Caa2 negative) announced merger agreement with WorldVu Satellites Limited (OneWeb, not rated) is credit negative because it is proposed that Intelsat's unsecured debt holders will receive combinations of cash, equity and new debt instruments that are significantly less than face value. At closing, Moody's will likely assess the pending debt transactions as a distressed exchange and limited default, which will be signified by appending the /LD limited default indicator to Intelsat's probability of default rating (for one business day).
ora bisogna vedere se il prezzo attuale consentirà un guadagno per i bondisti