Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (8 lettori)
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
fabriziof
Forumer storico
non sapevi che era subordinato?se non ricordo male seconde le agenzie di rating recovery zero(o quasi)
0451850
Forumer attivo
io ne ho presi oggi 13k su AMS a 21.7 circa
anche io la vedo come una scommessa...
fabriziof
Forumer storico
vuoi dire lussemburgoio ne ho presi oggi 13k su AMS a 21.7 circa
anche io la vedo come una scommessa...
Ma siete sicuri? A me risulta senior e comunque dalla borsa di francoforte mi da subordinato no.....non sapevi che era subordinato?se non ricordo male seconde le agenzie di rating recovery zero(o quasi)
Allegati
fabriziof
Forumer storico
s&p di settembre:Finally, we affirmed our issue rating on the EUR170 million senior subordinated
notes due March 2014, issued by Clondalkin, at 'CCC+', two notches below the
corporate credit rating. The recovery rating on these notes is unchanged at
'6', indicating our expectation of negligible (0%-10%) recovery in an event of
payment default.
in realtà è un senior insecured ma la sostanza non cambia molto
Cat XL
Shizuka Minamoto
Moody's affirms Clondalkin's B3 CFR, lowers PDR to Caa1, outlook negative
Rating Action:
Global Credit Research - 14 Dec 2012
Frankfurt am Main, December 14, 2012 -- Moody's Investors Service had today affirmed Clondalkin Industries B.V.'s (Clondalkin) B3 Corporate Family Rating (CFR), the B2 instrument rating on the group's senior secured notes (issued by Clondalkin Acquisition BV) and the Caa2 instrument rating on the group's senior unsecured notes. Concurrently, Moody's has downgraded the probability of default rating (PDR) to Caa1 from B3. The outlook on all ratings remains negative.
RATINGS RATIONALE
The downgrade of the probability of default rating to Caa1 reflects increasing pressure from refinancing requirements as the company's liquidity sources forecasted for the next twelve months will not be sufficient to cover projected liquidity uses, pertaining in particular to EUR416 million senior secured notes maturing in December 2013. The affirmation of the B3 CFR and instrument ratings is based on Moody's view of above-average recovery prospects. This assumption reflects the group's efforts to support an orderly refinancing by various sources including the disposal of certain parts of the business and introducing new asset based borrowing arrangements, such as the securitization of receivables. While these measures should in Moody's view support the deleveraging of the group and reduce refinancing needs, they inevitably have associated market execution risks as to value and timing. Given these risk factors, the negative outlook reflects potential for further negative rating actions should Clondalkin fail to implement the refinancing within the next few months.
Clondalkin's operating profitability in 2012 continues to be challenged by weak macroeconomic demand conditions in Europe and supply chain challenges in North America. These have prompted a slower than expected recovery in operating performance in 2012 despite incremental profitability from its recent printed components acquisition and benefits from synergies and restructuring measures. With high net leverage point in time of 6.1x on a reported basis (6.5x on a Moody's as adjusted basis and 7.5x on a gross debt basis), we caution that Clondalkin could be challenged to implement a successful refinancing, despite currently benign high yield capital market conditions.
Moody's continues to recognize Clondalkin's solid business profile, benefitting from its good substrate diversity, its strong market position in several niche markets with solid geographical diversification, its continued high level of asset efficiency, and its ability to generate meaningful positive free cash flows on a sustainable basis, as evidenced by a FCF/debt ratio of 6.9% per September 2012 on a rolling twelve months basis. In addition, available cash sources remain ample with EUR80 million of cash on hand as of September 2012, access to an undrawn EUR19 million revolving facility and a history of positive free cash flow generation, although cash generated has in the past been spent on acquisitions. However, these cash sources will not be sufficient to fully refinance upcoming debt maturities by the end of 2013.
A stabilization of the outlook requires visibility on Clondalkin's execution of an orderly refinancing, including the application of some of its cash balance to reduce debt in case of a refinancing exercise, which would lead to a reduction in gross leverage, coupled with a recovery in operating profitability, that would leave Clondalkin with a solid liquidity position and a more sustainable financial profile, as evidenced by Debt/EBITDA clearly below 7x. Given the pending refinancing requirements and the high leverage, an upgrade is currently unlikely. However, if the liability structure will have been successfully refinanced, with, at the same time Moody's adjusted debt/EBITDA clearly below 6x, an upgrade might be possible.
The rating could be downgraded further should Clondalkin be unable to implement a successful refinancing over the next months.
The principal methodology used in rating Clondalkin Industries B.V. and Clondalkin Acquisition BV was the Global Packaging Manufacturers: Metal, Glass, and Plastic Containers Industry Methodology published in June 2009. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Please see the Credit Policy page on Moody's - credit ratings, research, tools and analysis for the global capital markets for a copy of these methodologies.
Clondalkin is among the leading converters for a number of niche packaging products. In the last twelve months ending September 2012, the company recorded sales of EUR949 million, which were generated in Europe (68%) and North America (32%). Clondalkin Industries B.V., which is owned by Warburg Pincus Funds and management, is domiciled in Amsterdam, Netherlands.
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on Moody's - credit ratings, research, tools and analysis for the global capital markets.
The ratings have been disclosed to the rated entities or their designated agent(s) and issued with no amendment resulting from that disclosure.
Information sources used to prepare each of the ratings are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.
Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.
Moody's adopts all necessary measures so that the information it uses in assigning the ratings is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.
Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entities or their related third parties within the two years preceding the credit rating action. Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's EU credit rating agencies" on the ratings disclosure page on our website Moody's - credit ratings, research, tools and analysis for the global capital markets for further information.
Please see the ratings disclosure page on Moody's - credit ratings, research, tools and analysis for the global capital markets for general disclosure on potential conflicts of interests.
Please see the ratings disclosure page on Moody's - credit ratings, research, tools and analysis for the global capital markets for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.
Please see Moody's Rating Symbols and Definitions on the Rating Process page on Moody's - credit ratings, research, tools and analysis for the global capital markets for further information on the meaning of each rating category and the definition of default and recovery.
Please see ratings tab on the issuer/entity page on Moody's - credit ratings, research, tools and analysis for the global capital markets for the last rating action and the rating history.
The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website Moody's - credit ratings, research, tools and analysis for the global capital markets for further information.
Please see Moody's - credit ratings, research, tools and analysis for the global capital markets for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.
Anke Rindermann
Asst Vice President - Analyst
Corporate Finance Group
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Matthias Hellstern
Managing Director
Corporate Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Releasing Office:
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Rating Action:
Global Credit Research - 14 Dec 2012
Frankfurt am Main, December 14, 2012 -- Moody's Investors Service had today affirmed Clondalkin Industries B.V.'s (Clondalkin) B3 Corporate Family Rating (CFR), the B2 instrument rating on the group's senior secured notes (issued by Clondalkin Acquisition BV) and the Caa2 instrument rating on the group's senior unsecured notes. Concurrently, Moody's has downgraded the probability of default rating (PDR) to Caa1 from B3. The outlook on all ratings remains negative.
RATINGS RATIONALE
The downgrade of the probability of default rating to Caa1 reflects increasing pressure from refinancing requirements as the company's liquidity sources forecasted for the next twelve months will not be sufficient to cover projected liquidity uses, pertaining in particular to EUR416 million senior secured notes maturing in December 2013. The affirmation of the B3 CFR and instrument ratings is based on Moody's view of above-average recovery prospects. This assumption reflects the group's efforts to support an orderly refinancing by various sources including the disposal of certain parts of the business and introducing new asset based borrowing arrangements, such as the securitization of receivables. While these measures should in Moody's view support the deleveraging of the group and reduce refinancing needs, they inevitably have associated market execution risks as to value and timing. Given these risk factors, the negative outlook reflects potential for further negative rating actions should Clondalkin fail to implement the refinancing within the next few months.
Clondalkin's operating profitability in 2012 continues to be challenged by weak macroeconomic demand conditions in Europe and supply chain challenges in North America. These have prompted a slower than expected recovery in operating performance in 2012 despite incremental profitability from its recent printed components acquisition and benefits from synergies and restructuring measures. With high net leverage point in time of 6.1x on a reported basis (6.5x on a Moody's as adjusted basis and 7.5x on a gross debt basis), we caution that Clondalkin could be challenged to implement a successful refinancing, despite currently benign high yield capital market conditions.
Moody's continues to recognize Clondalkin's solid business profile, benefitting from its good substrate diversity, its strong market position in several niche markets with solid geographical diversification, its continued high level of asset efficiency, and its ability to generate meaningful positive free cash flows on a sustainable basis, as evidenced by a FCF/debt ratio of 6.9% per September 2012 on a rolling twelve months basis. In addition, available cash sources remain ample with EUR80 million of cash on hand as of September 2012, access to an undrawn EUR19 million revolving facility and a history of positive free cash flow generation, although cash generated has in the past been spent on acquisitions. However, these cash sources will not be sufficient to fully refinance upcoming debt maturities by the end of 2013.
A stabilization of the outlook requires visibility on Clondalkin's execution of an orderly refinancing, including the application of some of its cash balance to reduce debt in case of a refinancing exercise, which would lead to a reduction in gross leverage, coupled with a recovery in operating profitability, that would leave Clondalkin with a solid liquidity position and a more sustainable financial profile, as evidenced by Debt/EBITDA clearly below 7x. Given the pending refinancing requirements and the high leverage, an upgrade is currently unlikely. However, if the liability structure will have been successfully refinanced, with, at the same time Moody's adjusted debt/EBITDA clearly below 6x, an upgrade might be possible.
The rating could be downgraded further should Clondalkin be unable to implement a successful refinancing over the next months.
The principal methodology used in rating Clondalkin Industries B.V. and Clondalkin Acquisition BV was the Global Packaging Manufacturers: Metal, Glass, and Plastic Containers Industry Methodology published in June 2009. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Please see the Credit Policy page on Moody's - credit ratings, research, tools and analysis for the global capital markets for a copy of these methodologies.
Clondalkin is among the leading converters for a number of niche packaging products. In the last twelve months ending September 2012, the company recorded sales of EUR949 million, which were generated in Europe (68%) and North America (32%). Clondalkin Industries B.V., which is owned by Warburg Pincus Funds and management, is domiciled in Amsterdam, Netherlands.
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on Moody's - credit ratings, research, tools and analysis for the global capital markets.
The ratings have been disclosed to the rated entities or their designated agent(s) and issued with no amendment resulting from that disclosure.
Information sources used to prepare each of the ratings are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.
Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.
Moody's adopts all necessary measures so that the information it uses in assigning the ratings is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.
Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entities or their related third parties within the two years preceding the credit rating action. Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's EU credit rating agencies" on the ratings disclosure page on our website Moody's - credit ratings, research, tools and analysis for the global capital markets for further information.
Please see the ratings disclosure page on Moody's - credit ratings, research, tools and analysis for the global capital markets for general disclosure on potential conflicts of interests.
Please see the ratings disclosure page on Moody's - credit ratings, research, tools and analysis for the global capital markets for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.
Please see Moody's Rating Symbols and Definitions on the Rating Process page on Moody's - credit ratings, research, tools and analysis for the global capital markets for further information on the meaning of each rating category and the definition of default and recovery.
Please see ratings tab on the issuer/entity page on Moody's - credit ratings, research, tools and analysis for the global capital markets for the last rating action and the rating history.
The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website Moody's - credit ratings, research, tools and analysis for the global capital markets for further information.
Please see Moody's - credit ratings, research, tools and analysis for the global capital markets for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.
Anke Rindermann
Asst Vice President - Analyst
Corporate Finance Group
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Matthias Hellstern
Managing Director
Corporate Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Releasing Office:
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
qquebec
Super Moderator
Ma pensa te che non riusciranno a rifinanziare 300 mln di euro a tasso variabile 2,2% fra un anno
Vorrei averlo io un debito a queste condizioni! Aspetteranno fino all'ultimo per rinegoziarlo, poi le banche tireranno un po' il collo a Clondalkin, ma alla fine ce la faranno. Sarebbe un'occasione persa anche per le banche!
Ultima modifica:
qquebec
Super Moderator
Cedc
Roust Trading reports 19.5% stake in CEDC, may engage in talks
CEDC has rejected a proposal made by RTL and its principal equityholder, Tariko, to provide CEDC with access to interim and permanent capital, to bolster its leadership, and to support its operational needs. The Proposal was conditioned on CEDC promptly holding its long overdue 2012 annual stockholders’ meeting, nominating a slate for the Board of Directors of CEDC which would include a majority satisfactory to RTL, and providing responsibility for operational and financial management to Tariko that would enable him to address CEDC’s well known challenges. Despite initial agreement on all material terms of the proposal, CEDC’s entrenched directors who are unaffiliated with Roust ultimately rejected the Proposal, insisting that they must retain control over CEDC’s financial restructuring process and finances despite the its financial failures and ongoing challenges. Repeated attempts by the Roust to address non-RTL Directors’ concerns were also rebuffed. CEDC inexplicably insists that the same directors who presided over its financial restatements and serious performance deterioration remain in control of its finances and restructuring. RTL is making plans to meet separately with key holders of the CEDC's debt and certain key stockholders in London on Thursday, December 13, or Friday, December 14, to discuss CEDC and its circumstances.
Roust Trading reports 19.5% stake in CEDC, may engage in talks
CEDC has rejected a proposal made by RTL and its principal equityholder, Tariko, to provide CEDC with access to interim and permanent capital, to bolster its leadership, and to support its operational needs. The Proposal was conditioned on CEDC promptly holding its long overdue 2012 annual stockholders’ meeting, nominating a slate for the Board of Directors of CEDC which would include a majority satisfactory to RTL, and providing responsibility for operational and financial management to Tariko that would enable him to address CEDC’s well known challenges. Despite initial agreement on all material terms of the proposal, CEDC’s entrenched directors who are unaffiliated with Roust ultimately rejected the Proposal, insisting that they must retain control over CEDC’s financial restructuring process and finances despite the its financial failures and ongoing challenges. Repeated attempts by the Roust to address non-RTL Directors’ concerns were also rebuffed. CEDC inexplicably insists that the same directors who presided over its financial restatements and serious performance deterioration remain in control of its finances and restructuring. RTL is making plans to meet separately with key holders of the CEDC's debt and certain key stockholders in London on Thursday, December 13, or Friday, December 14, to discuss CEDC and its circumstances.
- Stato