Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2

Fabrib ha scritto:
SÃO PAULO, Jan. 3, 2019 /PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. ("GOL" or the "Company"), (NYSE: GOL and B3: GOLL4), Brazil's #1 airline, announced today that its subsidiary, Gol Finance (formerly Gol LuxCo S.A.) ("Gol Finance"), has commenced a cash tender offer (the "Tender Offer") for any and all of its outstanding US$91,533,000 aggregate principal amount of 8.875% Senior Notes due 2022 (the "2022 Notes") (144A CUSIP No./ISIN 38045LAA8/US38045LAA89 and Reg S CUSIP No./ISIN L4441PAA8/USL4441PAA86).
The Tender Offer is scheduled to expire at 5:00 p.m., New York City time, on January 16, 2019, unless extended or earlier terminated (such time, as may be extended, the "Expiration Time"). Holders who validly tender their 2022 Notes at or prior to the Expiration Time will be eligible to receive US$1,010 for each US$1,000 principal amount of 2022 Notes tendered, plus accrued interest.
Clicca per allargare...
Ma nessuno segue più questa società?
Per ora ha pagato puntualmente tutte le cedole e dopo un periodo di forte crisi (vedi andamento quotazioni del bond) sembra avere i presupposti per una ripresa.
Crisi pare dovuta al covid ed al forte aumento del carburante, ma sembra ben condotta da un discreto managment.
Le news sono scarse e occorre cercarle con il lanternino nel mare magnum della rete.
I rating attuali sui bond sono per S&P CCC+ Moody's B3 Ficth B-.
Che ne pensate?
 
  • 22-Aug-2022 | 16:56 EDT
Brazilian Airline Gol Outlook Revised To Stable From Positive On Higher Financing Risks; 'CCC+' Ratings Affirmed

  • We now forecast for Brazil-based airline Gol Linhas Aereas Inteligentes S.A. (Gol) to take longer to deleverage, mostly because of much higher fuel prices, with debt to EBITDA at about 11x in 2022 and 6x-7x in 2023.
  • Financing conditions have considerably worsened during 2022, and we believe Gol will need to finance its cash-flow deficits in 2023.
  • On Aug. 22, 2022, S&P Global Ratings revised its outlook on Gol to stable from positive and affirmed its global scale 'CCC+' issuer credit rating on the company. We lowered the national scale issuer credit rating on Gol to 'brBB' from 'brBB+'. We also affirmed our 'CCC+' issue-level rating on the senior unsecured notes and kept the '4' recovery rating unchanged, indicating our expectation of average (30%-50%; rounded estimate: 30%) recovery in the event of a payment default.
  • The stable outlook incorporates our expectation of improved performance and leverage metrics in 2023 but also considerable free cash flow deficits and very high leverage of more than 6.0x through 2023.
SAO PAULO (S&P Global Ratings) Aug. 22, 2022—S&P Global Ratings took the ratings actions described above. Despite the absence of sizeable short-term maturities, a slower-than-expected recovery in margins and limited access to capital markets have heightened cash-flow risks. While during the first seven months of 2022, Gol's available seat kilometers (ASK) and revenue passenger kilometers (RPK) rebounded considerably, the pace has been slower than our expectations last year. This, coupled with much higher fuel costs, will result in EBITDA of R$2.0 billion, down from our forecast of R$3.4 billion.
As of July 2022, Gol's domestic RPK jumped 52.4% and ASK by 58.3%. We expect both metrics to rise 52%-55% and 40%-44% for 2022, but demand and capacity to be still about 20% lower than 2019 levels. We forecast domestic air travel to reach pre-pandemic levels in 2023, but the international one might do so only by the end of 2024. Sound demand for domestic air travel, a more rational capacity management among all players, and gradual recovery of corporate travel have allowed Gol to increase fares substantially in 2022. We believe the much higher fares will partly offset the higher costs related mostly to the sharp jump in fuel prices and inflationary pressures on other costs. Amid much higher crude oil prices and jet-fuel crack spreads at historically-high levels, we estimate average fuel price per ASK will jump 58%-60% while revenue per available seat kilometers (RASK) by 30%-32% in 2022. We expect very strong top-line performance this year, with revenue soaring about 105%, but we now expect EBITDA margins to drop to 13%-14% from about 25% in our projections last year. As a result, cash-flow generation and leverage metrics will be weaker. We now expect debt to EBITDA to be about 11x and funds from operations (FFO) to debt of about 1.5% in 2022 and the former ratio would only fall to more sustainable levels of 6x-7x by the end of 2023.
Fears of an economic slowdown as central banks increase interest rates in response to high inflation, along with a strong U.S. dollar, and the resulting rapid increases in interest rates are tightening funding conditions for issuers. As a result, investors' risk aversion has increased, while access to credit markets for high-yield issuers in emerging markets has been very limited so far during the year. In response, has opted for a very rational capacity management, attempting to keep yields high and to protect cash. Additionally, the company focuses on working capital preservation and on trimming capital expenditures (capex). All these efforts, coupled with the capital increase under Gol's expanded codeshare agreement with American Airlines, have allowed Gol to maintain cash burn at minimum levels (R$92 million in the first half of 2022). We estimate that Gol's cash position will be sufficient at year-end. However, our base-case scenario assumes that the company would need additional financing during 2023. Despite expectations for improved operating performance, margins, and EBITDA, we forecast a cash-flow deficit amid operational revamp and because of high renegotiated lease expenses, reduction of payables and other accumulated liabilities during the past two years, maintenance, fleet transformation, and other capex needs.
ESG credit indicators: E-3, S-5, G-2
Social factors are a very negative consideration in our credit analysis of Gol, because of the pandemic-related financial hit. Its EBITDA and cash flows eroded and the company's adjusted debt has increased almost 23% since December 2019 to protect liquidity and fund operations during the pandemic. On the other hand, that only about 8% of Gol's pre-pandemic business consisted of international travel has allowed for a faster capacity and revenue recovery. However, we expect Gol to maintain high leverage, with debt to EBITDA above 6x through 2023. Environmental factors are a moderately negative consideration in our credit rating analysis of Gol. All airlines face long-term risk from potentially tighter GHG emissions regulation. Gol's average fleet age of about 11 years is in line with global average, but older than some of those of regional players. However, Gol is accelerating its fleet renewal plan to replace Boeing 737 NGs with 737 MAX, which will reduce fuel consumption, GHG emissions, and the average fleet age.
 
Ultima modifica:
Apollo Funds completa l'operazione di vendita-leaseback con GOL

Apollo Global Management, Inc.
8 settembre 2022


Apollo Global Management, Inc.

Apollo Global Management, Inc.
NEW YORK e RIO DE JANEIRO, Brasile, 08 settembre 2022 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) e GOL Linhas Aéreas Inteligentes SA ("GOL") hanno annunciato oggi il completamento di una transazione di vendita e retrolocazione, che coinvolge un nuovo aeromobile Boeing 737 MAX 8, tra GOL e alcuni fondi gestiti da affiliate Apollo (i "Fondi Apollo") e serviti da Merx Aviation ("Merx").
L'aereo è stato acquisito dagli Apollo Funds al momento della consegna da Boeing nel luglio 2022 e immediatamente concesso in locazione a lungo termine a GOL.
Il 737 MAX 8 rappresenta il futuro della flotta di GOL ed è una componente chiave della transizione della compagnia aerea verso aeromobili di nuova tecnologia più efficienti in termini di consumo di carburante. Alimentato da motori CFM LEAP-1B tecnologicamente avanzati, il 737 MAX 8 offre un'autonomia maggiore che consentirà a GOL di offrire ai propri clienti un servizio continuo in tutta l'America Latina, nonché nei Caraibi, in Messico e negli Stati Uniti, riducendo allo stesso tempo il carburante consumi, emissioni di carbonio e costi.
Celso Ferrer, CEO di GOL, ha dichiarato: “L'annuncio di oggi rafforza la nostra partnership con leader del settore, come Merx e siamo lieti di ricevere con loro un altro nuovo Boeing 737-MAX 8. Il programma di trasformazione della flotta di GOL è stato costruito sulla base delle prestazioni e della produttività migliorate di questo aereo e ora abbiamo circa il 50% della nostra capacità generata da questa nuova tecnologia. Siamo fiduciosi che il nostro piano, insieme alla nostra capacità di accedere a linee di credito competitive, rappresentino il nostro principale differenziale. Ringraziamo i dirigenti Merx per la loro collaborazione, fiducia e supporto continuo".
Gary Rothschild, CEO di Merx e Head of Aviation Finance di Apollo, ha dichiarato: “Siamo lieti di espandere il nostro rapporto esistente con GOL mentre la compagnia aerea esegue la sua strategia di rinnovo della flotta e mentre continuiamo a migrare il nostro portafoglio verso il più nuovo e più tipi di flotta a basso consumo di carburante. Non vediamo l'ora di lavorare con il team GOL negli anni a venire".
Informazioni su GOL Linhas Aéreas Inteligentes SA
GOL è la più grande compagnia aerea del Brasile, leader nei segmenti corporate e leisure. Da quando è stata fondata nel 2001, l'azienda ha il costo unitario più basso dell'America Latina, democratizzando così il trasporto aereo. La Compagnia ha alleanze con American Airlines e Air France-KLM, oltre a numerosi accordi di codeshare e interline disponibili per i Clienti, portando più comodità e collegamenti semplici a qualsiasi luogo servito da queste partnership. Con lo scopo di "Essere il primo per tutti", GOL offre la migliore esperienza di viaggio ai suoi passeggeri, tra cui: il maggior numero di posti e più spazio tra i sedili; la più grande piattaforma con internet, film e TV in diretta; e il miglior programma frequent flyer, SMILES. Nel trasporto merci, GOLLOG consegna ordini in diverse regioni del Brasile e all'estero. L'azienda ha un team di 14, 000 professionisti dell'aviazione altamente qualificati si sono concentrati sulla sicurezza, il valore n. 1 di GOL, e gestiscono una flotta standardizzata di 144 Boeing 737. Le azioni della Società sono negoziate sul NYSE (GOL) e sul B3 (GOLL4). Per ulteriori informazioni, visitarewww.voegol.com.br/ri.
 
Tenneco Announces Extension of Redemption Date for 5⅜% Senior Notes due 2024 and 5.0% Senior Notes due 2026

Published: Nov. 10, 2022 at 4:30 PM EST|Updated: 15 hours ago

SKOKIE, Ill., Nov. 10, 2022 /PRNewswire/ -- Tenneco Inc. (NYSE: TEN) ("Tenneco") today announced that it has extended the redemption date for its previously announced full redemption of all of its outstanding 5⅜% Senior Notes due 2024 (the "2024 Notes") and all of its outstanding 5.0% Senior Notes due 2026 (the "2026 Notes" and, together with the 2024 Notes, the "Notes") from the scheduled date on November 14, 2022 to November 17, 2022, subject to being further extended or rescinded if the conditions set forth in Tenneco's New Conditional Notice of Redemption issued on October 6, 2022 (the "Notice of Redemption") have not been satisfied or waived by such date.

Tenneco, Inc. Logo (PRNewsfoto/Tenneco, Inc.)(PRNewswire)

The aggregate principal amount outstanding of the 2024 Notes is $225,000,000. The redemption price for the 2024 Notes will be equal to 100.896% of the principal amount thereof, plus accrued and unpaid interest on such Notes from June 15, 2022 (the most recent interest payment date) to, but excluding, the redemption date.

The aggregate principal amount outstanding of the 2026 Notes is $500,000,000. The redemption price for the 2026 Notes will be equal to 101.667% of the principal amount thereof, plus accrued and unpaid interest on such Notes from July 15, 2022 (the most recent interest payment date) to, but excluding, the redemption date.

Except for the extension of the redemption date, all other terms and conditions of the redemption for the for the Notes set forth in the Notice of Redemption remain in full force and effect.

About Tenneco

Tenneco is one of the world's leading designers, manufacturers, and marketers of automotive products for original equipment and aftermarket customers, with full year 2021 revenues of $18 billion and approximately 71,000 team members working at more than 260 sites worldwide. Through our four business groups, Motorparts, Performance Solutions, Clean Air and Powertrain, Tenneco is driving advancements in global mobility by delivering technology solutions for diversified global markets, including light vehicle, commercial truck, off-highway, industrial, motorsport and the aftermarket.

Investor inquiries

Linae Golla
847 482-5162
[email protected]

Rich Kwas
248 849-1340
[email protected]

Media inquiries

Bill Dawson
847 482-5807
[email protected]

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