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


Assessment of the SdK
From our point of view, the intended restructuring is little
small investor friendly. Because every previous bondholder has to subscribe to the New Money Senior Bonds against more money in order to also receive Reinstated Elevated Bonds. Without new money, current bondholders only receive the reinstated bonds as well as unsecured and subordinated junior bonds. In addition, the offered interest rate of 6.75% p.a. for the secured bonds or 6% - 10% for the unsecured subordinate bond is questionable, since the secured bonds are likely to entail significantly lower default risks.
The company had published in an earlier report that the bondholders would have to expect an insolvency rate of around 6% in an insolvency liquidation scenario, without further substantiating this. Assuming that this estimate is close to correct, restructuring would be the more advantageous option for bondholders, even if they do not want to provide more money for the new bonds.
Should the proposals for decisions by means of the notified written procedures
necessary majority, we would clearly advise you to pay the New Money
Senior Bonds to acquire the Reinstated Elevated Bonds on a pro rata basis
Receive.
 
fabriziof ha scritto:

Assessment of the SdK
From our point of view, the intended restructuring is little
small investor friendly. Because every previous bondholder has to subscribe to the New Money Senior Bonds against more money in order to also receive Reinstated Elevated Bonds. Without new money, current bondholders only receive the reinstated bonds as well as unsecured and subordinated junior bonds. In addition, the offered interest rate of 6.75% p.a. for the secured bonds or 6% - 10% for the unsecured subordinate bond is questionable, since the secured bonds are likely to entail significantly lower default risks.
The company had published in an earlier report that the bondholders would have to expect an insolvency rate of around 6% in an insolvency liquidation scenario, without further substantiating this. Assuming that this estimate is close to correct, restructuring would be the more advantageous option for bondholders, even if they do not want to provide more money for the new bonds.
Should the proposals for decisions by means of the notified written procedures
necessary majority, we would clearly advise you to pay the New Money
Senior Bonds to acquire the Reinstated Elevated Bonds on a pro rata basis
Receive.
Clicca per allargare...
Questa dovrebbe essere la richiesta della società se non sbaglio e se ancora dobbiamo votare io voterò contro. Nuova liquidità? non mi pare il caso....
 
Per chi ha garfunhelux holdco 3,; Nuova ristrutturazione;

In sintesi, la società sta sollecitando il consenso dei titolari ad estendere la data di pagamento degli interessi e di spostare da 30 a 120 giorni il Grace Period (periodo di tempo successivo alla scadenza di un pagamento dovuto (cedola o rimborso capitale) durante il quale l’emittente può ancora effettuare il pagamento senza essere considerato in default).

Di seguito il dettaglio dell’operazione:



CONSENT . THE COMPANY IS SOLICITING

CONSENTS FROM HOLDERS TO EXTEND BOTH

THE INTEREST PAYMENT DATE AND THE GRACE

PERIOD. . PROPOSED AMEN DMENTS: . THE

PROPOSED 50PCT AMENDMENTS AND THE PROPOSED

90PCT AMENDMENTS, COLLECTIVELY. . WITH

THE CONSENT FROM HOLDERS OF AT LEAST

50PCT IN AGGREGATE PRINCIPAL AMOUNT

OF EXISTING NOTES THEN OUTSTANDING

AND ENTITLED TO VOTE, AMEND THE EXISTING

INDENTURE TO EXTEND THE GRACE PERIOD

FOR INTEREST PAYMENTS ON THE EXISTING

NOTES FROM 30 DAYS TO 120 DAY S FOR

EACH OF . (A) THE INTEREST PAYMENT

DUE UNDER THE EXISTING FRNS ON 01FEB26

IN RESPECT OF THE INTEREST PERIOD FROM

01NOV25 TO (BUT EXCLUDING) 01FEB26

(THE EXISTING FRNS FEBRUARY 2026 COUPON)

. (B) THE INTEREST PAYMENT DUE UNDER

THE EXISTING FRNS ON 01MAY26 IN RESPECT

OF THE INTEREST PERIOD FROM 01FEB26

TO (BUT EXCLUDING) 01MAY26 (THE EXIST

ING FRNS MAY 2026 COUPON) AND . (C)

THE INTEREST PAYMENT DUE UNDER THE

EXISTING SSNS ON 01MAY26 IN RESPECT

OF THE INTEREST PERIOD FROM 01NOV25

TO (BUT EXCLUDING) 01MAY26 (THE EXISTING

SSNS MAY 2026 COUPON). . PROPOSED 90PCT

AMENDMENTS: WITH THE CONSENT OF HOLDERS

REPRESENTING AT LEAST 90PCT OF THE

AGGREGATE PRINCIPAL AMOUNT OF THE EXISTING

NOTES THEN OUTSTANDING AND ENTITLED

TO VOTE, AMEND THE EXISTING INDENTURE

TO DEFER UNTIL 30JUN26 THE PAYMENT

OF EACH OF . (A) THE EXISTING FRNS

FEBRUARY 2026 COUPON, . (B) THE EXISTING

FRNS MAY 2026 COUPON AND . (C) THE

EXISTING SSNS MAY 2026 COUPON.
 
Xerox Unveils Capital Reorganization Plan
Xerox Holdings has launched a major balance-sheet restructuring aimed at cutting debt and restoring financial stability. The company distributed warrants to shareholders on 9 February 2026, giving one warrant for every two shares owned. Each warrant can be exercised at $8/share until February 2028. Investors may either pay cash or exchange certain Xerox bonds maturing in 2028, 2029 and 2039 for equity. The list of bonds that can be exchanged for warrants are shown in the table below:​
mail
The structure is designed to reduce the company’s heavy debt load. A full cash exercise could raise about $618mn, while debt-for-equity exchanges would immediately lower liabilities and future interest costs. However, analysts note that the plan risks substantial shareholder dilution. Xerox has registered more than 82mn new shares for potential issuance and an additional 5.2mn shares for resale from an adviser. If all warrants are exercised, total shares outstanding could rise roughly 64% to over 211mn, likely weakening its earnings per share. The restructuring comes as Xerox continues to face severe market challenges, with the management prioritizing reducing interest-bearing debt to create room for an operational turnaround. ​
 
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