Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2 (4 lettori)
- Creatore Discussione gionmorg
- Data di Inizio
salice02
Forumer storico
Il bond sembra non aver recepito!!!!!
Odebrecht Engenharia e Construcao misses notes repayment, a credit negative
On Wednesday, Odebrecht Engenharia e Construcao S.A. (OEC, Caa2 negative) announced that it missed its BRL500 million senior unsecured notes repayment due that day, a credit negative. The company also said that its shareholder Odebrecht S.A. (ODB) is in negotiations for a new loan that would allow OEC to meet its payment obligations under the unsecured notes due 2018 and 2025 before the end of the 30-day grace period described in the notes indenture. If the negotiations for the new loan fail, it is highly unlikely that OEC will be able to repay the bonds using its internal sources. If OEC fails to pay the notes before the end of the 30-day grace period, it would automatically be in default according to the BRL500 million notes indenture, which could result in a distressed exchange. Additionally, the trustee or the holders of at least 25% of the principal amount of OEC’s other issued or guaranteed notes (mainly senior unsecured notes) could ask for early repayment, triggering the acceleration of all of OEC’s $3.1 billion of outstanding debt, as of 31 September 2017. Since the company has tight liquidity for the repayment of the outstanding debt, the acceleration could lead to a broader distressed exchange probably involving losses to creditors. At the end of September 2017, OEC had $700 million of cash on its balance sheet, equal to approximately 23% of its total gross debt. We estimate that at least a part of this cash has been consumed because of the company´s negative free cash flow of around $200 million per quarter. Further cash reduction has probably been mitigated by the group’s asset sales that have so far raised around $2.0 billion in proceeds. OEC is one of the largest engineering and construction companies in Latin America, with $4.2 billion in net revenue in the last 12 months that ended September 2017. The company’s estimated project backlog of around $14 billion is diversified into contracts comprising large-scale construction projects in the transportation segment, energy and sewage infrastructures, buildings and industrial facilities in Brazil, other Latin American countries and Africa. OEC is a subsidiary of Odebrecht S.A., a family-owned investment holding company for one of the largest non-financial conglomerates in Brazil. It controls Braskem S.A. (Ba1 stable), the largest chemical company in Latin America, along with other investments in the oil & gas, energy sectors, toll roads, water sewage concessions and real estate.
On Wednesday, Odebrecht Engenharia e Construcao S.A. (OEC, Caa2 negative) announced that it missed its BRL500 million senior unsecured notes repayment due that day, a credit negative. The company also said that its shareholder Odebrecht S.A. (ODB) is in negotiations for a new loan that would allow OEC to meet its payment obligations under the unsecured notes due 2018 and 2025 before the end of the 30-day grace period described in the notes indenture. If the negotiations for the new loan fail, it is highly unlikely that OEC will be able to repay the bonds using its internal sources. If OEC fails to pay the notes before the end of the 30-day grace period, it would automatically be in default according to the BRL500 million notes indenture, which could result in a distressed exchange. Additionally, the trustee or the holders of at least 25% of the principal amount of OEC’s other issued or guaranteed notes (mainly senior unsecured notes) could ask for early repayment, triggering the acceleration of all of OEC’s $3.1 billion of outstanding debt, as of 31 September 2017. Since the company has tight liquidity for the repayment of the outstanding debt, the acceleration could lead to a broader distressed exchange probably involving losses to creditors. At the end of September 2017, OEC had $700 million of cash on its balance sheet, equal to approximately 23% of its total gross debt. We estimate that at least a part of this cash has been consumed because of the company´s negative free cash flow of around $200 million per quarter. Further cash reduction has probably been mitigated by the group’s asset sales that have so far raised around $2.0 billion in proceeds. OEC is one of the largest engineering and construction companies in Latin America, with $4.2 billion in net revenue in the last 12 months that ended September 2017. The company’s estimated project backlog of around $14 billion is diversified into contracts comprising large-scale construction projects in the transportation segment, energy and sewage infrastructures, buildings and industrial facilities in Brazil, other Latin American countries and Africa. OEC is a subsidiary of Odebrecht S.A., a family-owned investment holding company for one of the largest non-financial conglomerates in Brazil. It controls Braskem S.A. (Ba1 stable), the largest chemical company in Latin America, along with other investments in the oil & gas, energy sectors, toll roads, water sewage concessions and real estate.
mikim
Forumer attivo
So che segui il bond.Non so se tu sia dentro ma nel caso non ci fossi a seguito di queste notizie entreresti ai livelli attuali?
fedro10
è la somma che fa il totale...
infatti quà sta l'arcano
fabriziof
Forumer storico
Non capisco bene cosa prevedono per la 2022 vorrei non fare nulla ,vediamo come si muovono i prezzi in attesa di capire meglio
ti danno 75 della 8.125% Junior-Priority Secured Notes due 2024