zoroaster
Forumer attivo
pure io
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2
- Creatore Discussione gionmorg
- Data di Inizio
mavalà
Forumer storico
Wells Fargo Upgrades CenturyLink, Inc. (CTL)
Wells Fargo Upgrades CenturyLink, Inc. (CTL) to Outperform
Wells Fargo Upgrades CenturyLink, Inc. (CTL) to Outperform
captain sparrow
Forumer storico
la WL sulla borsa Francoforte ha ripreso a funzionare. ma non c'è più il prezzo bid/ask. ogni nuova modifica, riducono i dati a disposizione. no buono
qquebec
Super Moderator
convertito in azioni (a breve listeranno nuovamente anche quelle)
waltermasoni
Caribbean Trader
Fitch Maintains Avon's Ratings on Rating Watch Positive; Rates New Secured Notes 'BB+'/'RR1'
27 JUN 2019 05:20 PM ET
Fitch Ratings - New York - 27 June 2019:
Fitch Ratings has maintained the ratings for Avon Products, Inc. (Avon) and Avon International Operations, Inc. (AIO) on Rating Watch Positive , and has assigned a 'BB+'/'RR1' rating to Avon International Capital p.l.c's (AIC) offering of $400 million of senior secured notes due 2022. AIC is a wholly-owned subsidiary of Avon. Proceeds from the secured note offering will be used to fund an announced tender offer for $387 million of Avon's senior unsecured notes due 2020. Given the amount of secured debt in the capital structure, Fitch has downgraded the unsecured notes to 'B'/'RR5' from 'B+'/'RR4'. A full list of rating actions follows at the end of this release.
The ratings remain on Rating Watch Positive, reflecting Naturas Cosmeticos S.A.'s (Natura: BB/Rating Watch Negative) prior announcement on May 22, 2019 that it will acquire Avon in an all-stock transaction valued at USD3.7 billion on an enterprise value basis (5.6x/9.5x 2018 EBITDA with/without synergies). Resolution of the Rating Watch Positive will occur upon consummation or termination of the proposed merger agreement with Natura. Avon's ratings could be upgraded if the merger closes, since Avon is expected to be rated in line with Natura, which is likely to be rated at or above 'BB-', higher than Avon's existing 'B+' rating.
The new senior secured notes are guaranteed by the same guarantors under AIC's revolving credit agreement. The notes and guarantees are secured equally and ratably by the assets of Avon and the guarantors that secure the first-lien revolving credit facility and the outstanding 7.875% senior secured notes due 2022 issued by AIO.
27 JUN 2019 05:20 PM ET
Fitch Ratings - New York - 27 June 2019:
Fitch Ratings has maintained the ratings for Avon Products, Inc. (Avon) and Avon International Operations, Inc. (AIO) on Rating Watch Positive , and has assigned a 'BB+'/'RR1' rating to Avon International Capital p.l.c's (AIC) offering of $400 million of senior secured notes due 2022. AIC is a wholly-owned subsidiary of Avon. Proceeds from the secured note offering will be used to fund an announced tender offer for $387 million of Avon's senior unsecured notes due 2020. Given the amount of secured debt in the capital structure, Fitch has downgraded the unsecured notes to 'B'/'RR5' from 'B+'/'RR4'. A full list of rating actions follows at the end of this release.
The ratings remain on Rating Watch Positive, reflecting Naturas Cosmeticos S.A.'s (Natura: BB/Rating Watch Negative) prior announcement on May 22, 2019 that it will acquire Avon in an all-stock transaction valued at USD3.7 billion on an enterprise value basis (5.6x/9.5x 2018 EBITDA with/without synergies). Resolution of the Rating Watch Positive will occur upon consummation or termination of the proposed merger agreement with Natura. Avon's ratings could be upgraded if the merger closes, since Avon is expected to be rated in line with Natura, which is likely to be rated at or above 'BB-', higher than Avon's existing 'B+' rating.
The new senior secured notes are guaranteed by the same guarantors under AIC's revolving credit agreement. The notes and guarantees are secured equally and ratably by the assets of Avon and the guarantors that secure the first-lien revolving credit facility and the outstanding 7.875% senior secured notes due 2022 issued by AIO.
