Nuove_emissioni, collocamenti Nuove Emissioni

[gionmorg]

Odeon

New Issue Assessment: avoid at the price talk of 9%-9.25% for the GBP fixed tranche and Euribor +500-525 bps for the EUR FRNs
Odeon is currently in the market for a the equivalent of GBP 475 mn 7Y bonds to refinance existing debt. The Roadshow is expected to end today. In our view, this issue is leveraged to perfection, with a lease adjusted leverage of 8.25x EBITDAR (according to Lucror methodology) due to a high level of rents supporting off-balance sheet debt. This is in the context of tight cash flows in a sector with poor visibility on revenues and high operating leverage. Further, the indenture has numerous issues in our view, starting with an ability to sell the business within 6 months without triggering a change of control, the absence of maintenance covenants on the RCF and poor security given the leasehold estate. The introduction of an FRN layer as reported might attract fresh investors, yet will not address the many underlying issues. We give a “Very High Risk” assessment on the LARA sale. Please refer to our New Issue Assessment published yesterday for more details.

 

[gionmorg]

Pages Jaunes prices bonds at 8.875%

“Buy” PAJFP 8.875% 06/18 bonds
Pages Jaunes successfully placed EUR 350 mn of notes at a spread of +620 bps vs. DBR 4.75% 18 and a coupon of 8.875%. We like the company and view Pages Jaunes as “Medium Risk” on the LARA scale given its leading market position, especially in France, superior cash flow generation profile, solid online technology and manageable financial leverage. In our view, this is only partially offset by continued pressure in the traditional paper directory business and pressure to innovate. We believe the high coupon is also a result of market participants being wary of the developments at peer Seat. However, in our view the 2 companies are not comparable with Pages Jaunes having a far superior and more advanced business model, especially with regards to online migration. Therefore, we recommend to buy its bonds. For more details please refer to our New Issue Assessment dated May 10th.

 

[gionmorg]

The Styrolution Group GmbH
New EUR 480 mn notes issue priced to yield 7.625%

We are holders of the STYRO 7.625% 05/16 EUR notes
The Styrolution Group GmbH EUR 480 mn senior secured issue was priced yesterday to yield 7.625%, which is broadly in line with our expectations. We expect the bonds to trade between the yields of Ineos and Kerling bonds, at least in the near term, pending any material unexpected changes to liquidity and metrics of either company. Styrolution Group, formed out of a JV between BASF and INEOS Industries, combines the owners’ styrenics and ABS businesses under a single management. Globally, it is #1 in styrene monomer (11% capacity share) and polystyrene (15%) and #2 in ABS. Geographically, the business is represented in Europe (48% of sales), North America (29%) and Asia (23%). The proceeds of the notes, along with the draw on the securitization facilities, will be primarily used to pay BASF a consideration for the relatively higher value of assets contributed to the JV and to provide EUR 100 mn cash for operations. The JV is presently awaiting anti-trust approval. The industry is highly cyclical and although general business dynamics are positive, high crude prices are a concern. We believe the company’s currently low leverage sufficiently mitigates the cyclicality of the business and assign a “High Risk” assessment on the LARA scale. For a more detailed assessment please refer to our New Issue Assessment published on May 10th.

 

[gionmorg]

The Styrolution Group GmbH
New EUR 480 mn notes issue priced to yield 7.625%

We are holders of the STYRO 7.625% 05/16 EUR notes
The Styrolution Group GmbH EUR 480 mn senior secured issue was priced yesterday to yield 7.625%, which is broadly in line with our expectations. We expect the bonds to trade between the yields of Ineos and Kerling bonds, at least in the near term, pending any material unexpected changes to liquidity and metrics of either company. Styrolution Group, formed out of a JV between BASF and INEOS Industries, combines the owners’ styrenics and ABS businesses under a single management. Globally, it is #1 in styrene monomer (11% capacity share) and polystyrene (15%) and #2 in ABS. Geographically, the business is represented in Europe (48% of sales), North America (29%) and Asia (23%). The proceeds of the notes, along with the draw on the securitization facilities, will be primarily used to pay BASF a consideration for the relatively higher value of assets contributed to the JV and to provide EUR 100 mn cash for operations. The JV is presently awaiting anti-trust approval. The industry is highly cyclical and although general business dynamics are positive, high crude prices are a concern. We believe the company’s currently low leverage sufficiently mitigates the cyclicality of the business and assign a “High Risk” assessment on the LARA scale. For a more detailed assessment please refer to our New Issue Assessment published on May 10th.

 

[gionmorg]

Exclusive: Fruit gum manufacturer Katjes emitted SME loan
The Katjes Fassin GmbH & Co. KG is planning financial sources said the issue of a corporate bond. The transaction is accompanied by the German industrial bank IKB. The bond is in the SME market in the Dusseldorf Stock Exchange are listed.

Katjes Fassin mainly produces fruit gums of brands and Katjes Granini Fuchtbonbons, glacier ice candies, licorice and Sallos Ahoj shower.

The company's turnover amounted to € 300 million last year.

Startseite | Katjes

 

[gionmorg]

Autoroutes Paris-Rhin-Rhone issued bonds with a maturity of 8 years
Volume of 500 million €
The highway operator Societe des Autoroutes Paris-Rhin-Rhone issued a corporate bond with a maturity of 8 years and a volume of 500 million €. The transaction is accompanied by BBVA, German Bank, RBS, Societe Generale CIB and Santander. The amount of the coupon is not yet known.

Of the transaction:

Issuer: Societe des Autoroutes Paris-Rhin-Rhone
Ratings: Baa3, BBB-(both stable)
Duration: 06/21/2019
Settlement: 20/05/2011
Coupon: n.bek.
Miscellaneous: Sub-Investment Grade Step up from 125 basis points
Bookrunner: BBVA, German Bank, RBS, Societe Generale CIB and Santander
Documentation: EMTN
Listing: Luxembourg
Denomination: 100,000 €
Covenants: Chance of Control
Internet: Autoroute : trafic autoroutier, télépéage, services sur aire | APRR AREA

 

[gm139]

Aggiornamento Remes

 

[qquebec]

The Styrolution Group GmbH
New EUR 480 mn notes issue priced to yield 7.625%

We are holders of the STYRO 7.625% 05/16 EUR notes
The Styrolution Group GmbH EUR 480 mn senior secured issue was priced yesterday to yield 7.625%, which is broadly in line with our expectations. We expect the bonds to trade between the yields of Ineos and Kerling bonds, at least in the near term, pending any material unexpected changes to liquidity and metrics of either company. Styrolution Group, formed out of a JV between BASF and INEOS Industries, combines the owners’ styrenics and ABS businesses under a single management. Globally, it is #1 in styrene monomer (11% capacity share) and polystyrene (15%) and #2 in ABS. Geographically, the business is represented in Europe (48% of sales), North America (29%) and Asia (23%). The proceeds of the notes, along with the draw on the securitization facilities, will be primarily used to pay BASF a consideration for the relatively higher value of assets contributed to the JV and to provide EUR 100 mn cash for operations. The JV is presently awaiting anti-trust approval. The industry is highly cyclical and although general business dynamics are positive, high crude prices are a concern. We believe the company’s currently low leverage sufficiently mitigates the cyclicality of the business and assign a “High Risk” assessment on the LARA scale. For a more detailed assessment please refer to our New Issue Assessment published on May 10th.

Altro taglio da 100K

 

[qquebec]

Pages Jaunes prices bonds at 8.875%

“Buy” PAJFP 8.875% 06/18 bonds
Pages Jaunes successfully placed EUR 350 mn of notes at a spread of +620 bps vs. DBR 4.75% 18 and a coupon of 8.875%. We like the company and view Pages Jaunes as “Medium Risk” on the LARA scale given its leading market position, especially in France, superior cash flow generation profile, solid online technology and manageable financial leverage. In our view, this is only partially offset by continued pressure in the traditional paper directory business and pressure to innovate. We believe the high coupon is also a result of market participants being wary of the developments at peer Seat. However, in our view the 2 companies are not comparable with Pages Jaunes having a far superior and more advanced business model, especially with regards to online migration. Therefore, we recommend to buy its bonds. For more details please refer to our New Issue Assessment dated May 10th.

Questi sono messi meglio di Seat. Va a finire che i galletti, dopo Parmalat, si papperanno anche le Pagine Gialle italiane per quattro soldi (dopo averla risanata sulle spalle di azionisti e bondholders)

 

[gm139]

Questi sono messi meglio di Seat.

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