Jackie546
Forumer attivo
anche io ho venduto anche se forse c'è stata una leggerissima risalita...ora mi rimangono Heckler e Ag Spring, sigh...
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (15 lettori)
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
fedro10
è la somma che fa il totale...
al pari di magnolia sa , la 2020, in pratica sono scatole vuote in mano a private equity che vengono utilizzate per acquisire società le quali vengono subito spremute come limoni
magnolia sa ancor di più
ag spring ha in pancia alcuni contratti di concessione per servizi pubblici in spagna
in forse i rinnovi di alcune di queste concessioni oltre a problemi di ricavi dati anche dai tagli effettuati dalle amministrazioni pubbliche locali causa crisi economica
ci avevo fatto un mezzo pensierino ma guardandoci dentro ne sto lontano visto anche il taglio 100k
ma è solo a gusto personale
Ultima modifica:
mariarosa78
Forumer attivo
novità positive Edcon????
CEDOLONE
Forumer storico
mariarosa78
Forumer attivo
070162
Bond..... solo BOND
scusate....
questa
Deutsche Bank Capital Funding Trust XI Anleihe: 9,500% | Anleihe | Bond | A1ALVC | DE000A1ALVC5
deve callare per forza tra tre mesi o ..... è di qualche interesse ?...
questa
Deutsche Bank Capital Funding Trust XI Anleihe: 9,500% | Anleihe | Bond | A1ALVC | DE000A1ALVC5
deve callare per forza tra tre mesi o ..... è di qualche interesse ?...
Rating Action: Moody's upgrades Travelport's CFR to B2; outlook stable
Global Credit Research - 30 Sep 2014
London, 30 September 2014 -- Moody's Investors service has today upgraded Travelport Limited's (Travelport) corporate family rating (CFR) to B2 from B3. Concurrently, Moody's has affirmed the B3-PD probability of default rating (PDR) of Travelport Limited. Moody's has also affirmed the B2 ratings of the USD2.4 billion first lien loan facility and USD100 million revolving credit facility (RCF) issued by Travelport Finance (Luxembourg) S.a.r.l.. All ratings have stable outlook.
The rating action follows the completion of Travelport's Initial Public Offering (IPO) and concludes the review for upgrade which was initiated on 16 September 2014.
RATINGS RATIONALE
On 24 September, Travelport Worldwide Limited -- the parent company of Travelport Limited -- announced a public offering of 30 million common shares at a price of USD16 per share. Net proceeds from the offering will be applied towards redemption of debt and other liabilities.
Upon receipt of the proceeds received during the offering, Moody's understands Travelport will immediately reimburse its USD425 million unsecured bridge-facility and thereby decrease the company's leverage to below 6x Moody's adjusted debt/ EBITDA. The company's reduced debt-levels will further strengthen free cash flow generation as interest costs diminish.
Travelport's B2 CFR continues to reflect (1) the company's high leverage expected to be around 5.7x Moody's adjusted debt/ EBITDA pro-forma for the IPO (2) an overall high degree of business risk (3) some degree of customer concentration.
These factors are balanced to some extent by Travelport's (1) leading position as a GDS provider (2) diversified customer base and geographical footprint.
AFFIRMATION OF THE B3-PD PDR
The affirmation of the B3-PD reflects an all bank-debt capital structure to which Moody's applies a 65% recovery-rate.
AFFIRMATION OF THE B2-RATING OF LOAN-FACILITY AND RCF
Moody's has affirmed the B2-rating of the USD2.4 billion first-lien loan and the USD100 million RCF. The ratings are aligned with the CFR as the junior ranking USD425 million unsecured loan facility will be reimbursed with proceeds raised during the IPO.
Liquidity Profile
Moody's expects that Travelport's liquidity profile will remain good over the next 12-18 months. The completion of the company's recent refinancing will contribute to a strengthening of free cash flows and improved headroom to its financial maintenance covenant. Furthermore, the reimbursement of the USD425 million loan facility will further strengthen cash flows. A further liquidity cushion is provided by access to an undrawn RCF of USD100 million.
Rationale for the stable outlook
The stable outlook reflects Moody's expectations that Travelport will be generating solid positive free cash flows allowing for further reduction of net debt.
What could change the rating up/down
Positive rating pressure could arise if Travelport succeeds in bringing leverage down below 5.0x Moody's adjusted debt/EBITDA.
Conversely, negative pressure would likely be exerted on the rating should Travelport's leverage move above 6x debt/EBITDA for a prolonged period of time.
Global Credit Research - 30 Sep 2014
London, 30 September 2014 -- Moody's Investors service has today upgraded Travelport Limited's (Travelport) corporate family rating (CFR) to B2 from B3. Concurrently, Moody's has affirmed the B3-PD probability of default rating (PDR) of Travelport Limited. Moody's has also affirmed the B2 ratings of the USD2.4 billion first lien loan facility and USD100 million revolving credit facility (RCF) issued by Travelport Finance (Luxembourg) S.a.r.l.. All ratings have stable outlook.
The rating action follows the completion of Travelport's Initial Public Offering (IPO) and concludes the review for upgrade which was initiated on 16 September 2014.
RATINGS RATIONALE
On 24 September, Travelport Worldwide Limited -- the parent company of Travelport Limited -- announced a public offering of 30 million common shares at a price of USD16 per share. Net proceeds from the offering will be applied towards redemption of debt and other liabilities.
Upon receipt of the proceeds received during the offering, Moody's understands Travelport will immediately reimburse its USD425 million unsecured bridge-facility and thereby decrease the company's leverage to below 6x Moody's adjusted debt/ EBITDA. The company's reduced debt-levels will further strengthen free cash flow generation as interest costs diminish.
Travelport's B2 CFR continues to reflect (1) the company's high leverage expected to be around 5.7x Moody's adjusted debt/ EBITDA pro-forma for the IPO (2) an overall high degree of business risk (3) some degree of customer concentration.
These factors are balanced to some extent by Travelport's (1) leading position as a GDS provider (2) diversified customer base and geographical footprint.
AFFIRMATION OF THE B3-PD PDR
The affirmation of the B3-PD reflects an all bank-debt capital structure to which Moody's applies a 65% recovery-rate.
AFFIRMATION OF THE B2-RATING OF LOAN-FACILITY AND RCF
Moody's has affirmed the B2-rating of the USD2.4 billion first-lien loan and the USD100 million RCF. The ratings are aligned with the CFR as the junior ranking USD425 million unsecured loan facility will be reimbursed with proceeds raised during the IPO.
Liquidity Profile
Moody's expects that Travelport's liquidity profile will remain good over the next 12-18 months. The completion of the company's recent refinancing will contribute to a strengthening of free cash flows and improved headroom to its financial maintenance covenant. Furthermore, the reimbursement of the USD425 million loan facility will further strengthen cash flows. A further liquidity cushion is provided by access to an undrawn RCF of USD100 million.
Rationale for the stable outlook
The stable outlook reflects Moody's expectations that Travelport will be generating solid positive free cash flows allowing for further reduction of net debt.
What could change the rating up/down
Positive rating pressure could arise if Travelport succeeds in bringing leverage down below 5.0x Moody's adjusted debt/EBITDA.
Conversely, negative pressure would likely be exerted on the rating should Travelport's leverage move above 6x debt/EBITDA for a prolonged period of time.
iguanito
Forumer storico
La sto seguendo anche io da tempo, purtroppo di perpetue ne so ben poco. Tuttavia, visto il prezzo, credo che richiamerà a marzo.scusate....
questa
Deutsche Bank Capital Funding Trust XI Anleihe: 9,500% | Anleihe | Bond | A1ALVC | DE000A1ALVC5
deve callare per forza tra tre mesi o ..... è di qualche interesse ?...
070162
Bond..... solo BOND
qui non c'è nulla di certo.... bes docet...
metti che non calla..... farei bingo.....
- Stato