Obbligazioni societarie Monitor bond Chimica Europa

[lorenzo63]

Mamma Basf..

BASF Eyes Organic Growth Rather Than China Takeovers, Welt Says


Dec. 28 (Bloomberg) -- BASF SE, the world’s biggest chemical company, plans to rely on organic expansion as emerging countries like China and India offer too few attractive takeover targets, newspaper Welt said in a statement previewing tomorrow’s edition, citing an interview with Chief Executive Officer Juergen Hambrecht.
Hambrecht said he sees early signs of a recovery in the chemical industry, though it will be difficult to achieve former growth rates, according to the newspaper.

 

[lorenzo63]

Aggiornamento 29/12/2009

Vedi l'allegato Chemical_Bonds_rev_Ste_25122009.xls

 

[Imark]

Ineos ritira i propri progetti di quotazione in borsa: non pare esserci interesse degli investitori. A fronte di una disponibilità in caso di leverage inferiore a 3x, per Ineos siamo sopra a 7x. Siccome la liquidità disponibile è ridotta, ed il fardello degli interessi pesante, torna a galla il discorso della cessione di asset, già infruttuosamente praticato per tutto il 2009, nel senso che non si sono trovati acquirenti.

Il titolo però risale, nonostante tutto, insieme con l'HY più speculativo in questi giorni, e si riporta a ridosso dei 70 OTC, e sopra quella quota sul retail tedesco..

Dal Financial Times

Ineos, debt and IPOs

Published: January 7 2010 02:00 | Last updated: January 7 2010 02:00

One day you are snapping up $9bn companies , the next you are struggling to placate antsy lenders. The tale of Ineos , which grew by acquisition into one of the UK's biggest private companies, is an everyday yarn of big ambitions now plagued by debt and a hint of hubris. Still struggling to repair its tattered balance sheet, Ineos has now surmised that an initial public offering is not an option for now.

The chemicals producer was at the early stages of looking at an IPO, but other debt-addled groups could well find themselves in a similar situation. Ineos is owned by management rather than financial sponsors but followed the latter's path of using debt as a currency and paid for doing so. In 2008, the latest available set of accounts, Ineos spent just shy of €900m (£811m) on interest and similar charges, substantially more than its gross profit. As at end-2008, the group had total net debt of €7.5bn. Last summer it succeeded in resetting the terms on its senior debt with hundreds of creditors, who took fright when demand plunged along with market visibility. Ineos and its advisers are now looking at other means of strengthening the balance sheet.

Ditto its peer group . Several highly-leveraged groups in private equity hands have been earmarked for IPOs. But the days of cashing out by taking heavily debt-burdened issues to market - such as, say, Debenhams when it returned to market in 2006 - are over.

KKR, which is planning to float up to six companies , is looking at selling new shares in HCA to repay loans, rather than cashing out itself. The hospital and outpatient group was one of the biggest buy-outs when KKR, Bain Capital and Merrill Lynch paid $33bn for it in 2007 and still has a huge chunk of debt. Ineos is likewise bowing to reality.

 

[lorenzo63]

Ineos

a seguire il post di Mark... (7/01/2009)....

Ineos Considering Options to Strengthen Balance Sheet


Ineos says it is considering a number of strategic options, including full or partial disposals and bringing in new partners, to strengthen its balance sheet and reduce debt, currently put at more than €7 billion ($10 billion). The company has played down a report in today's Financial Times that it had considered an initial public offering (IPO) but put that plan on ice. It says it is not commenting on market rumors. An IPO is not high on Ineos's list of priorities, sources say, adding that the timing for a listing would also not be right at present.

There is a broad range of options that the company is considering to improve its balance sheet. Ineos announced last year that it is in talks with PetroChina on a possible investment by the Chinese company in Ineos's Grangemouth refinery in the U.K. This would involve an injection of money and a tie-in with a significant global refining company. Ineos is also talking with a number of other potential investors on the Grangemouth refinery and other assets. There is a broad range of improvements that the company is considering and asset disposals may be a part of that program. Business is also improving. "We are seeing volumes returning to normal bottom-of-cycle conditions," the company says, adding that cost savings it has put in place have put it in good shape as demand returns.

Ineos last year reached agreement with its senior lenders on a package of amendments to its financing arrangements, including a reset of its financial covenants. The company at the same time presented a new, five-year business plan, covering its Ebitda and expenditure profile as well as how it sees its business operating over the next five years. As part of that program Ineos reduced its capital expenditure and put several growth projects on hold.

 

[lorenzo63]

Evonik Completes Purchase of Lilly U.S. Pharmaceutical Facility

| January 7, 2010


Evonik Industries says it has completed its proposed acquisition of Eli Lilly’s Tippecanoe Laboratories (Lafayette, IN), a manufacturing facility for active pharmaceutical ingredients (APIs) and intermediates. Financial details were not disclosed. Evonik had announced plans to purchase the facility in October 2009. The site has a workforce of 650.

Evonik says the deal includes a long-term partnership with Lilly for the production of APIs and intermediates. The site will be fully integrated into its global production and marketing network, Evonik adds.

 

[lorenzo63]

Aggiornamemto 8 gennaio 2010

Salita un po' generalizzata di tutti gli emittenti...

Vedi l'allegato Chemical_Bonds_rev_Ste_25122009.xls

 

[lorenzo63]

K+S increases salt production as demand soars in bad weather

K+S aumenta la produzione di sale per le condizioni climatiche avverse...


--Kali und Salz (K+S) will increase production of de-icing salt by 20% to cope with rising demand caused by the current adverse weather across Europe, the German fertilizer and salts group said on Friday.
The company said that its stockpile had nearly diminished due to the current cold weather and that in the short term it had decided to modify production at three of its potash mines in Germany in order to extract extra sodium chlorine (NaCl).
“Due to the bad weather, we have been experiencing great business - the de-icing business is booming right now,” K+S spokesman Michael Wudonig said.
“We have been producing [de-icing salt] at full capacity for about two weeks now in all three of our mines in Germany,” Wudonig added.
K+S said it currently produced between 18,000 and 20,000 tonnes per day of salt and that the 20% extra production would come from its potash mines.
The company added that it would be evaluating other possibilities, including importing from its salt subsidiary Sociedad Punta de Lobos (SPL) in Chile South America, which K+S bought in April 2006 for $477m (€331.6m), and from Molton salt in North America, which was bought for $1.68bn from Dow Chemical in November 2009, if the cold weather continued.
Investment bank Cazenove said on Friday that K+S's salt division was expected to generate 38% of group sales in 2010 and a similar proportion of profits compared to 2008 when salt accounted for just 13% of group sales.
Cazenove added that 40% of the salts division's sales was forecast to come from de-icing material and that the strong demand K+S was receiving for its salt products was encouraging for the company's estimated earnings.
K+S said it was too early to say if this increase in demand would mean a successful financial quarter

 

[Imark]

Ineos ha emesso il famoso bond con cui ripagherà il prestito ponte delle banche erogato per l'effettuazione dell'ultima delle sue acquisizioni. L'emittente è Kerling Plc, una società di proprietà del gruppo Ineos, ma esterna allo stesso.

Con l'occasione CloroVinyls è stata conferita alla società emittente, così da rafforzarne la struttura patrimoniale, e si è deciso di richiamare il bond 2011 (emesso per 160 mln euro). La nuova emissione ha l'importo previsto di 750 mln euro.

Tutte notizie di fonte Jyske.

Ineos redeems Evcina €9.125% 2011

In a press release, Ineos said that it plans to issue a new bond to the tune of EUR 785m to finance the acquisition of Norsk Hydro ASA’s polymers activities in 2007. The acquisition has so far been financed via a bridge facility. The new bond will be issued by Kerling Plc., a company owned by Ineos but outside the Ineos Group.

In connection with the establishment of Kerling, Ineos will place ChlorVinyls under the new company. Following this reorganisation, Ineos announced that it will redeem the bond issue Evcina €9.125%. The bond issue may be redeemed at 30 days’ notice at par. We will soon publish an updated recommendation of Ineos

 

[nik.sala]

Ineos ha emesso il famoso bond con cui ripagherà il prestito ponte delle banche erogato per l'effettuazione dell'ultima delle sue acquisizioni. L'emittente è Kerling Plc, una società di proprietà del gruppo Ineos, ma esterna allo stesso.

Con l'occasione CloroVinyls è stata conferita alla società emittente, così da rafforzarne la struttura patrimoniale, e si è deciso di richiamare il bond 2011 (emesso per 160 mln euro). La nuova emissione ha l'importo previsto di 750 mln euro.

Tutte notizie di fonte Jyske.

Ineos redeems Evcina €9.125% 2011

In a press release, Ineos said that it plans to issue a new bond to the tune of EUR 785m to finance the acquisition of Norsk Hydro ASA’s polymers activities in 2007. The acquisition has so far been financed via a bridge facility. The new bond will be issued by Kerling Plc., a company owned by Ineos but outside the Ineos Group.

In connection with the establishment of Kerling, Ineos will place ChlorVinyls under the new company. Following this reorganisation, Ineos announced that it will redeem the bond issue Evcina €9.125%. The bond issue may be redeemed at 30 days’ notice at par. We will soon publish an updated recommendation of Ineos

ciao mark,
nonostante i tuoi consigli io il bond 2011 il 17/11/2009 l'ho preso, al prezzo di 73,20...
Hai ulteriori news su quando verrà richiamato ???

 

[Imark]

ciao mark,
nonostante i tuoi consigli io il bond 2011 il 17/11/2009 l'ho preso, al prezzo di 73,20...
Hai ulteriori news su quando verrà richiamato ???

Ho visto: che cul... ehm ... era evidentemente un titolo dalle grandi prospettive...

Se le ho, le posto...