Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2
- Creatore Discussione gionmorg
- Data di Inizio
riky2013
Forumer attivo
[buonasera, leggendo la tua mi chiedo......in caso di default che garanzie ci sono da parte della societa' verso gli obbligazionisti[/QUOTE]
potrebbe ristrutturare il bond senza fallire. bisogna vedere se ci sono clausole CAC. o magari potrebbe fallire e si va a riparto. le vie del signore sono infinite
scusami riparto cosa significa
potrebbe ristrutturare il bond senza fallire. bisogna vedere se ci sono clausole CAC. o magari potrebbe fallire e si va a riparto. le vie del signore sono infinite
scusami riparto cosa significa
captain sparrow
Forumer storico
potrebbe ristrutturare il bond senza fallire. bisogna vedere se ci sono clausole CAC. o magari potrebbe fallire e si va a riparto. le vie del signore sono infinite
scusami riparto cosa significa[/QUOTE]
quando una azienda viene liquidata se il bond è secured, ha una certa priorità, bisogna vedere il prospetto. se unsecured è un debito dell'azienda come tutti gli altri e quindi entra nel passivo e viene ripagato in una percentuale basata sulle attività. se la liquidazione delle attività rende 30 e i debiti sono 100, il bond verrà ripagato 30. sono anni che non mi rinfresco sulle disposizioni fallimentari, ma in Italia questa è la regola generale
Ultima modifica:
captain sparrow
Forumer storico
spero di non sbagliarmi, ma Valourec mi da più fiducia, in primis perchè è francese e non tedesca
Myskin
Forumer stoico
con questi HY se la strategia è quella di guadagnarci su si può morire di tattica: difatti l'altro dì ho cincischiato con noble e adesso me la ritrovo 15 punti sotto ma la lista è lunga perchè come ha detto qualcuno la storia insegna che non insegna niente... avidità, eccessiva fiducia, mancata comprensione della fase di mercato ecc...la riprova è che qui valgono solo ed esclusivamente le leggi dei numeri per cui salute. benessere, fantasie, diozie, malanni vari sono solo orpelli, inciampi, fumo tra il minuendo e il sottraendo: che il secondo termine non sia mai superiore al primo lo dichiarerei l'unico dogma irrinunciabile a cui piegarci nel tentativo di aggiungere almeno altre mille pagine in questa discussione
zoroaster
Forumer attivo
la roba tedesca , tranne rare eccezioni è porcheria assoluta, poi essere francese italiana USA o papuasa conta poco ormai i venti sono cambiati per i bondholders, quando gira male i primi ad andare a bagno siamo noi
captain sparrow
Forumer storico
sono d'accordo, ma se guardi agli ultimi anni, le porcherie al cubo sono quasi tutte tedesche. con le dovute eccezioni naturalmente. vedi Abengoa, SNS, OI, BES. non ho ricordi di casini francesi. mi sbaglio?la roba tedesca , tranne rare eccezioni è porcheria assoluta, poi essere francese italiana USA o papuasa conta poco ormai i venti sono cambiati per i bondholders, quando gira male i primi ad andare a bagno siamo noi
bia06
Listen other's viewpoint avoid conflicts & wars.
Talen Energy: risultati tender offer
Title of
Security
CUSIP/ISIN
Number
Principal
Amount
Outstanding
Acceptance
Priority
Level
Total Consideration(1)(2)
Principal Amount
Tendered at Early
Tender Date
Principal Amount
Accepted at Early
Tender Date
4.600% Senior
Notes due 2021
69352JAN7;
US69352JAN72
$576,001,000
1
$950.00
$427,704,000
$421,053,000
9.500% Senior
Notes due 2022
87422VAB4
US87422VAB45
U8302WAA2,
USU8302WAA28
$400,000,000
2
$1,035.00
$135,485,000
(3)
6.500% Senior
Guaranteed
Notes due 2024
U8302WAB0
USU8302WAB01
87422VAC2
US87422VAC28
$98,056,000
3
$670.00
$10,788,000
(3)
(1) Per $1,000 principal amount of Securities validly tendered and accepted for purchase
(2) Includes Early Tender Payment
(3) Securities from such series will not be accepted for purchase by the Company.
The "Total Consideration" for the 2021 Notes validly tendered and accepted for purchase pursuant to the Tender Offers is the amount shown in the table above. Holders of the 2021 Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date are eligible to receive the Total Consideration for any such 2021 Notes accepted for purchase. Holders will also receive accrued and unpaid interest on the 2021 Notes validly tendered and accepted for purchase from the applicable last interest payment date up to, but not including, the date the Company makes payment for such 2021 Notes, which date is anticipated to be November 30, 2018.
The Tender Offers will expire at 11:59 p.m., New York City time, on November 28, 2018, unless extended or earlier terminated. Because the Tender Offers have been fully subscribed as of the Early Tender Date, holders who tender Securities after the Early Tender Date will not have any of their Securities accepted for purchase. Any Securities tendered after the Early Tender Date, together with all Securities tendered at or prior to the Early Tender Date (other than the 2021 Notes), will be returned to the holders thereof as described in the Offer to Purchase.
The Tender Offers are subject to the satisfaction of the conditions described in the Offer to Purchase, including the completion of the previously announced $450 million term loan financing (the "Project Financing") by the Company's wholly-owned project subsidiary, LMBE-MC HoldCo II LLC, the net proceeds of which are expected to be utilized to fund the Tender Offers. Such conditions, including the Project Financing condition, may be waived by the Company in its sole discretion, subject to applicable law. Any waiver of a condition by the Company will not constitute a waiver of any other condition.
Information Relating to the Tender Offers
Citigroup Global Markets, Inc. is the Dealer Manager for the Tender Offers. Investors with questions regarding the Tender Offers may contact Citigroup Global Markets, Inc. at (212) 723-6106 (New York) or (800) 558-3745 (U.S. toll free). Global Bondholder Services Corporation is the tender agent for the Tender Offers. Copies of the Offer to Purchase and any related offer documents may be obtained by contacting Global Bondholder Services Corporation by phone at (212) 430-3774 (New York) or (866) 794-2200 (toll-free) or by email at [email protected].
None of the Company, its sole member, their indirect parent company, Talen Energy Corporation, or its affiliates, their respective boards of directors, shareholders and members, the dealer manager, the tender agent or the trustee with respect to the Securities is making any recommendation as to whether Holders should tender any Securities in response to any of the Tender Offers. Holders must make their own decision as to whether to tender any of their Securities, and, if so, the principal amount of Securities to tender.
This press release is for informational purposes only and is not an offer to buy, or the solicitation of an offer to sell, any of the Securities and the Tender Offers do not constitute offers to buy or the solicitation of offers to sell Securities in any jurisdiction or in any circumstances in which such offers or solicitations are unlawful. The full details of the Tender Offers, including complete instructions on how to tender Securities, are included in the Offer to Purchase. Holders are strongly encouraged to read carefully the Offer to Purchase, including materials incorporated by reference therein, because they will contain important information.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. These risks include, but are not limited to, the Company's ability to complete any of the Tender Offers and reduce its outstanding indebtedness or complete the Project Financing. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. The forward-looking statements in this press release are made as of the date hereof, and the Company does not undertake any obligation to update the forward-looking statements as a result of new information, future events or otherwise.
About Talen Energy
Talen Energy Supply is one of the largest competitive energy and power generation companies in North America. The Company owns or controls approximately 15,000 megawatts of generating capacity in well-developed, structured wholesale power markets, principally in the Northeast, Mid-Atlantic and Southwest regions of the United States. For more information, visit www.talenenergy.com.
Title of
Security
CUSIP/ISIN
Number
Principal
Amount
Outstanding
Acceptance
Priority
Level
Total Consideration(1)(2)
Principal Amount
Tendered at Early
Tender Date
Principal Amount
Accepted at Early
Tender Date
4.600% Senior
Notes due 2021
69352JAN7;
US69352JAN72
$576,001,000
1
$950.00
$427,704,000
$421,053,000
9.500% Senior
Notes due 2022
87422VAB4
US87422VAB45
U8302WAA2,
USU8302WAA28
$400,000,000
2
$1,035.00
$135,485,000
(3)
6.500% Senior
Guaranteed
Notes due 2024
U8302WAB0
USU8302WAB01
87422VAC2
US87422VAC28
$98,056,000
3
$670.00
$10,788,000
(3)
(1) Per $1,000 principal amount of Securities validly tendered and accepted for purchase
(2) Includes Early Tender Payment
(3) Securities from such series will not be accepted for purchase by the Company.
The "Total Consideration" for the 2021 Notes validly tendered and accepted for purchase pursuant to the Tender Offers is the amount shown in the table above. Holders of the 2021 Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date are eligible to receive the Total Consideration for any such 2021 Notes accepted for purchase. Holders will also receive accrued and unpaid interest on the 2021 Notes validly tendered and accepted for purchase from the applicable last interest payment date up to, but not including, the date the Company makes payment for such 2021 Notes, which date is anticipated to be November 30, 2018.
The Tender Offers will expire at 11:59 p.m., New York City time, on November 28, 2018, unless extended or earlier terminated. Because the Tender Offers have been fully subscribed as of the Early Tender Date, holders who tender Securities after the Early Tender Date will not have any of their Securities accepted for purchase. Any Securities tendered after the Early Tender Date, together with all Securities tendered at or prior to the Early Tender Date (other than the 2021 Notes), will be returned to the holders thereof as described in the Offer to Purchase.
The Tender Offers are subject to the satisfaction of the conditions described in the Offer to Purchase, including the completion of the previously announced $450 million term loan financing (the "Project Financing") by the Company's wholly-owned project subsidiary, LMBE-MC HoldCo II LLC, the net proceeds of which are expected to be utilized to fund the Tender Offers. Such conditions, including the Project Financing condition, may be waived by the Company in its sole discretion, subject to applicable law. Any waiver of a condition by the Company will not constitute a waiver of any other condition.
Information Relating to the Tender Offers
Citigroup Global Markets, Inc. is the Dealer Manager for the Tender Offers. Investors with questions regarding the Tender Offers may contact Citigroup Global Markets, Inc. at (212) 723-6106 (New York) or (800) 558-3745 (U.S. toll free). Global Bondholder Services Corporation is the tender agent for the Tender Offers. Copies of the Offer to Purchase and any related offer documents may be obtained by contacting Global Bondholder Services Corporation by phone at (212) 430-3774 (New York) or (866) 794-2200 (toll-free) or by email at [email protected].
None of the Company, its sole member, their indirect parent company, Talen Energy Corporation, or its affiliates, their respective boards of directors, shareholders and members, the dealer manager, the tender agent or the trustee with respect to the Securities is making any recommendation as to whether Holders should tender any Securities in response to any of the Tender Offers. Holders must make their own decision as to whether to tender any of their Securities, and, if so, the principal amount of Securities to tender.
This press release is for informational purposes only and is not an offer to buy, or the solicitation of an offer to sell, any of the Securities and the Tender Offers do not constitute offers to buy or the solicitation of offers to sell Securities in any jurisdiction or in any circumstances in which such offers or solicitations are unlawful. The full details of the Tender Offers, including complete instructions on how to tender Securities, are included in the Offer to Purchase. Holders are strongly encouraged to read carefully the Offer to Purchase, including materials incorporated by reference therein, because they will contain important information.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. These risks include, but are not limited to, the Company's ability to complete any of the Tender Offers and reduce its outstanding indebtedness or complete the Project Financing. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. The forward-looking statements in this press release are made as of the date hereof, and the Company does not undertake any obligation to update the forward-looking statements as a result of new information, future events or otherwise.
About Talen Energy
Talen Energy Supply is one of the largest competitive energy and power generation companies in North America. The Company owns or controls approximately 15,000 megawatts of generating capacity in well-developed, structured wholesale power markets, principally in the Northeast, Mid-Atlantic and Southwest regions of the United States. For more information, visit www.talenenergy.com.
corradotedeschi
Forumer storico
Comprata oggi...incrociamo le dita..dei piedi
corradotedeschi
Forumer storico
E anche un po' di c....
