Obbligazioni societarie Monitor bond Utilities Europa I (gennaio - luglio 2009)
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Una operazione che abbiamo seguito poco qui è quella della acquisizione di Gas Natural da parte di Union Fenosa, a costituire quella che, per dimensioni, dovrebbe essere la quarta utility energetica spagnola.
A seguito del merger, S&P ha downgradato il rating di Gas Natural a BBB+ e tiene i rating in creditwatch fino a completamento dell'operazione, che ha ricevuto recentemente il via libera dall'authority energetica spagnola.
Il problema appare essere quello del debito e di scadenze importanti da rifinanziare nel biennio 2010-2011, sebbene le due società abbiano dichiarato che intendono dimezzare il capex complessivo delle due società nel periodo 2009-2012 portandolo a 8-9 mld euro e focalizzare sul deleverage dell'entità risultante dalla fusione.
Una eventuale ulteriore riduzione del rating, verosimilmente limitata ad 1 notch, dipenderà dalla struttura finanziaria finale e dalle strategie che verranno adottate in vista del contenimento del debito, del rifinanziamento delle scadenze prossime e del mantenimento di livelli di liquidità adeguati al servizio del debito.
Indico anche i bond delle due società, il secondo dei quali potrebbe forse offrire una opportunità moderatamente speculativa di investimento nel breve termine, se preso sotto la pari...
5% Union Fenosa Finance 2010
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=9232234
6,125% Gas Natural finance 2010
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=369061http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=369061
Spanish Utility Gas Natural Downgraded To 'BBB+/A-2' On Proposed Buyout Of Union Fenosa; Still On CreditWatch Negative
MILAN (Standard & Poor's) Feb. 20, 2009--Standard & Poor's Ratings Services said today that it has lowered its long- and short-term corporate credit ratings on Spanish utility Gas Natural SDG, S.A. to 'BBB+/A-2' from 'A/A-1' following Spain's national competition authority's approval, with conditions, of the group's acquisition of Spanish utility Union Fenosa S.A.
The ratings, which were placed on CreditWatch with negative implications on Aug. 1, 2008, on news of the acquisition, will remain on CreditWatch until completion of the transaction and our subsequent analysis of the enlarged group's credit profile.
"The downgrade reflects our expectation that the acquisition--which now seems highly likely to go ahead--will weaken Gas Natural's credit profile to levels no longer compatible with an 'A' category long-term rating," said Standard & Poor's credit analyst Monica Mariani.
We believe that the acquisition will materially weaken Gas Natural's financial profile, due to the size of the bid, the consolidation of Union Fenosa's debt, increasing refinancing risk, and execution risk pertaining to asset disposals.
Businesswise, Gas Natural will double its size, and the transaction will
likely have a moderately credit-dilutive effect on the group's business risk
due to Union Fenosa's comparatively higher business risk and the integration risks typical of large merger and acquisition deals.
We believe that liquidity is currently adequate, but significant refinancing needs loom ahead in 2010 and 2011.
The group has announced, however, that it intends to approximately halve its combined capital expenditures between 2009 and 2012 to €8 billion-€9 billion and focus on deleveraging. We therefore expect the enlarged group to be cash flow positive in the near term.
On Dec. 31, 2008, Union Fenosa reported €1.4 billion of debt maturing by year-end 2009 and had available undrawn committed credit lines and cash of about €1.65 billion.
We will resolve the CreditWatch status based on the outcome of the
completed transaction and our analysis of the enlarged group's credit profile.
"Our analysis will focus on the final acquisition disbursement, as well
as on the combined group's new business strategy and financial policies,
structure, and forecasts," said Ms. Mariani.
At this stage, we anticipate that a further downgrade, if any, would likely be limited to one notch.
We could affirm the ratings at their current level if we have sufficient reason to believe that the group will reach funds from operations coverage of adjusted debt of about 17%-18% by 2010 and then maintain this level, as well as significantly reduce its refinancing risk in both 2010 and 2011.
A seguito del merger, S&P ha downgradato il rating di Gas Natural a BBB+ e tiene i rating in creditwatch fino a completamento dell'operazione, che ha ricevuto recentemente il via libera dall'authority energetica spagnola.
Il problema appare essere quello del debito e di scadenze importanti da rifinanziare nel biennio 2010-2011, sebbene le due società abbiano dichiarato che intendono dimezzare il capex complessivo delle due società nel periodo 2009-2012 portandolo a 8-9 mld euro e focalizzare sul deleverage dell'entità risultante dalla fusione.
Una eventuale ulteriore riduzione del rating, verosimilmente limitata ad 1 notch, dipenderà dalla struttura finanziaria finale e dalle strategie che verranno adottate in vista del contenimento del debito, del rifinanziamento delle scadenze prossime e del mantenimento di livelli di liquidità adeguati al servizio del debito.
Indico anche i bond delle due società, il secondo dei quali potrebbe forse offrire una opportunità moderatamente speculativa di investimento nel breve termine, se preso sotto la pari...
5% Union Fenosa Finance 2010
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=9232234
6,125% Gas Natural finance 2010
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=369061http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=369061
Spanish Utility Gas Natural Downgraded To 'BBB+/A-2' On Proposed Buyout Of Union Fenosa; Still On CreditWatch Negative
MILAN (Standard & Poor's) Feb. 20, 2009--Standard & Poor's Ratings Services said today that it has lowered its long- and short-term corporate credit ratings on Spanish utility Gas Natural SDG, S.A. to 'BBB+/A-2' from 'A/A-1' following Spain's national competition authority's approval, with conditions, of the group's acquisition of Spanish utility Union Fenosa S.A.
The ratings, which were placed on CreditWatch with negative implications on Aug. 1, 2008, on news of the acquisition, will remain on CreditWatch until completion of the transaction and our subsequent analysis of the enlarged group's credit profile.
"The downgrade reflects our expectation that the acquisition--which now seems highly likely to go ahead--will weaken Gas Natural's credit profile to levels no longer compatible with an 'A' category long-term rating," said Standard & Poor's credit analyst Monica Mariani.
We believe that the acquisition will materially weaken Gas Natural's financial profile, due to the size of the bid, the consolidation of Union Fenosa's debt, increasing refinancing risk, and execution risk pertaining to asset disposals.
Businesswise, Gas Natural will double its size, and the transaction will
likely have a moderately credit-dilutive effect on the group's business risk
due to Union Fenosa's comparatively higher business risk and the integration risks typical of large merger and acquisition deals.
We believe that liquidity is currently adequate, but significant refinancing needs loom ahead in 2010 and 2011.
The group has announced, however, that it intends to approximately halve its combined capital expenditures between 2009 and 2012 to €8 billion-€9 billion and focus on deleveraging. We therefore expect the enlarged group to be cash flow positive in the near term.
On Dec. 31, 2008, Union Fenosa reported €1.4 billion of debt maturing by year-end 2009 and had available undrawn committed credit lines and cash of about €1.65 billion.
We will resolve the CreditWatch status based on the outcome of the
completed transaction and our analysis of the enlarged group's credit profile.
"Our analysis will focus on the final acquisition disbursement, as well
as on the combined group's new business strategy and financial policies,
structure, and forecasts," said Ms. Mariani.
At this stage, we anticipate that a further downgrade, if any, would likely be limited to one notch.
We could affirm the ratings at their current level if we have sufficient reason to believe that the group will reach funds from operations coverage of adjusted debt of about 17%-18% by 2010 and then maintain this level, as well as significantly reduce its refinancing risk in both 2010 and 2011.
negusneg
New Member
Vattenfall Makes EU8.5 Billion Offer for Nuon Unit (Update1)
By Fred Pals
Feb. 23 (Bloomberg) -- Vattenfall AB, Sweden’s largest utility, made an all-cash offer of 8.5 billion euros ($10.9 billion) for 100 percent of Nuon NV’s production and supply unit.
Vattenfall will acquire 49 percent initially and the rest in the coming six years on fixed terms, the Stockholm-based company said today in a statement. The transaction excludes Nuon’s grid operations. After 2008 dividends, the cost will be 10.3 billion euros, the companies said.
“Our partnership will boost Nuon’s investment program for new, cleaner production and innovative energy technologies for our customers,” Nuon Chief Executive Officer Oystein Loseth said in the statement.
Nuon, based in Amsterdam, is the second Dutch utility to sell part of its production and supply business after RWE AG last month agreed to buy Arnhem-based Essent NV for 9.3 billion euros. That deal excludes Essent’s distribution networks and waste- management unit.
The four biggest Dutch utilities are required by law to separate their production, trading and sales units from grid operations by Jan. 1, 2011. The unbundling is aimed at promoting competition and encouraging grid investment.
European utilities have bucked a trend for fewer mergers and acquisitions as changes in European Union law provide incentives for combining. Cost-cutting, diversification and declining stocks have made targets cheaper. The pace of mergers and takeovers fell 39 percent to $2.48 trillion last year as a credit squeeze hampered financing, according to data compiled by Bloomberg.
Expanding into the Dutch energy market has been a top priority for Vattenfall Chief Executive Officer Lars Josefsson since 2005 when the utility bought power plants in Denmark as the company targets northwest Europe for growth.
The U.K., Europe’s third biggest power consumer, is also a priority market for Vattenfall and it bought wind energy assets there in the second half of last year, and plans to participate in the country’s new nuclear program.
Nuon said last year it was looking for a foreign partner to complement its production and supply business. That followed the failure of merger talks with Essent.
Nuon, which has about 10,000 employees, said Feb. 16 that fourth-quarter profit fell 62 percent as production declined and operating expenses increased. Net income fell to 79 million euros from 210 million euros a year earlier. Sales dropped to 1.62 billion euros from 1.78 billion euros.
Editors: Jonas Bergman, Guy Collins
To contact the reporter on this story: Fred Pals in Amsterdam on [email protected]
Last Updated: February 23, 2009 05:24 EST
By Fred Pals
Feb. 23 (Bloomberg) -- Vattenfall AB, Sweden’s largest utility, made an all-cash offer of 8.5 billion euros ($10.9 billion) for 100 percent of Nuon NV’s production and supply unit.
Vattenfall will acquire 49 percent initially and the rest in the coming six years on fixed terms, the Stockholm-based company said today in a statement. The transaction excludes Nuon’s grid operations. After 2008 dividends, the cost will be 10.3 billion euros, the companies said.
“Our partnership will boost Nuon’s investment program for new, cleaner production and innovative energy technologies for our customers,” Nuon Chief Executive Officer Oystein Loseth said in the statement.
Nuon, based in Amsterdam, is the second Dutch utility to sell part of its production and supply business after RWE AG last month agreed to buy Arnhem-based Essent NV for 9.3 billion euros. That deal excludes Essent’s distribution networks and waste- management unit.
The four biggest Dutch utilities are required by law to separate their production, trading and sales units from grid operations by Jan. 1, 2011. The unbundling is aimed at promoting competition and encouraging grid investment.
European utilities have bucked a trend for fewer mergers and acquisitions as changes in European Union law provide incentives for combining. Cost-cutting, diversification and declining stocks have made targets cheaper. The pace of mergers and takeovers fell 39 percent to $2.48 trillion last year as a credit squeeze hampered financing, according to data compiled by Bloomberg.
Expanding into the Dutch energy market has been a top priority for Vattenfall Chief Executive Officer Lars Josefsson since 2005 when the utility bought power plants in Denmark as the company targets northwest Europe for growth.
The U.K., Europe’s third biggest power consumer, is also a priority market for Vattenfall and it bought wind energy assets there in the second half of last year, and plans to participate in the country’s new nuclear program.
Nuon said last year it was looking for a foreign partner to complement its production and supply business. That followed the failure of merger talks with Essent.
Nuon, which has about 10,000 employees, said Feb. 16 that fourth-quarter profit fell 62 percent as production declined and operating expenses increased. Net income fell to 79 million euros from 210 million euros a year earlier. Sales dropped to 1.62 billion euros from 1.78 billion euros.
Editors: Jonas Bergman, Guy Collins
To contact the reporter on this story: Fred Pals in Amsterdam on [email protected]
Last Updated: February 23, 2009 05:24 EST
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