Obbligazioni VALLOUREC XS1700480160, XS1807435026, FR0012188456
- Creatore Discussione drbs315
- Data di Inizio
waltermasoni
Caribbean Trader
te hai capito quanta percentuale convertono in azioni e quanto rimane in bond?
Cat XL
Shizuka Minamoto
Il bond dovrebbe essere di circa il 50% del nominale ma dovrei fare attentamente i calcoli. Resto azioni.
salice02
Forumer storico
Se, come dicono, emetteranno €1.023.000.000 di nuovi bond a fronte di quelli circolanti che sono, secondo i miei calcoli, € 1.755.000 (scadenze 2022, 2023, 2024 e 2027) il rapporto è 58,29%.
Ragiono male?
Certain defined terms
“2022 OCEANE” means the EUR250 million 4.125% OCEANE bonds due 2022 (ISIN: FR0013285046).
“2022 Senior Note” means the EUR550 million 6.625% unsecured senior notes due 2022 (ISIN: XS1700480160 / XS1700591313; Common Code: 170048016 / 170059131).
“2023 Senior Note” means the EUR 400 million 6.375% senior notes due 2023 (ISIN: XS1807435026 / XS1807435539; Common Code: 180743502 / 180743553).
“2024 Bonds” means the EUR500 million 2.250% bonds due 2024 (ISIN: FR0012188456).
“2027 Bonds” means the EUR 55 million 4.125% bonds due 2027 (ISIN: FR0011292457)
Ragiono male?
Certain defined terms
“2022 OCEANE” means the EUR250 million 4.125% OCEANE bonds due 2022 (ISIN: FR0013285046).
“2022 Senior Note” means the EUR550 million 6.625% unsecured senior notes due 2022 (ISIN: XS1700480160 / XS1700591313; Common Code: 170048016 / 170059131).
“2023 Senior Note” means the EUR 400 million 6.375% senior notes due 2023 (ISIN: XS1807435026 / XS1807435539; Common Code: 180743502 / 180743553).
“2024 Bonds” means the EUR500 million 2.250% bonds due 2024 (ISIN: FR0012188456).
“2027 Bonds” means the EUR 55 million 4.125% bonds due 2027 (ISIN: FR0011292457)
Ultima modifica:
angy2008
Forumer storico
se ho ben capito, agli azionisti vengono offerte le azioni a 5,66 e ai bondisti e altri creditori a 8,09, non mi pare una buona idea, è vero che gli azionisti scuciranno denaro fresco ma è anche vero che quelli tra loro che hanno crediti se li vedranno rimborsati almeno in parte. Comunque se questi sono i prezzi di concambio dovremo aspettarci quotazioni ad essi inferiori e vicine a quelle della sottoscrizione coi diritti
salice02
Forumer storico
Il fulcro della questione è qui:
The Other Claims will be treated as follows:
(i) repayment of their share in an amount of EUR262 million in proportion to the Other Claims in relation with the total amount of claims with respect to the RCF and the Bonds (in principal and Restructured Interest);
(ii) reimbursement for the amount of the proceeds received in cash pursuant to a rights issue of EUR300million (including premium) with preferential subscription rights open to existing shareholders of Vallourec (the “Rights Issue”) with a subscription price of EUR5.66 per share to be fully subscribed in cash; the Rights Issue will be fully backstopped by the holders of the Other Claims (in proportion of their holdings) by way of set-off with a portion of such Other Claims;
(iii) conversion into share capital for a principal amount of EUR1,331 million (including premium) through a reserved share capital increase at the subscription price of EUR8.09 per share, subscribed by way of set-off of claims by the holders of Other Claims in proportion of their holdings (the “Reserved Share Capital Increase”); and
(iv) the balance of the Other Claims after completion of the above operations (i.e. approximately EUR1,023 million), will be refinanced through new senior notes (subscribed by way of set-off), issued by the Company and governed by the laws of the State of New York, bearing an interest rate of 8.50% per annum, which will be unsecured, the terms and conditions of which will be aligned on the 2022 Senior Notes, subject to some adjustments. The new senior notes will be listed on the Euro MTF market in Luxembourg. 3. Treatment of Interests Interest accrued on the RCF and the Bonds up to February 1, 2021 will be paid in cash on the Completion Date; interest which will accrue from February 2, 2021 until June 30, 2021 on the RCF and the Bonds will be partly reimbursed, partly converted into capital and partly refinanced included in the above-mentioned amounts of debt and equitization (and would represent an amount of approximately EUR80 million at June 30, 2021). The interest accrued after June 30, 2021 will be written-off.
Lock-up and early bird fee
• 25bps fee offered to creditors who will have acceded to the lock-up agreement by March 1st or the voting date of the committees under the safeguard proceedings, if earlier
• 25bps additional early bird fee offered to creditors who will have acceded to the lock-up agreement by February 12th
The Other Claims will be treated as follows:
(i) repayment of their share in an amount of EUR262 million in proportion to the Other Claims in relation with the total amount of claims with respect to the RCF and the Bonds (in principal and Restructured Interest);
(ii) reimbursement for the amount of the proceeds received in cash pursuant to a rights issue of EUR300million (including premium) with preferential subscription rights open to existing shareholders of Vallourec (the “Rights Issue”) with a subscription price of EUR5.66 per share to be fully subscribed in cash; the Rights Issue will be fully backstopped by the holders of the Other Claims (in proportion of their holdings) by way of set-off with a portion of such Other Claims;
(iii) conversion into share capital for a principal amount of EUR1,331 million (including premium) through a reserved share capital increase at the subscription price of EUR8.09 per share, subscribed by way of set-off of claims by the holders of Other Claims in proportion of their holdings (the “Reserved Share Capital Increase”); and
(iv) the balance of the Other Claims after completion of the above operations (i.e. approximately EUR1,023 million), will be refinanced through new senior notes (subscribed by way of set-off), issued by the Company and governed by the laws of the State of New York, bearing an interest rate of 8.50% per annum, which will be unsecured, the terms and conditions of which will be aligned on the 2022 Senior Notes, subject to some adjustments. The new senior notes will be listed on the Euro MTF market in Luxembourg. 3. Treatment of Interests Interest accrued on the RCF and the Bonds up to February 1, 2021 will be paid in cash on the Completion Date; interest which will accrue from February 2, 2021 until June 30, 2021 on the RCF and the Bonds will be partly reimbursed, partly converted into capital and partly refinanced included in the above-mentioned amounts of debt and equitization (and would represent an amount of approximately EUR80 million at June 30, 2021). The interest accrued after June 30, 2021 will be written-off.
Lock-up and early bird fee
• 25bps fee offered to creditors who will have acceded to the lock-up agreement by March 1st or the voting date of the committees under the safeguard proceedings, if earlier
• 25bps additional early bird fee offered to creditors who will have acceded to the lock-up agreement by February 12th
Cat XL
Shizuka Minamoto
Francamente avevo considerato le RCF prima di arrivare a 50%. Bisogna leggere con attenzione.
salice02
Forumer storico
Cat XL
Shizuka Minamoto
Sembrerebbe meglio di quello che mi aspettassi.
