Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate, vol.3

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6 min read​

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30 Sep 2025​

Moody's Ratings​

New York, September 30, 2025 -- Moody's Ratings (Moody's) assigned a B3 rating to Transocean International Limited's (Transocean) proposed $500 million unsecured Senior Priority Guaranteed Notes (SPGNs) due 2032. Concurrently, we affirmed Transocean's B3 Corporate Family Rating (CFR), B3-PD Probability of Default Rating (PDR), and its various instrument ratings. The SGL-3 Speculative Grade Liquidity (SGL) rating is unchanged. The outlook remains stable.

Transocean will use the proceeds from the proposed notes, along with proceeds from its recent equity issuance and cash from its balance sheet, to repay some of its 2027 maturities as part of its ongoing maturity management and debt reduction efforts.

A full list of rating actions is provided at the end of this press release.

RATINGS RATIONALE

The proposed SPGNs are rated B3, in-line with Transocean's CFR. The rating benefits from a substantial cushion of Priority Guaranteed Notes (PGNs, rated Caa1) and senior unsecured notes (Caa2) that are subordinate to the SPGNs in Transocean's capital structure. However, the SPGNs are subordinate to the senior secured revolving credit facility (Ba3) and rig-backed secured notes (B1).

Transocean's B3 CFR reflects its high, albeit improving, debt leverage, which continues to be a drag on its free cash flow generation and valuation. Recent debt reduction, through a combination of proceeds from equity issuance and ongoing debt amortization, has aided the company's deleveraging efforts and should enable it to reduce debt/EBITDA to 5x including Moody's standard debt adjustments at year-end 2025. Transocean's credit metrics have shown steady improvement but remain weak, and the company remains highly reliant on a stable global offshore drilling market in order for its capital structure to become sustainable. The company's complicated capital structure and elevated debt levels leave open the risk for future transactions that could be considered distressed exchanges.

Despite improved leverage, near-term upward ratings momentum is tempered by an industry-wide slowdown in new contracting after several years of improving dayrates and increasing utilization. Transocean is well contracted through mid-2026; however, a large amount of uncontracted rigs – both among its competitors and at Transocean – will likely pressure dayrates on recontracting opportunities. While Transocean benefits from its large size, high fleet quality, and market-leading $7.2 billion revenue backlog as of July 16, 2025, revenue backlog has dropped from $9.3 billion at October 24, 2024 due to significantly diminished deepwater contracting activity.

We expect Transocean to maintain adequate liquidity as reflected by its SGL-3 rating. As of June 30, 2025, the company had $377 million of unrestricted cash on hand and liquidity is further supported by Transocean's currently undrawn $510 million revolving credit facility. The revolver expires in June 2028.

The credit agreement contains several financial covenants including minimum liquidity of $200 million, maximum debt to capitalization of 60%, minimum guarantee coverage ratio of 3.0x, and minimum collateral coverage ratio of 2.1x. The credit agreement has a springing maturity feature that is triggered if Transocean has at least $325 million of principal payments due within 91 days and is carrying less than $250 million of available cash. We expect that the company will remain in compliance with its covenant requirements.

Transocean will generate free cash flow in 2025, funding its capital spending and required debt amortization with cash from operations and cash on hand. Following the repayment of some of its 2027 maturities with proceeds from the proposed notes, Transocean will have about $1.02 billion of maturities and principal payments due through the end of 2027. We expect the company to be able to cover these obligations with internally generated cash flow.

The stable outlook reflects the likelihood Transocean will be able to meet expectations for moderate debt reduction through mid-2026, given its high percentage of contracted revenue.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

An upgrade of Transocean's ratings would require EBITDA/Interest coverage to approach 2.5x while undertaking sufficient recontracting to ensure leverage will remain below 6x in 2027. Ratings could be downgraded if the company's interest coverage falls below 1.5x, leverage rises above 7x, or liquidity weakens materially. Ratings could also be downgraded if Moody's view on the company's overall debt recovery or specific debt instrument recovery is reduced.

Transocean International Ltd. is a wholly-owned subsidiary of Transocean Ltd, the leading international offshore drilling contractor operating in deepwater, ultra-deepwater and harsh environment basins around the world.

LIST OF AFFECTED RATINGS

Issuer: Transocean International Limited

Assignment:

....Backed Senior Unsecured Regular Bond/Debenture, Assigned B3

Affirmations:

.... Corporate Family Rating, Affirmed at B3

.... Probability of Default Rating, Affirmed at B3-PD

....Senior Secured Bank Credit Facility, Affirmed at Ba3

....Backed Senior Secured Regular Bond/Debenture, Affirmed at B1

....Backed Senior Unsecured Regular Bond/Debenture, Affirmed at Caa1

....Senior Unsecured Regular Bond/Debenture, Affirmed at Caa2

Outlook Actions:

....Outlook, Remains Stable

..Issuer: Transocean Poseidon Limited

Affirmations:

....Backed Senior Secured Regular Bond/Debenture, Affirmed at B1

Outlook Actions:

....Outlook, Remains Stable

..Issuer: Transocean Titan Financing Limited

Affirmations:

....Backed Senior Secured Regular Bond/Debenture, Affirmed at B1

Outlook Actions:

....Outlook, Remains Stable

..Issuer: Transocean Aquila Limited

Affirmations:

....Backed Senior Secured Regular Bond/Debenture, Affirmed at B1

Outlook Actions:

....Outlook, Remains Stable
 
la deriva del gruppo Metalcorp a un punto critico:

SDK
Newsletter 35 | Metalcorp Group S.A.

BAGR Aluminiumwerk GmbH unter vorläufiger Insolvenzverwaltung Sehr geehrte Damen und Herren, wir möchten Ihnen mit diesem Newsletter wichtige Informationen in Sachen Ferralum Metals Group S.à r.l. („Ferralum“) zukommen lassen. Der gemeinsame Vertreter der Anleihe 2024/2026 (ISIN: DE000A3LWZV6 / WKN: A3LWZV) - DMR Rechtsanwälte – informiert zu den aktuellen Entwicklungen. Mit Beschluss vom 15.09.2025 hat das Amtsgericht Charlottenburg die vorläufige Insolvenzverwaltung über das Vermögen der BAGR Berliner Aluminiumwerk GmbH angeordnet. Dem Beschluss ging ein Eigenantrag der Schuldnerin voraus. Zum vorläufigen Insolvenzverwalter wurde Herr Rechtsanwalt Dr. Philipp Grauer, Hausvogteiplatz 11, 10117 Berlin, bestellt.
Ob das Insolvenzverfahren tatsächlich eröffnet wird, hängt nun von der Bewertung des vorläufigen Verwalters und der wirtschaftlichen Situation des Unternehmens ab. Zugleich hat das Gericht zur Sicherung der Vermögensmasse u. a. angeordnet, dass Zwangsvollstreckungen gegen die BAGR Berliner Aluminiumwerk GmbH untersagt sind (§ 21 Abs. 2 Nr. 3 InsO) und Verfügungen nur noch mit Zustimmung des vorläufigen Insolvenzverwalters wirksam werden (§ 21 Abs. 2 Nr. 2 InsO). Innerhalb der Ferralum-Gruppe fungiert die BAGR Berliner Aluminiumwerk GmbH als eine Holdinggesellschaft, die verschiedene Beteiligungen im Aluminiumrecycling sowie im Schüttgut- und Eisenmetallgeschäft bündelt. Dazu zählen unter anderem Beteiligungen an der Stockach Aluminium GmbH und der Indi Invest S.à r.l., die wiederum eine 100%-Beteiligung an der MCOM Investments Limited, die die „NewMoney-Anleihe“ emittiert hat, hält. Unterhalb der MCOM Investments Limited besteht eine indirekte Minderheitsbeteiligung (38,71 %) der BAGR an der Italiana Coke SpA. Für Rückfragen stehen wir unseren Mitgliedern unter 089 / 2020846-0 oder info@sdk.org gerne zur Verfügung. München, den 02.10.2025 SdK Schutzgemeinschaft der Kapitalanleger e.V.


BAGR Aluminiumwerk GmbH sottoposta a procedura fallimentare provvisoria
Egregi Signori,
Con questa newsletter desideriamo fornirvi importanti informazioni riguardanti
Ferralum Metals Group S.à r.l. ("Ferralum"). Il rappresentante comune dell'obbligazione 2024/2026 (ISIN: DE000A3LWZV6 / WKN: A3LWZV) -
DMR Rechtsanwälte - fornisce informazioni sugli ultimi sviluppi.
Con ordinanza del 15 settembre 2025, il Tribunale Distrettuale di Charlottenburg ha disposto la procedura fallimentare provvisoria per il patrimonio di BAGR Berliner Aluminiumwerk
GmbH. Tale ordinanza è stata preceduta da un'auto-richiesta del debitore.
L'avvocato Dr. Philipp Grauer, Hausvogteiplatz 11, 10117 Berlino, è stato nominato curatore fallimentare provvisorio.
L'effettiva apertura della procedura di insolvenza dipenderà dalla valutazione
dell'amministratore provvisorio e dalla situazione finanziaria della società.
Allo stesso tempo, a garanzia del patrimonio, il tribunale ha ordinato, tra l'altro, che
le procedure di pignoramento nei confronti di BAGR Berliner Aluminiumwerk GmbH siano vietate
(articolo 21 (2) n. 3 del Codice dell'insolvenza) e che le cessioni diventino efficaci solo con il consenso
dell'amministratore provvisorio dell'insolvenza (articolo 21 (2) n. 2 del Codice dell'insolvenza).
All'interno del Gruppo Ferralum, BAGR Berliner Aluminiumwerk GmbH
agisce come holding che raggruppa diversi investimenti nel riciclaggio dell'alluminio
e nel settore dei materiali sfusi e dei metalli ferrosi. Tra questi, tra gli altri,
investimenti in Stockach Aluminium GmbH e Indi Invest S.à r.l., che
a sua volta detiene una partecipazione del 100% in MCOM Investments Limited, emittente del "NewMoney Bond". Al di sotto di MCOM Investments Limited, BAGR detiene una partecipazione di minoranza indiretta (38,71%) in Italiana
Coke SpA.

Per qualsiasi domanda, si prega di contattare i nostri soci al numero +49 89 2020846-0 o all'indirizzo
info@sdk.org.
Monaco di Baviera, 2 ottobre 2025
SdK (Società per la Protezione degli Investitori di Capitale)
 
peccato

Rimborso Anticipato 1800800 Isin US001546AU45

LA DEPOSITARIA COMUNICA CHE, COME PREVISTO DAL REGOLAMENTO DEL PRESTITO, SI PROCEDERA’ AL RIMBORSO ANTICIPATO DEI SOTTO RIPORTATI PRESTITI OBBLIGAZIONARI:

US001546AU45 (1800800) AK STEEL 17-27 7% RIMB ANT 03/10/2025
 
la deriva del gruppo Metalcorp a un punto critico:

SDK
Newsletter 35 | Metalcorp Group S.A.

BAGR Aluminiumwerk GmbH unter vorläufiger Insolvenzverwaltung Sehr geehrte Damen und Herren, wir möchten Ihnen mit diesem Newsletter wichtige Informationen in Sachen Ferralum Metals Group S.à r.l. („Ferralum“) zukommen lassen. Der gemeinsame Vertreter der Anleihe 2024/2026 (ISIN: DE000A3LWZV6 / WKN: A3LWZV) - DMR Rechtsanwälte – informiert zu den aktuellen Entwicklungen. Mit Beschluss vom 15.09.2025 hat das Amtsgericht Charlottenburg die vorläufige Insolvenzverwaltung über das Vermögen der BAGR Berliner Aluminiumwerk GmbH angeordnet. Dem Beschluss ging ein Eigenantrag der Schuldnerin voraus. Zum vorläufigen Insolvenzverwalter wurde Herr Rechtsanwalt Dr. Philipp Grauer, Hausvogteiplatz 11, 10117 Berlin, bestellt.
Ob das Insolvenzverfahren tatsächlich eröffnet wird, hängt nun von der Bewertung des vorläufigen Verwalters und der wirtschaftlichen Situation des Unternehmens ab. Zugleich hat das Gericht zur Sicherung der Vermögensmasse u. a. angeordnet, dass Zwangsvollstreckungen gegen die BAGR Berliner Aluminiumwerk GmbH untersagt sind (§ 21 Abs. 2 Nr. 3 InsO) und Verfügungen nur noch mit Zustimmung des vorläufigen Insolvenzverwalters wirksam werden (§ 21 Abs. 2 Nr. 2 InsO). Innerhalb der Ferralum-Gruppe fungiert die BAGR Berliner Aluminiumwerk GmbH als eine Holdinggesellschaft, die verschiedene Beteiligungen im Aluminiumrecycling sowie im Schüttgut- und Eisenmetallgeschäft bündelt. Dazu zählen unter anderem Beteiligungen an der Stockach Aluminium GmbH und der Indi Invest S.à r.l., die wiederum eine 100%-Beteiligung an der MCOM Investments Limited, die die „NewMoney-Anleihe“ emittiert hat, hält. Unterhalb der MCOM Investments Limited besteht eine indirekte Minderheitsbeteiligung (38,71 %) der BAGR an der Italiana Coke SpA. Für Rückfragen stehen wir unseren Mitgliedern unter 089 / 2020846-0 oder info@sdk.org gerne zur Verfügung. München, den 02.10.2025 SdK Schutzgemeinschaft der Kapitalanleger e.V.


BAGR Aluminiumwerk GmbH sottoposta a procedura fallimentare provvisoria
Egregi Signori,
Con questa newsletter desideriamo fornirvi importanti informazioni riguardanti
Ferralum Metals Group S.à r.l. ("Ferralum"). Il rappresentante comune dell'obbligazione 2024/2026 (ISIN: DE000A3LWZV6 / WKN: A3LWZV) -
DMR Rechtsanwälte - fornisce informazioni sugli ultimi sviluppi.
Con ordinanza del 15 settembre 2025, il Tribunale Distrettuale di Charlottenburg ha disposto la procedura fallimentare provvisoria per il patrimonio di BAGR Berliner Aluminiumwerk
GmbH. Tale ordinanza è stata preceduta da un'auto-richiesta del debitore.
L'avvocato Dr. Philipp Grauer, Hausvogteiplatz 11, 10117 Berlino, è stato nominato curatore fallimentare provvisorio.
L'effettiva apertura della procedura di insolvenza dipenderà dalla valutazione
dell'amministratore provvisorio e dalla situazione finanziaria della società.
Allo stesso tempo, a garanzia del patrimonio, il tribunale ha ordinato, tra l'altro, che
le procedure di pignoramento nei confronti di BAGR Berliner Aluminiumwerk GmbH siano vietate
(articolo 21 (2) n. 3 del Codice dell'insolvenza) e che le cessioni diventino efficaci solo con il consenso
dell'amministratore provvisorio dell'insolvenza (articolo 21 (2) n. 2 del Codice dell'insolvenza).
All'interno del Gruppo Ferralum, BAGR Berliner Aluminiumwerk GmbH
agisce come holding che raggruppa diversi investimenti nel riciclaggio dell'alluminio
e nel settore dei materiali sfusi e dei metalli ferrosi. Tra questi, tra gli altri,
investimenti in Stockach Aluminium GmbH e Indi Invest S.à r.l., che
a sua volta detiene una partecipazione del 100% in MCOM Investments Limited, emittente del "NewMoney Bond". Al di sotto di MCOM Investments Limited, BAGR detiene una partecipazione di minoranza indiretta (38,71%) in Italiana
Coke SpA.

Per qualsiasi domanda, si prega di contattare i nostri soci al numero +49 89 2020846-0 o all'indirizzo
info@sdk.org.
Monaco di Baviera, 2 ottobre 2025
SdK (Società per la Protezione degli Investitori di Capitale)
tutto in malora, come da (mie) attese. Se ripenso al numero che hanno fatto questi....... :mad:
 
peccato

Rimborso Anticipato 1800800 Isin US001546AU45

LA DEPOSITARIA COMUNICA CHE, COME PREVISTO DAL REGOLAMENTO DEL PRESTITO, SI PROCEDERA’ AL RIMBORSO ANTICIPATO DEI SOTTO RIPORTATI PRESTITI OBBLIGAZIONARI:

US001546AU45 (1800800) AK STEEL 17-27 7% RIMB ANT 03/10/2025
porca trota....lo avevo da anni. pazienza. ma aveva cambiato isin.
 

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