Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2 (3 lettori)
- Creatore Discussione gionmorg
- Data di Inizio
iguanito
Forumer storico
Ho spento computer e modem per poi riavviare. Ora funziona. prova.
Navios Maritime Holdings Inc.
OFFER TO EXCHANGE
Cash and/or 9.75% Senior Notes Due 2024
For
946,100 American Depositary Shares, Each Representing 1/100th of a Share of 8.75% Series G Cumulative Redeemable Perpetual Preferred Stock
and
1,907,600 American Depositary Shares, Each Representing 1/100th of a Share of 8.625% Series H Cumulative
Redeemable Perpetual Preferred Stock
AND
CONSENT SOLICITATION STATEMENT
To Adopt The Proposed Amended and Restated
Certificates of Designation for Each Series of Preferred Stock
OFFER TO EXCHANGE
Cash and/or 9.75% Senior Notes Due 2024
For
946,100 American Depositary Shares, Each Representing 1/100th of a Share of 8.75% Series G Cumulative Redeemable Perpetual Preferred Stock
and
1,907,600 American Depositary Shares, Each Representing 1/100th of a Share of 8.625% Series H Cumulative
Redeemable Perpetual Preferred Stock
AND
CONSENT SOLICITATION STATEMENT
To Adopt The Proposed Amended and Restated
Certificates of Designation for Each Series of Preferred Stock
Near
Forumer storico
Nel 2016 i titoli dello shale oil sprofondarono, ma quelli che non fallirono avevano abbassato il costo medio di estrazione.
Se davvero si è consolidato il settore dovremo vedere meno debolezza in questi titoli in una prossima discesa del prezzo del petrolio
AAA+
Forumer attivo
A me risulta sbagliata la valorizzazione di Argentina XS0501195134
Avon's disposal of China plant is credit positive
On 8 January, Avon Products, Inc. (B1 stable) announced that it reached an agreement to dispose of its manufacturing operations in China, consisting of a production plant in Guangzhou, to a subsidiary of LG Household & Health Care Ltd. for a net consideration of $44 million. The sale is expected to be completed in first-quarter 2019. Avon will enter into a supply agreement with the buyer under which the disposed plant will continue to manufacture products for Avon's Chinese business. The disposal is credit positive as it will help streamline the company's manufacturing footprint, consisting of nine plants globally, and increase efficiency, in line with the company's strategy to reduce costs by $400 million by 2021, of which $300 million from manufacturing and distribution optimisation. The proceeds of the disposal will also mitigate the costs related to the efficiency initiatives, including $230 million of capex and $130 million of one-off costs. We believe that Avon's restructuring plan remains subject to significant execution risks because the company will need to reinvest part of the expected savings in order to support sales growth and cost inflation could offset part of the savings, limiting the benefits for the company's profitability, as it happened in the last two years, when Avon's EBITDA margin remained broadly stable at 8% (on a Moody's-adjusted basis) despite the company having successfully delivered more than $350 million of savings. Moreover, the major challenge for Avon remains its ability to boost sales growth, as the company continues to struggle to stop the decline in the number of its active representatives (down by 4% in the first nine months 2018 compared to the previous year). The company's planned $230 million capital spending on the new IT platforms should improve the representatives' buying experience, which should help stabilise the number of representatives. However, the effectiveness of these investments remains to be tested and the benefits in terms of sales growth will take time to materialize. Avon's credit profile is supported by the company's good liquidity of approximately $850 million as of September 2018 ($450 million in cash and $369 million available under the $400 million revolving facility) that is sufficient to cover for the next debt maturity of $409 million in 2020 as well as for the expected increase in capex to support the restructuring plan. Avon's leverage, with a Moody'sadjusted (gross) debt/EBITDA of 5.0x as of September 2018, is commensurate with the current B1 rating. We expect a moderate improvement in leverage, largely owing to the reduction of the gross debt out of available cash, as we expect the next bond maturities to be only partially refinanced. Avon is a global beauty product company and one of the largest direct sellers through around six million active representatives. Avon's products are available in over 70 countries and include categories such as color cosmetics, skin care, fragrance and fashion and home.
On 8 January, Avon Products, Inc. (B1 stable) announced that it reached an agreement to dispose of its manufacturing operations in China, consisting of a production plant in Guangzhou, to a subsidiary of LG Household & Health Care Ltd. for a net consideration of $44 million. The sale is expected to be completed in first-quarter 2019. Avon will enter into a supply agreement with the buyer under which the disposed plant will continue to manufacture products for Avon's Chinese business. The disposal is credit positive as it will help streamline the company's manufacturing footprint, consisting of nine plants globally, and increase efficiency, in line with the company's strategy to reduce costs by $400 million by 2021, of which $300 million from manufacturing and distribution optimisation. The proceeds of the disposal will also mitigate the costs related to the efficiency initiatives, including $230 million of capex and $130 million of one-off costs. We believe that Avon's restructuring plan remains subject to significant execution risks because the company will need to reinvest part of the expected savings in order to support sales growth and cost inflation could offset part of the savings, limiting the benefits for the company's profitability, as it happened in the last two years, when Avon's EBITDA margin remained broadly stable at 8% (on a Moody's-adjusted basis) despite the company having successfully delivered more than $350 million of savings. Moreover, the major challenge for Avon remains its ability to boost sales growth, as the company continues to struggle to stop the decline in the number of its active representatives (down by 4% in the first nine months 2018 compared to the previous year). The company's planned $230 million capital spending on the new IT platforms should improve the representatives' buying experience, which should help stabilise the number of representatives. However, the effectiveness of these investments remains to be tested and the benefits in terms of sales growth will take time to materialize. Avon's credit profile is supported by the company's good liquidity of approximately $850 million as of September 2018 ($450 million in cash and $369 million available under the $400 million revolving facility) that is sufficient to cover for the next debt maturity of $409 million in 2020 as well as for the expected increase in capex to support the restructuring plan. Avon's leverage, with a Moody'sadjusted (gross) debt/EBITDA of 5.0x as of September 2018, is commensurate with the current B1 rating. We expect a moderate improvement in leverage, largely owing to the reduction of the gross debt out of available cash, as we expect the next bond maturities to be only partially refinanced. Avon is a global beauty product company and one of the largest direct sellers through around six million active representatives. Avon's products are available in over 70 countries and include categories such as color cosmetics, skin care, fragrance and fashion and home.