nik.sala
Money Never Sleeps
Ogni tanto qualche buona notizianon mi pare di averla vista ... mika scemi però
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
La seguivo da un pò, anche se ho già airberlin e quindi il settore era già in ptf, la società non è male.Facile battuta : hai fatto gol, Gion
Allego prospetto final terms e report di moodys
fabriziof
Forumer storico
è quotata anche a francoforte ,ultimo scambio il 29 gennaio a 63 ,oggi 50-60
Già segnalata più volte, la società non naviga in buone acque, anzi... Però con uno sguardo nel lungo termini....
Un pò di materiale:
J.C. Penney Bonds May Be A Value Now - Seeking Alpha
jcpenney - Investor Relations - Investors
Fitch Downgrades J.C. Penney's IDR to 'B-'; Outlook Negative Ratings Endorsement Policy
28 Feb 2013 4:27 PM (EST)
Fitch Ratings-New York-28 February 2013: Fitch Ratings has downgraded the Issuer Default Ratings (IDRs) on J.C. Penney Co., Inc. and J.C. Penney Corporation, Inc. to 'B-' from 'B'. The Rating Outlook is Negative. A full list of rating actions follows at the end of this press release.
KEY RATING DRIVERS
The rating downgrades reflect Fitch's concerns that there is a lack of visibility in terms of the company's ability to stabilize its business in 2013 and beyond after a precipitous decline in revenues leading to negative EBITDA of $270 million in 2012 (this figure excludes noncash pension expense, stock-based compensation, and restructuring charges). J.C. Penney will need to tap into additional funding to cover a projected FCF shortfall of $1.3 billion - $1.5 billion in 2013, which could begin to strain its existing sources of liquidity.
J.C. Penney's 25.2% decline in comparable store sales (comps) in 2012 reflects the challenges of moving toward a more everyday value strategy with significantly reduced promotions. The jury remains out on whether J.C. Penney has done some irrevocable damage or whether it can begin to stabilize its core revenue base and sustainably improve profitability of its business beginning the first quarter of 2013. It remains unclear whether the new shops and merchandise offerings can offset any continued declines in the non-shops business, which currently accounts for 92% of its square footage, in the second-half 2013.
Fitch expects that sales trends could remain in the negative low single digit range in 2013, with gross margin in the mid-30 percentage range relative to 32.5% for 2012. (This is still well below the 39% - 40% range the company should realize if inventory is appropriately aligned to sales expectations.) This would result in EBITDA of $150 million - $200 million, well below the minimum $1.2 billion - $1.3 billion levels needed to be FCF neutral.
More negative assumptions, including sales declines in the mid-single digit range with the gross margin at 2012 levels would result in negative EBITDA of over $300 million. On the upside, however, a stabilization in sales trends and the gross margin recovering strongly to the 38 - 39% range could see EBITDA improve to the positive $600 million to $700 million. First quarter 2013 results will provide a first glimpse at where underlying sales start levelling off.
The company would have to generate EBITDA of $1.2 billion - $1.3 billion to fund interest expense of $250 million and higher capex needs to support accelerated shop roll-outs in 2013 to be FCF even, assuming no adverse swings in working capital. This would require a comps increase of 10% and gross margins to return to 39% - 40%, which Fitch views as a highly unlikely scenario.
J.C. Penney ended 2012 with $930 million in cash and $1.2 billion available on its recently upsized $1.85 billion revolver. Free cash flow (after dividend) was negative $906 million, in spite of working capital being a more than $700 million source of cash (mostly on inventory reduction and improved vendor payables).
Free cash flow is projected at negative $1.3 billion - $1.5 billion in 2013, and is expected to remain materially negative in 2014 based on current projected EBITDA levels and higher capex needs. As a result, Fitch expects the company will have to start drawing down on its revolver and look to other financing sources (secured, convertible debt or preferred shares) to fund operations and peak seasonal working capital needs.
Under its newly amended facility, J.C. Penney is permitted to issue up to $1.75 billion in debt to be secured by a second lien on the ABL collateral and a first lien on other assets. The company owns 426 stores (including 121 located on ground leases), 12.2 million square feet of distribution center, regional warehouse and fulfillment center space, and its Plano Texas headquarters with 240 acres (or 10.5 million square feet) of adjacent land which are all currently unencumbered. To the extent that the 1982 indenture governing the 7.125% debentures due 2023 (under which the company has to maintain a ratio of net tangible assets to senior funded indebtedness of 2.0x and above) proves to be too restrictive, JCP could potentially use any new debt proceeds to repay the $255 million in outstanding debt under this indenture.
The company has no debt maturities prior to October 2015 (and maturities between 2015 and 2018 are $200 million - $300 million annually). J.C. Penney's pension fund remains well funded, and Fitch does not expect the company will need to make any cash contributions in 2013.
For issuers with IDRs at 'B+' and below, Fitch performs a recovery analysis for each class of obligations of the issuer. The issue ratings are derived from the IDR and the relevant Recovery Rating and notching, based on Fitch's recovery analysis that places a liquidation value under a distressed scenario of approximately $4.4 billion as of Feb. 2, 2013 for J.C. Penney.
J.C. Penney's senior secured credit facility that matures in April 2016, which the company recently upsized to $1.85 billion from $1.5 billion, is rated 'BB-/RR1', indicating outstanding recovery prospects (91% - 100%) in a distressed scenario. The facility is secured by inventory and receivables with borrowings subject to a borrowing base. The company is subject to a springing covenant of maintaining a fixed charge coverage of 1.0x-1.1x if availability falls below a certain threshold or the company undertakes certain actions such as making restricted payments.
The $2.9 billion senior unsecured notes and debentures have been downgraded to 'B-/RR4' from 'BB-/RR2', indicating average recovery prospects (31% - 50%). The lowered ratings on the notes reflect Fitch's expectation that the company will need to incur additional secured debt to fund operations in the near term, which would jeopardize the longer-term recovery prospects of the unsecured notes.
RATING SENSITIVITIES
A negative rating action could occur if comps and margin trends continue to erode, indicating J.C Penney is not stabilizing its core business, leading to concerns around the company's liquidity position.
A Positive Rating action could occur if top line starts to stabilize and the company realizes more normalized gross margin levels. Leverage would need to be closer to 6x which on current debt levels would imply EBITDA of around $625 million.
Fitch has downgraded the ratings on J.C. Penney as follows:
J.C. Penney Co., Inc.
--IDR to 'B-' from 'B'.
J.C. Penney Corporation, Inc.
--IDR to 'B-' from 'B';
--$1.85 billion senior secured bank credit facility to
'BB-/RR1' from 'BB/RR1'';
--$2.9 billion senior unsecured notes and debentures to
'B-/RR4' from ''BB-/RR2'.
The Rating Outlook is Negative.
La società ha bond per tutti i gusti che si dovrebbero acquistare senza problemi in quanto quotati su francoforte:
senior unsecured
debentures - 6 item(s)
Maturity date Currency Original Amount Coupon rate Long Term Rating Short Term Rating CUSIP ISIN
15-Aug-2016 USD 200,000,000 7.65% B- - 708160BJ4 US708160BJ44
01-Apr-2017 USD 300,000,000 7.95% B- - 708160BQ8 US708160BQ86
15-Nov-2023 USD 275,000,000 7.125% B- - 708160BE5 US708160BE56
15-Aug-2026 USD 119,195,000 6.9% B- - 708160BK1 US708160BK17
01-Apr-2037 USD 400,000,000 7.4% B- - 708160BS4 US708160BS43
01-Mar-2097 USD 500,000,000 7.625% B- - 708160BL9 US708160BL99
medium-term notes - 1 item(s)
Maturity date Currency Original Amount Coupon rate Long Term Rating Short Term Rating CUSIP ISIN
15-Oct-2015 USD 200,000,000 6.875% B- - 70816FAD5 US70816FAD50
notes - 3 item(s)
Maturity date Currency Original Amount Coupon rate Long Term Rating Short Term Rating CUSIP ISIN
15-Feb-2018 USD 300,000,000 5.75% B- - 708130AB5 US708130AB57
01-Jun-2020 USD 400,000,000 5.65% B- - 708130AD1 US708130AD14
15-Oct-2036 USD 700,000,000 6.375% B- - 708130AC3 US708130AC31
Occhio che è roba che scotta
Un pò di materiale:
J.C. Penney Bonds May Be A Value Now - Seeking Alpha
jcpenney - Investor Relations - Investors
Fitch Downgrades J.C. Penney's IDR to 'B-'; Outlook Negative Ratings Endorsement Policy
28 Feb 2013 4:27 PM (EST)
Fitch Ratings-New York-28 February 2013: Fitch Ratings has downgraded the Issuer Default Ratings (IDRs) on J.C. Penney Co., Inc. and J.C. Penney Corporation, Inc. to 'B-' from 'B'. The Rating Outlook is Negative. A full list of rating actions follows at the end of this press release.
KEY RATING DRIVERS
The rating downgrades reflect Fitch's concerns that there is a lack of visibility in terms of the company's ability to stabilize its business in 2013 and beyond after a precipitous decline in revenues leading to negative EBITDA of $270 million in 2012 (this figure excludes noncash pension expense, stock-based compensation, and restructuring charges). J.C. Penney will need to tap into additional funding to cover a projected FCF shortfall of $1.3 billion - $1.5 billion in 2013, which could begin to strain its existing sources of liquidity.
J.C. Penney's 25.2% decline in comparable store sales (comps) in 2012 reflects the challenges of moving toward a more everyday value strategy with significantly reduced promotions. The jury remains out on whether J.C. Penney has done some irrevocable damage or whether it can begin to stabilize its core revenue base and sustainably improve profitability of its business beginning the first quarter of 2013. It remains unclear whether the new shops and merchandise offerings can offset any continued declines in the non-shops business, which currently accounts for 92% of its square footage, in the second-half 2013.
Fitch expects that sales trends could remain in the negative low single digit range in 2013, with gross margin in the mid-30 percentage range relative to 32.5% for 2012. (This is still well below the 39% - 40% range the company should realize if inventory is appropriately aligned to sales expectations.) This would result in EBITDA of $150 million - $200 million, well below the minimum $1.2 billion - $1.3 billion levels needed to be FCF neutral.
More negative assumptions, including sales declines in the mid-single digit range with the gross margin at 2012 levels would result in negative EBITDA of over $300 million. On the upside, however, a stabilization in sales trends and the gross margin recovering strongly to the 38 - 39% range could see EBITDA improve to the positive $600 million to $700 million. First quarter 2013 results will provide a first glimpse at where underlying sales start levelling off.
The company would have to generate EBITDA of $1.2 billion - $1.3 billion to fund interest expense of $250 million and higher capex needs to support accelerated shop roll-outs in 2013 to be FCF even, assuming no adverse swings in working capital. This would require a comps increase of 10% and gross margins to return to 39% - 40%, which Fitch views as a highly unlikely scenario.
J.C. Penney ended 2012 with $930 million in cash and $1.2 billion available on its recently upsized $1.85 billion revolver. Free cash flow (after dividend) was negative $906 million, in spite of working capital being a more than $700 million source of cash (mostly on inventory reduction and improved vendor payables).
Free cash flow is projected at negative $1.3 billion - $1.5 billion in 2013, and is expected to remain materially negative in 2014 based on current projected EBITDA levels and higher capex needs. As a result, Fitch expects the company will have to start drawing down on its revolver and look to other financing sources (secured, convertible debt or preferred shares) to fund operations and peak seasonal working capital needs.
Under its newly amended facility, J.C. Penney is permitted to issue up to $1.75 billion in debt to be secured by a second lien on the ABL collateral and a first lien on other assets. The company owns 426 stores (including 121 located on ground leases), 12.2 million square feet of distribution center, regional warehouse and fulfillment center space, and its Plano Texas headquarters with 240 acres (or 10.5 million square feet) of adjacent land which are all currently unencumbered. To the extent that the 1982 indenture governing the 7.125% debentures due 2023 (under which the company has to maintain a ratio of net tangible assets to senior funded indebtedness of 2.0x and above) proves to be too restrictive, JCP could potentially use any new debt proceeds to repay the $255 million in outstanding debt under this indenture.
The company has no debt maturities prior to October 2015 (and maturities between 2015 and 2018 are $200 million - $300 million annually). J.C. Penney's pension fund remains well funded, and Fitch does not expect the company will need to make any cash contributions in 2013.
For issuers with IDRs at 'B+' and below, Fitch performs a recovery analysis for each class of obligations of the issuer. The issue ratings are derived from the IDR and the relevant Recovery Rating and notching, based on Fitch's recovery analysis that places a liquidation value under a distressed scenario of approximately $4.4 billion as of Feb. 2, 2013 for J.C. Penney.
J.C. Penney's senior secured credit facility that matures in April 2016, which the company recently upsized to $1.85 billion from $1.5 billion, is rated 'BB-/RR1', indicating outstanding recovery prospects (91% - 100%) in a distressed scenario. The facility is secured by inventory and receivables with borrowings subject to a borrowing base. The company is subject to a springing covenant of maintaining a fixed charge coverage of 1.0x-1.1x if availability falls below a certain threshold or the company undertakes certain actions such as making restricted payments.
The $2.9 billion senior unsecured notes and debentures have been downgraded to 'B-/RR4' from 'BB-/RR2', indicating average recovery prospects (31% - 50%). The lowered ratings on the notes reflect Fitch's expectation that the company will need to incur additional secured debt to fund operations in the near term, which would jeopardize the longer-term recovery prospects of the unsecured notes.
RATING SENSITIVITIES
A negative rating action could occur if comps and margin trends continue to erode, indicating J.C Penney is not stabilizing its core business, leading to concerns around the company's liquidity position.
A Positive Rating action could occur if top line starts to stabilize and the company realizes more normalized gross margin levels. Leverage would need to be closer to 6x which on current debt levels would imply EBITDA of around $625 million.
Fitch has downgraded the ratings on J.C. Penney as follows:
J.C. Penney Co., Inc.
--IDR to 'B-' from 'B'.
J.C. Penney Corporation, Inc.
--IDR to 'B-' from 'B';
--$1.85 billion senior secured bank credit facility to
'BB-/RR1' from 'BB/RR1'';
--$2.9 billion senior unsecured notes and debentures to
'B-/RR4' from ''BB-/RR2'.
The Rating Outlook is Negative.
La società ha bond per tutti i gusti che si dovrebbero acquistare senza problemi in quanto quotati su francoforte:
senior unsecured
debentures - 6 item(s)
Maturity date Currency Original Amount Coupon rate Long Term Rating Short Term Rating CUSIP ISIN
15-Aug-2016 USD 200,000,000 7.65% B- - 708160BJ4 US708160BJ44
01-Apr-2017 USD 300,000,000 7.95% B- - 708160BQ8 US708160BQ86
15-Nov-2023 USD 275,000,000 7.125% B- - 708160BE5 US708160BE56
15-Aug-2026 USD 119,195,000 6.9% B- - 708160BK1 US708160BK17
01-Apr-2037 USD 400,000,000 7.4% B- - 708160BS4 US708160BS43
01-Mar-2097 USD 500,000,000 7.625% B- - 708160BL9 US708160BL99
medium-term notes - 1 item(s)
Maturity date Currency Original Amount Coupon rate Long Term Rating Short Term Rating CUSIP ISIN
15-Oct-2015 USD 200,000,000 6.875% B- - 70816FAD5 US70816FAD50
notes - 3 item(s)
Maturity date Currency Original Amount Coupon rate Long Term Rating Short Term Rating CUSIP ISIN
15-Feb-2018 USD 300,000,000 5.75% B- - 708130AB5 US708130AB57
01-Jun-2020 USD 400,000,000 5.65% B- - 708130AD1 US708130AD14
15-Oct-2036 USD 700,000,000 6.375% B- - 708130AC3 US708130AC31
Occhio che è roba che scotta
Gaudente
Forumer storico
Giacomelli d'America ?
JCPenney: Ron Johnson came from Apple to reinvent J.C. Penney and ended up destroying it. - Slate Magazine
J.C. Penney Desperately Needs a Strategy - Roger Martin - Harvard Business Review
si' lo so, adoro fare il guastafeste
JCPenney: Ron Johnson came from Apple to reinvent J.C. Penney and ended up destroying it. - Slate Magazine
J.C. Penney Desperately Needs a Strategy - Roger Martin - Harvard Business Review
si' lo so, adoro fare il guastafeste
bulogna
Forumer storico
Fino a che le cose si espongono tranquillamente anche in modo spiritoso e senza entrare nella sfera personale di altri istigandoli od offendendoli, gli interventi fatti sono perfetti.
Fine OT
Se i mod ritengono opportuno possono cassare l'intervento.
Cat XL
Shizuka Minamoto
Cma cgm
Ora mi sono buttato sulle azioni di una controllata...
2012 results
The BoD of France’s CMA CGM, the world’s third largest container shipping group, met under the chairmanship of Jacques R. Saadé, Chairman and CEO, to review the financial statements for the year ended 31 December 2012. Consolidated revenue rose by 7% in 2012 to $15.9bn from $14.9bn in 2011, led by the 6% growth in volumes carried, to 10.6m TEUs from 10.0m in 2011. The Company has also generated $800m in savings, well ahead of the initial target. As a result, EBITDA improved sharply, increasing 82% YOY to $ 1,324m, and the Company achieved operating margin (EBIT) of 6.3%, the industry’s highest. Consolidated net profit stood at $361m for the year. In addition to this robust operating performance, CMA CGM has significantly strengthened its balance sheet with: Signing of the sale of 49% of Terminal Link for € 400m, closing of $ 100 million equity injection from Yildirim, signing of $ 150m equity injection from FSI (Fonds Stratégique d’Investissement) and closing of the agreement with its Banks regarding its debt restructuring.
Ora mi sono buttato sulle azioni di una controllata...
2012 results
The BoD of France’s CMA CGM, the world’s third largest container shipping group, met under the chairmanship of Jacques R. Saadé, Chairman and CEO, to review the financial statements for the year ended 31 December 2012. Consolidated revenue rose by 7% in 2012 to $15.9bn from $14.9bn in 2011, led by the 6% growth in volumes carried, to 10.6m TEUs from 10.0m in 2011. The Company has also generated $800m in savings, well ahead of the initial target. As a result, EBITDA improved sharply, increasing 82% YOY to $ 1,324m, and the Company achieved operating margin (EBIT) of 6.3%, the industry’s highest. Consolidated net profit stood at $361m for the year. In addition to this robust operating performance, CMA CGM has significantly strengthened its balance sheet with: Signing of the sale of 49% of Terminal Link for € 400m, closing of $ 100 million equity injection from Yildirim, signing of $ 150m equity injection from FSI (Fonds Stratégique d’Investissement) and closing of the agreement with its Banks regarding its debt restructuring.
Camajan
Forumer storico
Originalmente inviato da fabriziof
atu allo sbando,motivi particolari?
-11%forse exchange offer forzata al 50%. E' solo una mia intuizione
exchange con ke kosa ? oggi skambia a 46
iguanito
Forumer storico
C'è da dire che uno scambio obbligato rappresenterebbe un inadempimento a tutti gli effetti. Per cui ne sarebbero necessariamente coinvolti anche gli altri bond. A fronte di un'offerta del genere basterebbe infatti che un solo obbligazionista depositi al tribunale istanza di fallimento e sarebbe la fine. Diverso potrebbe essere il caso di una modifica alle condizioni contrattuali concordata coi creditori.exchange con ke kosa ? oggi skambia a 46
qquebec
Super Moderator
L'emittente è libero di formulare qualsiasi proposta su base volontaria per ristrutturare il debito, sta poi ai creditori accettarla o meno. La forzatura potrebbe consistere in una minaccia di default. Non sarebbe nello stile tedesco (piuttosto in quello italiano), ma trattandosi di quattrini ...
- Stato
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Obbligazioni societarie
HIGH YIELD e oltre, verso frontiere inesplorate, vol.3
