Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2
- Creatore Discussione gionmorg
- Data di Inizio
Fabrib
Forumer storico
(Reuters) - Metals and mining company Nyrstar said on Tuesday that it was extending force majeure at its Port Pirie lead and zinc smelter in Australia until the last week of July.
The Belgium-based company now expects both the TSL and the blast furnace to restart by the end of July.
At the end of June it had already extended the stoppage until the second week of this month, following an unplanned outage at the blast furnace in May, having previously stated that production would resume within days.
The company said it was still assessing the impact of the outage and reiterated that the extended shutdown would have a material negative impact on production at Port Pirie and underlying earnings before interest, taxes, depreciation and amortisation (EBITDA).
Nyrstar added it would provide further information in due course but at the latest when it publishes H1 results on July 31.
Port Pirie produced 160,000 tonnes of lead metal last year, down 7% from the previous year.
laplaz
Forumer attivo
Ma che brutta fine ha fatto Nyrstar. Tra l'altro dovevano terminare la ristrutturazione proprio in questo mese, se non ricordo male.
Cat XL
Shizuka Minamoto
La ristruzione e' praticamente fatta. Il problema e' il losco figuro che la possiede...
fedro10
è la somma che fa il totale...
chi mi sa spiegare quale potrebbe essere il motivo che su Moddy ci sono tute le obbligazioni emesse, che fanno scopa con Cbonds
tranne questa
USU2481AAE83 Denbury Resources, 9.25% 31mar2022
per cui ho chiesto il censimento ora ad IW
Bonds Detail
tranne questa
USU2481AAE83 Denbury Resources, 9.25% 31mar2022
per cui ho chiesto il censimento ora ad IW
Bonds Detail
captain sparrow
Forumer storico
Gente, per favore, qualcuno segue ferrel gas e ha qualche idea sul emittente? Il bond 21 langue in area 75 da parecchio,malgrado il recupero del oil. Comincia a impensierirmi.
bia06
Listen other's viewpoint avoid conflicts & wars.
Ciao, ti posto l'opinione di Moody's.
Dicembre 2018.
Mi sa che hai ragione ad impensierirti.
Se riesci a trovare sul loro sito lo stato patrimoniale aggiornato ed i relativi flussi di cassa diamo un'occhiata assieme.
New York, December 17, 2018 -- Moody's Investors Service ("Moody's") downgraded Ferrellgas Partner, LP's (Ferrellgas) Corporate Family Rating (CFR) to Caa2 from B3, Probability of Default Rating (PDR) to Caa2-PD from B3-PD, and the senior unsecured notes rating to Ca from Caa2. The Speculative Grade Liquidity Rating (SGL) was upgraded to SGL-3 from SGL-4 due to its balance sheet cash and discontinuation of partnership distributions. At the same time, Moody's downgraded Ferrellgas LP's (OLP) senior unsecured notes to Caa2 from B3. The rating outlook remains negative.
"Ferrellgas's downgrade is driven by the company's continued high financial leverage and increased likelihood of either debt restructuring or distressed exchange," said Arvinder Saluja, Moody's Vice President.
Downgrades:
..Issuer: Ferrellgas Partners L.P.
.... Probability of Default Rating, Downgraded to Caa2-PD from B3-PD
.... Corporate Family Rating, Downgraded to Caa2 from B3
....Senior Unsecured Notes, Downgraded to Ca (LGD6) from Caa2 (LGD6)
..Issuer: Ferrellgas, L.P.
....Senior Unsecured Notes, Downgraded to Caa2 (LGD4) from B3 (LGD4)
Upgrades:
..Issuer: Ferrellgas Partners L.P.
.... Speculative Grade Liquidity Rating, Upgraded to SGL-3 from SGL-4
Outlook Actions:
..Issuer: Ferrellgas Partners L.P.
....Outlook, Remains Negative
..Issuer: Ferrellgas, L.P.
....Outlook, Remains Negative
RATINGS RATIONALE
These actions reflect the challenges the company faces in growing EBITDA and in reducing its elevated financial leverage while it trying to expand market share in its core propane distribution business. Moody's expects Ferrellgas to operate with high leverage into 2020 even with no cash distribution burden, which significantly increases refinancing risk on the $357 million notes due June 2020. Ferrellgas has exhausted its restricted payment basket and, under the indenture governing its 2020 notes, is unable to pay distributions to unit holders until its fixed-charge coverage recovers above 1.75x for trailing four quarters.
Ferrellgas's Caa2 CFR reflects high financial leverage of over 8x, high uncertainty about EBITDA growth in the near term, heightened risk of debt restructuring or distressed exchange, and the seasonal nature of propane sales with significant dependency on cold weather months and the associated volatility in cash flows. Despite its inability to pay quarterly distributions (which have meant $40 million cash annual outflow), we believe Ferrellgas will not be able to materially delever quickly, even with a normal or cold winter. The rating is favorably impacted by the partnership's substantial scale and geographic diversification that facilitate cost efficiencies in the fragmented propane distribution industry, its utility-like services that provide a base level of revenue, and a propane tank exchange business which generates complementary cash flows during summer months.
Ferrellgas, LP (OLP) has $500 million in 6.5% senior unsecured notes due 2021, $475 million 6.75% senior unsecured notes due 2022, $500 million 6.75% senior unsecured notes due 2023, and a new $575 million senior secured revolving credit facility due May 2023 (unrated). Under Moody's Loss Given Default Methodology, the OLP's senior unsecured notes are rated Caa2, same as the CFR due to the priority claim of the sizeable senior secured bank facility offset by $357 million 8.625% unsecured notes at Ferrellgas Partners. The structural subordination of Ferrellgas's notes and the amount of debt at the OLP result in 8.625% notes being rated Ca, two notches beneath the Caa2 CFR.
We expect Ferrellgas to have adequate liquidity in calendar year 2019 as indicated by the SGL-3 rating. There will be a continued need for growth capex but liquidity won't be hampered by quarterly distributions. Ferrellgas averted the revolver refinancing risk by closing on a new credit facility on May 4 to replace its previous $575 million revolver due October 2018. The current credit facility, due May 2023, consists of a $275 million term loan and $300 million cash revolver. The previous revolver was repaid and retired using the proceeds from the new term loan while increasing the cash balance. Balance sheet cash was around $70 million at October 31. The new revolver is undrawn but has $113.1 million letters of credit issued under it as of October 31, leaving less than $200 million availability and letter of credit remaining capacity of $11.9 million. We expect Ferrellgas to generate EBITDA (adjusted for operating leases) approaching $270 million in fiscal year 2019 assuming a close to normal winter. The partnership's working capital needs are highly seasonal, with peak borrowings during the winter season that can fluctuate significantly with volatile propane prices. Financial covenants under the new credit agreement require a modified fixed charge ratio above 1x, and a senior secured leverage (including letters of credit) ratio below 3x. Starting fiscal 2019, a 50% cash flow sweep is also required. The partnership also has an accounts receivable (A/R) securitization facility, which provides a variable monthly borrowing limit ranging from $175 million to $250 million.
The negative outlook reflects potential balance sheet restructuring.
Dicembre 2018.
Mi sa che hai ragione ad impensierirti.
Se riesci a trovare sul loro sito lo stato patrimoniale aggiornato ed i relativi flussi di cassa diamo un'occhiata assieme.
New York, December 17, 2018 -- Moody's Investors Service ("Moody's") downgraded Ferrellgas Partner, LP's (Ferrellgas) Corporate Family Rating (CFR) to Caa2 from B3, Probability of Default Rating (PDR) to Caa2-PD from B3-PD, and the senior unsecured notes rating to Ca from Caa2. The Speculative Grade Liquidity Rating (SGL) was upgraded to SGL-3 from SGL-4 due to its balance sheet cash and discontinuation of partnership distributions. At the same time, Moody's downgraded Ferrellgas LP's (OLP) senior unsecured notes to Caa2 from B3. The rating outlook remains negative.
"Ferrellgas's downgrade is driven by the company's continued high financial leverage and increased likelihood of either debt restructuring or distressed exchange," said Arvinder Saluja, Moody's Vice President.
Downgrades:
..Issuer: Ferrellgas Partners L.P.
.... Probability of Default Rating, Downgraded to Caa2-PD from B3-PD
.... Corporate Family Rating, Downgraded to Caa2 from B3
....Senior Unsecured Notes, Downgraded to Ca (LGD6) from Caa2 (LGD6)
..Issuer: Ferrellgas, L.P.
....Senior Unsecured Notes, Downgraded to Caa2 (LGD4) from B3 (LGD4)
Upgrades:
..Issuer: Ferrellgas Partners L.P.
.... Speculative Grade Liquidity Rating, Upgraded to SGL-3 from SGL-4
Outlook Actions:
..Issuer: Ferrellgas Partners L.P.
....Outlook, Remains Negative
..Issuer: Ferrellgas, L.P.
....Outlook, Remains Negative
RATINGS RATIONALE
These actions reflect the challenges the company faces in growing EBITDA and in reducing its elevated financial leverage while it trying to expand market share in its core propane distribution business. Moody's expects Ferrellgas to operate with high leverage into 2020 even with no cash distribution burden, which significantly increases refinancing risk on the $357 million notes due June 2020. Ferrellgas has exhausted its restricted payment basket and, under the indenture governing its 2020 notes, is unable to pay distributions to unit holders until its fixed-charge coverage recovers above 1.75x for trailing four quarters.
Ferrellgas's Caa2 CFR reflects high financial leverage of over 8x, high uncertainty about EBITDA growth in the near term, heightened risk of debt restructuring or distressed exchange, and the seasonal nature of propane sales with significant dependency on cold weather months and the associated volatility in cash flows. Despite its inability to pay quarterly distributions (which have meant $40 million cash annual outflow), we believe Ferrellgas will not be able to materially delever quickly, even with a normal or cold winter. The rating is favorably impacted by the partnership's substantial scale and geographic diversification that facilitate cost efficiencies in the fragmented propane distribution industry, its utility-like services that provide a base level of revenue, and a propane tank exchange business which generates complementary cash flows during summer months.
Ferrellgas, LP (OLP) has $500 million in 6.5% senior unsecured notes due 2021, $475 million 6.75% senior unsecured notes due 2022, $500 million 6.75% senior unsecured notes due 2023, and a new $575 million senior secured revolving credit facility due May 2023 (unrated). Under Moody's Loss Given Default Methodology, the OLP's senior unsecured notes are rated Caa2, same as the CFR due to the priority claim of the sizeable senior secured bank facility offset by $357 million 8.625% unsecured notes at Ferrellgas Partners. The structural subordination of Ferrellgas's notes and the amount of debt at the OLP result in 8.625% notes being rated Ca, two notches beneath the Caa2 CFR.
We expect Ferrellgas to have adequate liquidity in calendar year 2019 as indicated by the SGL-3 rating. There will be a continued need for growth capex but liquidity won't be hampered by quarterly distributions. Ferrellgas averted the revolver refinancing risk by closing on a new credit facility on May 4 to replace its previous $575 million revolver due October 2018. The current credit facility, due May 2023, consists of a $275 million term loan and $300 million cash revolver. The previous revolver was repaid and retired using the proceeds from the new term loan while increasing the cash balance. Balance sheet cash was around $70 million at October 31. The new revolver is undrawn but has $113.1 million letters of credit issued under it as of October 31, leaving less than $200 million availability and letter of credit remaining capacity of $11.9 million. We expect Ferrellgas to generate EBITDA (adjusted for operating leases) approaching $270 million in fiscal year 2019 assuming a close to normal winter. The partnership's working capital needs are highly seasonal, with peak borrowings during the winter season that can fluctuate significantly with volatile propane prices. Financial covenants under the new credit agreement require a modified fixed charge ratio above 1x, and a senior secured leverage (including letters of credit) ratio below 3x. Starting fiscal 2019, a 50% cash flow sweep is also required. The partnership also has an accounts receivable (A/R) securitization facility, which provides a variable monthly borrowing limit ranging from $175 million to $250 million.
The negative outlook reflects potential balance sheet restructuring.
