Obbligazioni societarie Monitor bond Chimica Europa

[fabriziof]

Ineos, terzo gruppo petrolchimico mondiale, ha ottenuto oggi dagli obbligazionisti il consenso a rifinanziare una porzione significativa del debito senior con le banche attraverso l'emissione di un bond da circa 1 mld. L'operazione finanziaria, una volta conclusa, collocherà Ineos in una posizione più forte e competitiva sul mercato. Probabile anche un aumento del rating da parte delle agenzie e preludio alla prossima quotazione in borsa.
Questa manovra segue di pochi giorni quella appena formalizzata di spostamento della sede legale da Londra in Svizzera con in preciso scopo di far risparmiare al colosso chimico britannico oltre 400 mln di euro in tasse.


Published on April 19th 2010
INEOS Group Limited receives lender consent to make a significant prepayment of its Senior Debt through the issuance of new senior secured notes.

INEOS Group Limited is pleased to announce that it has received the consent of its lenders, supporting plans to re-finance a significant proportion of its senior term loan debt. The company has now received acceptance from more than 90% of its lenders, necessary to agree the change. The agreed consent permits a replacement financing in the form of senior secured notes and term loans with maturity of at least 5 years, expected to total around €1 billion.
INEOS has weathered the current recession well. Full year HC EBITDA for 2009 was €1,222m compared to €594m in 2008. It met budget for the full year 2009 and is trading well ahead of its business plan in the early months of 2010. The transaction, when completed, will place the Group in a stronger position as trading improves and is the next step in the company’s plan to improve liquidity and reduce risk. Lenders will benefit from a repayment at par of a significant amount of the existing senior term loan exposure, as well as a remaining exposure to an improved credit and reduced re-financing risk in the near-term.

uscito oggi da ineos 2016 con upside in 8 mesi di oltre 50% per qualche altra avventura.

 

[qquebec]

Migliorano i conti di Ineos nel primo trimestre 2010

Ottimi i conti del primo trimestre dell'anno per Inoes, terzo gruppo petrolchimico mondiale. I ricavi sono saliti del 47% rispetto allo stesso periodo del 2009 attestandosi a 5,6 mld di euro. L'ebitda è più che raddoppiato passando da 201 a 494 mln di euro. La domanda di prodotti chimici è stata sostenuta in tutti i settori industriali di Ineos e i margini del gruppo sono aumentati anche grazie all'aumento del prezzo del petrolio. Il debito della holding si è attestato a 7,1 mld di euro al 31 marzo, mentre le disponibilità di cassa sono salite a 745 mln anche per effetto della vendita delle attività del fluoro in Messico per 350 mln di dollari. C'è attesa per il lancio di un nuovo bond da circa 1 mld di euro, dopo il "nulla osta" dato dagli obbligazionisti alla società. A breve, anche un probabile aumento del rating da parte delle agenzie

 

[lorenzo63]

Aggiornamenti 26 Aprile 2010

Purtropo venerdi 23 nn fu possibile l' aggiornamento dei dati ... fatto oggi..

IL file per chi dsesiderasse disporne..
Vedi l'allegato Chemical_Bonds_rev_Ste_25122009.xls

 

[lorenzo63]

Cognis: strong performance & excellent Q1 2010 results

Global specialty chemicals supplier Cognis announces excellent preliminary operating results in the first quarter of 2010, significantly exceeding results of the first quarter of 2009. Cognis recorded double-digit sales growth of 10.6 percent to 728 million euros, mainly due to a pickup in business conditions leading to a recovery of sales volumes across all business units (plus 14.2 percent). Cognis also achieved a strong operating result (adjusted EBITDA) of 131 million euros which increased significantly by 79.6 percent compared to the first quarter of 2009. As a result, return on sales (adjusted EBITDA as a percentage of sales) improved by 6.9 percentage points to 17.9 percent.
Net profit for the period also increased significantly, reaching 47 million euros compared to a net loss of 33 million euros in Q1 2009. Cognis’ free cash flow generation was 40 million euros despite the increased business activity and therefore necessary seasonal investments in trade working capital for the first quarter of 2010.

The full announcement may be also found on the Cognis Investor Relations website.

Cognis will publish detailed figures on the first quarter performance in its quarterly report, which is due to be released on May 26, 2010.

Cognis GmbH is the issuer of the Senior Secured Floating Rate Loans and Notes (which bear interest of 3-month-EURIBOR + 2.0% for Euro Debt and USLIBOR + 2.0% for USD Debt) and the Senior Notes (which bear interest at 9.5%). Cognis Holding GmbH is the issuer of the PIK Loans (which bear interest at 3-month-EURIBOR + 7.0%).

 

[nik.sala]

Ottimi i conti del primo trimestre dell'anno per Inoes, terzo gruppo petrolchimico mondiale. I ricavi sono saliti del 47% rispetto allo stesso periodo del 2009 attestandosi a 5,6 mld di euro. L'ebitda è più che raddoppiato passando da 201 a 494 mln di euro. La domanda di prodotti chimici è stata sostenuta in tutti i settori industriali di Ineos e i margini del gruppo sono aumentati anche grazie all'aumento del prezzo del petrolio. Il debito della holding si è attestato a 7,1 mld di euro al 31 marzo, mentre le disponibilità di cassa sono salite a 745 mln anche per effetto della vendita delle attività del fluoro in Messico per 350 mln di dollari. C'è attesa per il lancio di un nuovo bond da circa 1 mld di euro, dopo il "nulla osta" dato dagli obbligazionisti alla società. A breve, anche un probabile aumento del rating da parte delle agenzie

sarebbe una manna...

 

[lorenzo63]

sarebbe una manna...

Guarda che stai sempre parlando di un superciofecone...trading stretto stretto...Fino a qualche mese addietro (di prima mano nn per sentito dire) nn avevano i soldi (in diversi plant nn in tutti) per pagare i fornitori, i quali davano la merce solo dietro pagamento...idem gli stipendi...

Ciao Nick... Ti auguro un Buona Giornata.

 

[nik.sala]

Guarda che stai sempre parlando di un superciofecone...trading stretto stretto...Fino a qualche mese addietro (di prima mano nn per sentito dire) nn avevano i soldi (in diversi plant nn in tutti) per pagare i fornitori, i quali davano la merce solo dietro pagamento...idem gli stipendi...

Ciao Nick... Ti auguro un Buona Giornata.

lo so bene lorenzo...io fortunatamente resto con un pmc di 35,10 del uglio 2009, quindi ho un bel cuscinetto con cui proteggermi...graize cmq delle info, non esitare a postarle nel caso, ti ringrazio infinitamente

 

[lorenzo63]

Dow Earnings Rebound Strongly

Dow Chemical profits rebounded strongly in the first quarter on continued margin improvement and a broadening global recovery in demand.

The company posted net income from continuing operations of $552 million in the first quarter, up from $24 million in the year-ago quarter and $178 million in fourth-quarter 2008. Reported profit was 43 cts/share excluding certain one-time items, well above the mean analyst estimate of 30 cts/share reported by Thomson One (New York). Dow earned 11 cts/share in the year-ago quarter.

Sales were $13.4 billion, up 33% from the year-ago quarter on a pro forma basis excluding divestitures. The company reported a 16% increase in volume and a 17% increase in price. North America and the Europe, Mideast and Africa (EMEA) regions both had volume growth of 11%, while emerging regions delivered volume growth of 27% versus the year-ago quarter. Greater China volumes were up 46%, while Brazil, India and Eastern Europe all saw volumes gains of 20% or more.

Dow says the quarter's equity earnings from joint ventures were a record $304 million, up more than $200 million from a year ago, driven by improved results at Dow Corning and joint ventures in Kuwait.

“The earnings power of Dow’s new portfolio was evident this quarter with our robust sales growth driven by significant volume and price increases in all geographic areas, with notable improvements in North America and Europe,” says Andrew Liveris, Dow chairman and CEO. “When combined with broad-based Ebitda margin expansion and record equity earnings, this enabled us to achieve greatly improved operating results.”

The company’s global operating rate in the first quarter of 2010 was 83%, a 15 percentage point increase from first-quarter 2009. On a sequential basis, Dow’s operating rate increased 7 percentage points.

“Our double-digit volume improvements in North America and Europe are positive signs that demand growth is returning to developed markets," Liveris says. "Strengthening consumer spending in areas such as electronics, appliances and automotive, combined with strong growth in emerging geographies, are driving broad-based manufacturing momentum. This, coupled with our global operating rates returning to levels not seen since the second quarter of 2008, points increasingly to a sustainable upturn."

 

[lorenzo63]

Qatar Firm Makes Conditional Offer for Vinyls Italia

Ramco Trading & Contracting (Doha) has made a conditional offer for troubled vinyl chloride monomer and polyvinyl chloride producer Vinyls Italia (Porto Marghera, Italy). The offer was made on April 24, the closing date fixed by Vinyls Italia’s government-appointed administration commissars for receiving offers under conditions set out in their “offer for sale,” published at the end of March.
However, the Ramco offer does not meet the conditions of the sale offer. It was not sent to all three commissars as stipulated, but to only one of them, and sets out different conditions from those in the offer for sale, local reports say. Details of Ramco’s offer should be made public later this week. It is not clear if the offer will be sufficient to prevent Vinyls Italia from being liquidated, which would happen if it is decreed that the commissars’ offer for sale has gone formally unanswered.
Representatives of Ramco are currently in Italy to hold talks with energy company ENI (Rome) about the possible acquisition of facilities, currently operated by ENI subsidiaries Polimeri Europa and Syndial, that would supply raw materials to Vinyls Italia, which ceased production in early summer 2009. But these discussions will come to nothing if Ramco’s offer for Vinyls Italia is rejected.
Vinyls Italia was formerly owned by Ineos, which sold the business to businessman Fiorenzo Sartor early last year. Sartor put the company into special adminstration only weeks later.

 

[lorenzo63]

Ineos Reports Strong Improvement in Trading Performance

neos, based on "management information," reported a more than doubling in historical cost Ebitda (HC Ebitda) for the first quarter of 2010, to €494 million compared with the corresponding period of 2009. HC Ebitda increased 68% compared with the previous quarter. Ineos's first-quarter sales increased 47% compared with the year-ago period, to €5.6 billion.
Combined replacement cost Ebitda for refining and historical cost Ebitda for chemicals (RC/HC Ebitda) was €474 million in the first quarter of 2010, compared with €154 million in the first quarter of 2009 and €267 million in the fourth quarter of 2009. Ineos says it saw "record levels of profitability" across its chemicals businesses in the month of March. Total RC/HC Ebitda were €230 million for the month, more than double the same period last year. Ineos says it now uses RC/HC Ebitda to measure its compliance with the financial covenants under its senior banking facility.
Ineos reports "strong" demand for chemical intermediates such as acrylonitrile and phenol "across all sectors and regions." Demand for olefins and polymers (O&P) was also strong in Europe, "with propylene especially tight" in the quarter. The O&P business in North America "continued to benefit from its flexibility to be able to utilize cheaper gas feedstocks to improve margins," Ineos says.
Ineos's net debt was about €7.1 billion at the end of March 2010.

Se ripeto dovesse continuare cosi avremmo un un rapporto Debt/Ebidta 3,3/1; piu' realisticamente, stante la frenata che c'è da un mese o poco piu sarà attorno 4,5/5x fine anno...