Obbligazioni societarie Monitor bond Telecom Europa VII (agosto - dicembre 2009)
- Creatore Discussione Imark
- Data di Inizio
- Stato
lorenzo63
Age quod Agis
The Battle for Wind Hellas
One of Europe's most hotly contested restructuring battles is destined to go another round. Senior bondholders in Wind Hellas Telecommunications recently voted to accept an offer from owner Weather Investments, backed by entrepreneur Naguib Sawiris, to inject fresh equity into the Greek telecom group at the cost of wiping out €1.2 billion ($1.78 billion) of junior debt. But the junior bondholders are fighting back with a counterbid. It still mightn't be enough.
The recession has hit Wind Hellas hard: Burdened with a €3 billion debt pile, earnings have slumped and debt to its earnings before interest, taxes, depreciation and amortization, or Ebitda, has soared to more than nine times. It has burnt through its cash and missed an interest payment in October.
Weather's bid was hardly a knockout blow. It is offering €125 million of new equity, which, after costs and a 2% consent fee for senior creditors, would provide just €50 million of cash for the business. Weather will retain control of a company with an enterprise value of about €1.9 billion and will bag any equity upside. But Wind Hellas still would remain highly leveraged at about 5.8 times 2009's expected Ebitda of €320 million. For senior bondholders concerned about the looming refinancing of €1.2 billion of debt in 2012, that may be too high for comfort.
But the subordinated bondholders' bid has its own drawbacks. They are proposing to put up more equity: €200 million, which amounts to €100 million of cash for the company after costs and fees. Senior bondholders are being offered higher consent fees and interest rates. But the subordinated debt won't be completely written off. That is potentially great news for the subordinated bondholders themselves. If they were to take a 70% haircut, their debt could be worth €350 million, way above the €30 million the market is valuing it at, plus they could gain on the equity stake. But leverage would be 6.8 times.
Senior bondholders need to weigh the benefits of more upfront cash versus the prospects for refinancing in 2012. Crucial will be their view of the two camps' ability to access capital markets and the credibility of management's strategy. But with limited upside in the deal themselves, their own debt trades at about 80% to 90% of par value, the more-conservative offer may be hard to beat.
One of Europe's most hotly contested restructuring battles is destined to go another round. Senior bondholders in Wind Hellas Telecommunications recently voted to accept an offer from owner Weather Investments, backed by entrepreneur Naguib Sawiris, to inject fresh equity into the Greek telecom group at the cost of wiping out €1.2 billion ($1.78 billion) of junior debt. But the junior bondholders are fighting back with a counterbid. It still mightn't be enough.
The recession has hit Wind Hellas hard: Burdened with a €3 billion debt pile, earnings have slumped and debt to its earnings before interest, taxes, depreciation and amortization, or Ebitda, has soared to more than nine times. It has burnt through its cash and missed an interest payment in October.
Weather's bid was hardly a knockout blow. It is offering €125 million of new equity, which, after costs and a 2% consent fee for senior creditors, would provide just €50 million of cash for the business. Weather will retain control of a company with an enterprise value of about €1.9 billion and will bag any equity upside. But Wind Hellas still would remain highly leveraged at about 5.8 times 2009's expected Ebitda of €320 million. For senior bondholders concerned about the looming refinancing of €1.2 billion of debt in 2012, that may be too high for comfort.
But the subordinated bondholders' bid has its own drawbacks. They are proposing to put up more equity: €200 million, which amounts to €100 million of cash for the company after costs and fees. Senior bondholders are being offered higher consent fees and interest rates. But the subordinated debt won't be completely written off. That is potentially great news for the subordinated bondholders themselves. If they were to take a 70% haircut, their debt could be worth €350 million, way above the €30 million the market is valuing it at, plus they could gain on the equity stake. But leverage would be 6.8 times.
Senior bondholders need to weigh the benefits of more upfront cash versus the prospects for refinancing in 2012. Crucial will be their view of the two camps' ability to access capital markets and the credibility of management's strategy. But with limited upside in the deal themselves, their own debt trades at about 80% to 90% of par value, the more-conservative offer may be hard to beat.
cicciotokyo
Nuovo forumer
DJ TDC, France Telecom Merge Swiss Operations 25.11.09
DJ TDC, France Telecom Merge Swiss Operations
25.11.09 10:20:04- TSGE
Danish telecommunications provider TDC and France Telecom agree to merge their Swiss operations to tackle rival and Swiss market leader Swisscom. TDC will receive €1.5 billion from France Telecom. --France Telecom Might Cut Jobs In Swiss Deal
Danish telecommunications provider TDC (TDC.KO) and France Telecom (FTE) said
Wednesday they have agreed to merge their Swiss operations in a move to tackle
rival and Swiss market leader Swisscom AG (SMCN.VX).
Under the agreement, which unites France Telecom's Orange Communications and
TDC's Sunrise Communications units, TDC receives EUR1.5 billion from France
Telecom which will in turn be the major shareholder of the new entity with a
share of 75%.
"We are pleased with the transaction and believe that the combination will
create a stronger player in the Swiss telecommunications market," TDC Chief
Financial Officer Jesper Ovesen said in a statement.
The move comes on the heels of France Telecom merging its U.K. operations with
those of German incumbent telecommunications services provider Deutsche Telekom
AG (DT) in September.
"The deal should bring significant synergies for TDC and France Telecom in
Switzerland which will hold around 38% in market share in the mobile market,"
said a strategist at Zuercher Kantonalbank. "Swisscom holds the remaining 60%,
which is still a lot, but the merger may put some pressure on Swisscom's
margins," he added.
The newly merged entity will have a 13% market share in broadband, and a
relatively small share of fixed line business, the companies said.
TDC said it expects the deal to result in an impairment charge of 4.3 billion
Danish kroner ($866.9 million), recognized in the fourth quarter, though the
company's full year outlook is unchanged.
France Telecom and TDC expect synergies of around EUR2.1 billion.
Head of the new entity will be Thomas Sieber, current Chief Executive Officer
of Orange Switzerland.
Closure is seen in the second quarter of 2010.
DJ TDC, France Telecom Merge Swiss Operations
25.11.09 10:20:04- TSGE
Danish telecommunications provider TDC and France Telecom agree to merge their Swiss operations to tackle rival and Swiss market leader Swisscom. TDC will receive €1.5 billion from France Telecom. --France Telecom Might Cut Jobs In Swiss Deal
Danish telecommunications provider TDC (TDC.KO) and France Telecom (FTE) said
Wednesday they have agreed to merge their Swiss operations in a move to tackle
rival and Swiss market leader Swisscom AG (SMCN.VX).
Under the agreement, which unites France Telecom's Orange Communications and
TDC's Sunrise Communications units, TDC receives EUR1.5 billion from France
Telecom which will in turn be the major shareholder of the new entity with a
share of 75%.
"We are pleased with the transaction and believe that the combination will
create a stronger player in the Swiss telecommunications market," TDC Chief
Financial Officer Jesper Ovesen said in a statement.
The move comes on the heels of France Telecom merging its U.K. operations with
those of German incumbent telecommunications services provider Deutsche Telekom
AG (DT) in September.
"The deal should bring significant synergies for TDC and France Telecom in
Switzerland which will hold around 38% in market share in the mobile market,"
said a strategist at Zuercher Kantonalbank. "Swisscom holds the remaining 60%,
which is still a lot, but the merger may put some pressure on Swisscom's
margins," he added.
The newly merged entity will have a 13% market share in broadband, and a
relatively small share of fixed line business, the companies said.
TDC said it expects the deal to result in an impairment charge of 4.3 billion
Danish kroner ($866.9 million), recognized in the fourth quarter, though the
company's full year outlook is unchanged.
France Telecom and TDC expect synergies of around EUR2.1 billion.
Head of the new entity will be Thomas Sieber, current Chief Executive Officer
of Orange Switzerland.
Closure is seen in the second quarter of 2010.
Imark
Forumer storico
Eccoci al dunque: l'operazione era da farsi (aveva senso industrialmente) e alla fine si è fatta. Il prezzo corrisposto da France Telecom per il controllo della jv svizzera (in cui TDC rimane socia per il 25%) genererà un'entrata di cassa di 1,5 mld euro (di cui, lo rammentiamo, almeno la metà da destinare obbligatoriamente ad abbattimento del debito, in forza dei covenant sul debito bancario secured di TDC) ed una impairment charge a carico della stessa TDC (in quanto il valore a bilancio dell'asset Sunrise eccedeva quello riconosciuto dall'operazione) attorno ai 500 mln euro.
L'obiettivo resta quello dell'uscita completa di TDC dalla Svizzera. A tale riguardo, aggiungo il link ad un articolo del Financial Times, che menziona una clausola dell'accordo France Telecom - TDC finalizzata a consentire appunto una uscita di TDC dalla jv (seppure in via opzionale) e di interesse per gli obbligazionisti del gruppo in considerazione dei possibili benefici in termini di future entrate di cassa:
FT.com / Telecoms - France Telecom and TDC to merge Swiss units
"To facilitate its ultimate exit, TDC’s remaining 25 per cent stake may be bought back by the merged company using cash flow from a buyback programme by the first quarter of 2014, giving the entire stake a net present value of €1.2bn."
Un ulteriore dettaglio circa il prezzo corrisposto da France Telecom per l'asset Sunrise è rinvenibile in questo dispaccio di Forbes (UPDATE 2-France Tel boosts Swiss business with TDC deal - Forbes.com) in cui un analista menziona un 9,5x l'EBITDA di Sunrise (il riferimento al margine è errato). Tale valore, seppure inferiore ai picchi degli LBO del 2005-2007 (con valori talvolta pari a 14-15x EBITDA delle società acquistate) resta di tutto rispetto per Sunrise, anche considerate le travagliate vicende della società svizzera e le difficoltà a generare un utile operativo in anni recenti:
'More consolidation is a good thing, so the markets are likely to see this as a positive,' said Robin Bienenstock, analyst at Bernstein Research. 'But it looks like France Telecom might have overpaid,' she said, adding that the deal seemed to imply a value of 9.5 times EBITDA margins.
Sempre restando a TDC, ieri è arrivata inoltre la comunicazione ufficiale della chiusura della cessione di Invitel e contestualmente l'annuncio della IPO prossima ventura per TDC, IPO alla quale potrebbe (ma è da vedersi) abbinarsi un aumento di capitale che pure gioverebbe agli obbligazionisti, generando una riduzione del profilo di rischio finanziario, ma del quale ancora nulla di preciso è stato detto...
Ulteriore dettaglio ancora incognito resta quello della misura della diluizione della quota di controllo che le 5 equity firms che operano tramite Nordic Telephone holding accetteranno per effetto della IPO e dell'eventuale aumento di capitale.
Un link alla notizia ufficiale dell'IPO..
UPDATE 1-TDC says main owners undertake strategy review | Deals | Private Capital | Reuters
Tutto ciò dovrebbe portare a conseguenze positive in termini di rating... vediamo tuttavia in quali tempi, giacché di solito le agenzie preferiscono attendere la chiusura delle operazioni prima di trarre le conseguenze del caso.
Imark
Forumer storico
Trimestrale di Portugal Telecom...
Direi che tutto sommato siamo in linea con la performance delle altre, ed i portoghesi, forti anche del lancio di nuovi pacchetti triple e quadruple play già da fine anno scorso, sfruttano un andamento favorevole del mercato domestico, non dovendo fronteggiare i problemi dei colleghi iberici di Spagna.
Il tutto si riflette nei dati del Q3/2009, che evidenziano un calo del fatturato pari al 2% e dell'EBITDA pari al 3%. Ottimo ancora una volta l'apporto ai conti di Vivo, la jv brasiliana controllata pariteticamente con Telefonica, il cui utile netto trimestrale continua ad essere in forte salita dopo la ristrutturazione occorsa un paio di anni fa.
RPT-UPDATE 1-Portugal Telecom Q3 net profit beats forecast
Tue Nov 17, 2009 4:55am EST
(Repeats to new USN)
* Q3 net 115.9 mln euros vs 108 mln fcast
* Net down 36 pct on year, hit by lower mobile call charges
* Higher financial costs also weigh
* Analysts cite strong domestic performance
* Shares flat, just outperform bourse
(Updates with analyst comments, details, stock price)
LISBON, Nov 17 (Reuters) - Portugal Telecom (PTC.LS) beat forecasts with a 36 percent fall in third-quarter net profit on Tuesday, boosted by a strong performance at its domestic TMN mobile unit and its Vivo Brazilian joint venture.
Net profit of 115.9 million euros ($173 million) was ahead of a forecast for 108 million. In the first nine months of the year net income declined 14 percent to 372 million euros.
Revenues dipped just over 2 percent in the quarter from a year earlier to around 1.74 billion euros, while earnings before interest, taxes, depreciation and amortisation (EBITDA) slipped nearly 3 percent to 657 million.
Analysts said the results reflected improving trends in PT's domestic market in spite of the severe recession.
"Aside from a strong Vivo contribution, we are encouraged by resilient domestic trends," JP Morgan said in a report, pointing to strong trends in PT's domestic TMN mobile phone unit.
In spite of lower mobile call charges, revenues at TMN fell only 2.7 percent to 398 million euros, beating expectations.
At 0915 GMT, shares in PT were flat at 8.0500 euros, outperforming the Lisbon PSI20 index .PSI20, which was 0.28 percent lower.
"We expect to positively revise our numbers on these results," JP Morgan said.
Deutsche Bank said the results were robust. "Overall the numbers were in-line with good commercial activity across all operations," it said.
PT's results were boosted by operations at Vivo (VIVO4.SA), Brazil's largest mobile phone carrier which is a joint venture between Portugal Telecom and Spain's Telefonica (TEF.MC). Earlier this month Vivo reported third-quarter net income of 340 million reais ($196 million), up from 133.9 million reais.
Analysts in a Reuters poll had expected, on average, revenues of around 1.73 billion euros and EBITDA of 638 million euros at Portugal's leading telecommunications company.
PT is investing heavily in a new fibre-optic network, set-top boxes and modems for its extending base of triple-play clients, combining pay-TV, Internet and phone services.
PT's stock, which has risen 30 percent since the start of 2009, trades at 13 times estimated 2010 earnings, a premium to Telefonica, which trades at 11.3 times. ($1=.6685 Euro) (Reporting by Andrei Khalip, Axel Bugge and Elisabete Tavares; editing by Simon Jessop)
Direi che tutto sommato siamo in linea con la performance delle altre, ed i portoghesi, forti anche del lancio di nuovi pacchetti triple e quadruple play già da fine anno scorso, sfruttano un andamento favorevole del mercato domestico, non dovendo fronteggiare i problemi dei colleghi iberici di Spagna.
Il tutto si riflette nei dati del Q3/2009, che evidenziano un calo del fatturato pari al 2% e dell'EBITDA pari al 3%. Ottimo ancora una volta l'apporto ai conti di Vivo, la jv brasiliana controllata pariteticamente con Telefonica, il cui utile netto trimestrale continua ad essere in forte salita dopo la ristrutturazione occorsa un paio di anni fa.
RPT-UPDATE 1-Portugal Telecom Q3 net profit beats forecast
Tue Nov 17, 2009 4:55am EST
(Repeats to new USN)
* Q3 net 115.9 mln euros vs 108 mln fcast
* Net down 36 pct on year, hit by lower mobile call charges
* Higher financial costs also weigh
* Analysts cite strong domestic performance
* Shares flat, just outperform bourse
(Updates with analyst comments, details, stock price)
LISBON, Nov 17 (Reuters) - Portugal Telecom (PTC.LS) beat forecasts with a 36 percent fall in third-quarter net profit on Tuesday, boosted by a strong performance at its domestic TMN mobile unit and its Vivo Brazilian joint venture.
Net profit of 115.9 million euros ($173 million) was ahead of a forecast for 108 million. In the first nine months of the year net income declined 14 percent to 372 million euros.
Revenues dipped just over 2 percent in the quarter from a year earlier to around 1.74 billion euros, while earnings before interest, taxes, depreciation and amortisation (EBITDA) slipped nearly 3 percent to 657 million.
Analysts said the results reflected improving trends in PT's domestic market in spite of the severe recession.
"Aside from a strong Vivo contribution, we are encouraged by resilient domestic trends," JP Morgan said in a report, pointing to strong trends in PT's domestic TMN mobile phone unit.
In spite of lower mobile call charges, revenues at TMN fell only 2.7 percent to 398 million euros, beating expectations.
At 0915 GMT, shares in PT were flat at 8.0500 euros, outperforming the Lisbon PSI20 index .PSI20, which was 0.28 percent lower.
"We expect to positively revise our numbers on these results," JP Morgan said.
Deutsche Bank said the results were robust. "Overall the numbers were in-line with good commercial activity across all operations," it said.
PT's results were boosted by operations at Vivo (VIVO4.SA), Brazil's largest mobile phone carrier which is a joint venture between Portugal Telecom and Spain's Telefonica (TEF.MC). Earlier this month Vivo reported third-quarter net income of 340 million reais ($196 million), up from 133.9 million reais.
Analysts in a Reuters poll had expected, on average, revenues of around 1.73 billion euros and EBITDA of 638 million euros at Portugal's leading telecommunications company.
PT is investing heavily in a new fibre-optic network, set-top boxes and modems for its extending base of triple-play clients, combining pay-TV, Internet and phone services.
PT's stock, which has risen 30 percent since the start of 2009, trades at 13 times estimated 2010 earnings, a premium to Telefonica, which trades at 11.3 times. ($1=.6685 Euro) (Reporting by Andrei Khalip, Axel Bugge and Elisabete Tavares; editing by Simon Jessop)
Imark
Forumer storico
Dopo le notizie, i bond del gruppo TDC - Nordic Telephone hanno fatto il botto sui mercati professionali, come era lecito attendersi: il TDC 2012 ha chiuso 105,04 - 106,01, last 105,5 e un 1,45% di gain sul giorno precedente, i due Nordic telephone 2016 hanno guadagnato in giornata rispettivamente 1% il TF e circa 0,8% il TV....
Imark
Forumer storico
Arriva ancora un altro tassello in questa vicenda: le modalità contemplano la fusione di TDC con Nordic Telephone Holding Company entro la fine del 2009 e prima della IPO.
Fra le altre conseguenze, oltre a quella in grassettato, il venir meno della condizione di subordinazione strutturale del debito NTC Holding rispetto al debito TDC ...
UPDATE 1-TDC says to merge with biggest owner NTC
Thu Nov 26, 2009 10:16am EST
* TDC to merger with majority owner on Jan. 1
* Says aim is to improve TDC's capital structure
* Deal "clear sign" of plans to float TDC -2nd biggest owner
(Adds detail, background, ATP comment)
COPENHAGEN, Nov 26 (Reuters) - Danish telecoms operator TDC (TDC.CO) has agreed to merge with its majority owner Nordic Telephone Company in what another of its owners said indicated NTC was planning a flotation of TDC.
TDC, which has been widely tipped as a candidate for a big stock offering, said last week NTC, a partnership of private equity firms, had begun reviewing "strategic alternatives" for the company. [ID:nGEE5AM2DZ]
"The purpose of the merger is to simplify the group structure and to optimise TDC's capital structure," TDC said in a statement on Thursday, adding the merger was likely to be adopted by TDC's board before year-end.
"This is a clear sign they are preparing for an IPO. They wouldn't need to optimise the capital structure for an industrial sale," said Bjaarne Graven, head of funds at Danish pension fund ATP, which owns about 5.5 percent of TDC.
"As it appears, net income will be lower after the merger. This is attributable primarily to additional depreciation, mainly due to amortization of customer relationships," TDC said.
Full-year 2009 sales and net income from continuing operations excluding special items would be in line with the 2008 level, it said.
NTC, which owns 88 percent of TDC, is a subsidiary of the holding company held by Apax Partners, the Blackstone Group (BX.N), Kohlberg Kravis Roberts (KKR) [KKR.UL], Permira Advisers [PERM.UL] and Providence Equity.
Any flotation of TDC would be only the second in years on the Copenhagen stock exchange after Danish low-cost airline Cimber Sterling said on Wednesday it would go through with plans to go public next week after a successful bookbuilding process. [ID:nGEE5AP07Z]
Shares in TDC were up 1.23 percent at 247 crowns at 1513 GMT, while the Copenhagen blue-chip index was down 1.1 percent. (Reporting by Anna Ringstrom and Peter Levring, Editing by Jon Loades-Carter) ((Copenhagen newsroom, tel: +45 33969649, e-mail: [email protected]))
albicocco
Forumer storico
Sul Sole di oggi notizie TIM HELLAS
Il furbo (o lestofante) egiziano aveva trasferito la sede dal Lussemburgo a Londra.
Un giudice (compiacente?) gli ha concesso " il " pre-package" e tiè ...stralciati 1,2 mld di debiti nonostante i fondi bondisti si opponessero Possibile? Ora Sawiris farà da cavaliere- faraone bianco si terrà la società e la ristutturerà Intanto Orascom e CCC!!!
Tutto troooppo facile: troverà imitatori?
Tremo al pensiero che tra essi possa esserci la ns. TI ?
Ma per il trasferimento di sede Tremonti ha l'azione d'oro? In ogni caso le società che emettono i bond TI hanno sede in Italia o all'estero?
Il furbo (o lestofante) egiziano aveva trasferito la sede dal Lussemburgo a Londra.
Un giudice (compiacente?) gli ha concesso " il " pre-package" e tiè ...stralciati 1,2 mld di debiti nonostante i fondi bondisti si opponessero Possibile? Ora Sawiris farà da cavaliere- faraone bianco si terrà la società e la ristutturerà Intanto Orascom e CCC!!!
Tutto troooppo facile: troverà imitatori?
Tremo al pensiero che tra essi possa esserci la ns. TI ?
Ma per il trasferimento di sede Tremonti ha l'azione d'oro? In ogni caso le società che emettono i bond TI hanno sede in Italia o all'estero?
Imark
Forumer storico
La sede a Londra l'aveva spostata appositamente, perché sapeva di quella giurisprudenza favorevole, che gli permetteva di sbarazzarsi senza colpo ferire degli obbligazionisti juniores (se ne era parlato anche in un articolo postato qui da me, in risposta ad una domanda mi pare di Nick.sala, se non erro).
Non ho letto il Sole di oggi, ma da quanto ho capito allora, secondo tale orientamento giurisprudenziale britannico, se è di tutta evidenza che non vi è valore disponibile nella società defaultata a disposizione dei creditori juniores, questi ultimi non hanno voce in capitolo per opporsi ad una bancarotta preconfezionata concordata dal debitore con i creditori seniores, stante il fatto i juniores non riceverebbero comunque nessun beneficio/recupero in caso la loro opposizione fosse accolta, e si andasse ad un default "classico"...
Tutto sommato, è una giurisprudenza non del tutto campata in aria, anche se capisco che ai creditori juniores non faccia piacere, ed invita a valutare costantemente il bilancio degli emittenti HY durante la vita di un bond ... se il recovery attendibile è pari a zero già da qualche anno, questa giurisprudenza ricorda a tutti che entrare in titoli di questo tipo è un enorme azzardo...
Ultima modifica:
albicocco
Forumer storico
I98mark è vero quello che dici sulla legislazione inglese.Però per quanto riguarda il bilancio , da grande incompetente come sono , mi sembra ci siano forti limiti.
Prescindendo dai falsi , se guardo il bilancio, Wind italiana sembra OK, macina liquidità e produce profitti.
Ma il lestofante non avrà ingarbugliato il tutto tramite fidejussioni, lettere di garanzia, convenant e imbrogli vari infragruppo, per cui anche Wind è spacciata?
Il bond di Wind Acquisition che io avevo venduto sotto la pari ora sta a105: questo vuol dire che il mercato ha verificato che il titolo , con sottostante il business Wind Italia , è "sterilizzato" dagli altri casini del gruppo o è solo un caso ?
I98mark grazie ancora per la competenza e la pazienza con cui fornisci informativa a chi come me è digiuno di finanza
Prescindendo dai falsi , se guardo il bilancio, Wind italiana sembra OK, macina liquidità e produce profitti.
Ma il lestofante non avrà ingarbugliato il tutto tramite fidejussioni, lettere di garanzia, convenant e imbrogli vari infragruppo, per cui anche Wind è spacciata?
Il bond di Wind Acquisition che io avevo venduto sotto la pari ora sta a105: questo vuol dire che il mercato ha verificato che il titolo , con sottostante il business Wind Italia , è "sterilizzato" dagli altri casini del gruppo o è solo un caso ?
I98mark grazie ancora per la competenza e la pazienza con cui fornisci informativa a chi come me è digiuno di finanza
- Stato
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