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

[angy2008]

no, per lo meno nell'high yield occidentale

e questa come la vedi? è ai confini dell'occidente
XS0802648955

 

[qquebec]

New Reclam 8.125%

Standard & Poor's downgrades New Reclam's bond to "D" from CCC-
TEXT-S&P cuts New Reclamation Group to 'SD' | Reuters

 

[bulogna]

Caletto per atu

 

[fabriziof]

Standard & Poor's downgrades New Reclam's bond to "D" from CCC-
TEXT-S&P cuts New Reclamation Group to 'SD' | Reuters

Response to Standard & Poor’s Media Release on the New Reclamation Group

7 November 2012

Further to the media release by Standard & Poor's dated 7 November 2012, The New Reclamation Group notes the following in response:
​

• The company does not consider the buyback of its bonds as a distressed exchange. • It rather views the buybacks as a continuation of its stated policy to manage its debt by repurchasing bonds in the open market if and when the opportunity arises. The company has repurchased bonds in the open market on prior occasions – for example in 2008. • The company believes that the buybacks in 2012 (similarly to 2008) had a positive effect on its debt profile for the following reasons:
• It has reduced overall leverage and interest expense by reducing the bond liability by 24%. • The security cover has increased. • The maturity profile of the company’s liabilities has been partially extended.

Furthermore, we re-iterate the disclosure that was made to bondholders on 30 October 2012 below:​

The secured bonds which mature on 1 February 2013 are reflected in the annual financial statements as a current liability. In order for the company to settle its financial obligation in terms of the secured bonds, the board has assessed and is negotiating a combination of the following refinancing transactions:​

• Raising term loan funding from local and/or offshore lenders. • Raising finance utilising the group’s property portfolio. • Raising finance utilising the group’s plant and equipment. • Purchasing of bonds through open market purchases utilising internally generated funds. • Raising funding from shareholders.

Based on various discussions and progress with the various potential funders the directors believe that the company will meet its obligations in terms of the secured bonds as they fall due.​

per ora reggo

 

[qquebec]

Response to Standard & Poor’s Media Release on the New Reclamation Group

7 November 2012

Further to the media release by Standard & Poor's dated 7 November 2012, The New Reclamation Group notes the following in response:
​

• The company does not consider the buyback of its bonds as a distressed exchange. • It rather views the buybacks as a continuation of its stated policy to manage its debt by repurchasing bonds in the open market if and when the opportunity arises. The company has repurchased bonds in the open market on prior occasions – for example in 2008. • The company believes that the buybacks in 2012 (similarly to 2008) had a positive effect on its debt profile for the following reasons:
• It has reduced overall leverage and interest expense by reducing the bond liability by 24%. • The security cover has increased. • The maturity profile of the company’s liabilities has been partially extended.

Furthermore, we re-iterate the disclosure that was made to bondholders on 30 October 2012 below:​

The secured bonds which mature on 1 February 2013 are reflected in the annual financial statements as a current liability. In order for the company to settle its financial obligation in terms of the secured bonds, the board has assessed and is negotiating a combination of the following refinancing transactions:​

• Raising term loan funding from local and/or offshore lenders. • Raising finance utilising the group’s property portfolio. • Raising finance utilising the group’s plant and equipment. • Purchasing of bonds through open market purchases utilising internally generated funds. • Raising funding from shareholders.

Based on various discussions and progress with the various potential funders the directors believe that the company will meet its obligations in terms of the secured bonds as they fall due.​

per ora reggo

Quelli di S&P hanno rotto i @@ con i loro giudizi. A livello industriale, l'azienda va bene, i conti sono in miglioramento. Per me, nella peggiore delle ipotesi, estenderanno la scadenza del bond come hanno fatto con Petrol AD

 

[whitesoul9]

no, per lo meno nell'high yield occidentale

Grazie Gaudente, se hai qualcosa da segnalare in altre aree te ne sarei grato ... conosci per esempio qualche emittente turco?

 

[fabriziof]

Grazie Gaudente, se hai qualcosa da segnalare in altre aree te ne sarei grato ... conosci per esempio qualche emittente turco?

per gaudente la turchia è far west

 

[rockytamtam]

Buongiorno Gaudente,
tu che (giustamente) non fai sconti agli emittenti traballanti, cosa pensi dei bonds HY della Franz Haniel ? Per quel poco che ne so, credo che abbia una partecipazione del 30% nella Metro ed il controllo della Celesio (pharma).
Grazie di un tuo giudizio, se vuoi.

Te ne sarei grato anche io . Grazie in anticipo.

 

[Cat XL]

MAgyar T

Autentico collasso della Magyar T

La conference call e' il 21 Novembre.

 

[fabriziof]

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