Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (8 lettori)

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cristian2008

Forumer attivo
fabriziof ha scritto:
credo abbia ragione la tua banca
da un forum tedesco:
Einen Teil hat mir jetzt die IR (bzw. Lucid Issuer Services Limited) beantwortet, wie geht ihr damit um?
I am afraid, the offer is not being made to retail investors in the European Union.
We are not allowed to distribute the offer memorandum to persons other than

(a) ‘‘qualified investors’’ as defined in the Prospectus Directive, including:
(i) (in the case of Relevant Member States other than Early Implementing Member States), legal
entities that are authorized or regulated to operate in the financial markets or, if not so
authorized or regulated, whose corporate purpose is solely to invest in securities, or any legal
entity that has two or more of (i) an average of at least 250 employees during the last financial
year; (ii) a total balance sheet of more than e43 million; and (iii) an annual turnover of more than
e50 million as shown in its last annual or consolidated accounts; or
(ii) (in the case of Early Implementing Member States), persons or entities who or that are
described in points (1) to (4) of Section I of Annex II to Directive 2004/39/EC of the European
Parliament and of the Council of April 21, 2004 on Markets in Financial Instruments (‘‘Directive
2004/39/EC’’), and those who are treated on request as professional clients in accordance with
Annex II to Directive 2004/39/EC, or recognized as eligible counterparties in accordance with
Article 24 of Directive 2004/39/EC unless they have requested that they be treated as
non-professional clients; or
(b) fewer than 100 or, in the case of Early Implementing Member States, 150, natural or legal persons
(other than ‘‘qualified investors’’ as defined in the Prospectus Directive) in any Relevant Member
State subject to obtaining the prior consent of the Issuer; or
(c) in any other circumstances falling within Article 3(2) of the Prospectus Directive, provided that no
such offer of Notes shall result in a requirement for the publication by the Issuer or the Initial
Purchasers of a prospectus pursuant to Article 3 of the Prospectus Directive. For the purposes of
this provision, the expression ‘‘offer of Notes to the public’’ in relation to any Notes in any Relevant
Member State means the communication in any form and by any means of sufficient information on
the terms of the Offering and the Notes to be offered so as to enable an investor to decide to
purchase or subscribe for the Notes, as such expression may be varied in the Relevant Member
State by any measure implementing the Prospectus Directive in that Relevant Member State.

la mia banca mi scrive:

Restrizioni: l'operazione non è aperta in Italia, per la corrente normativa italiana possiamo accettare le adesioni all’offerta ma ciò non esclude che le stesse vengano rifiutate dall’offerente in un secondo tempo.
Clicca per allargare...
Grazie fabri per il tuo aiuto. Queste offerte sono sempre molto difficili da capire.
 

Joe Silver

Forumer storico
Ultima modifica:
gionmorg

gionmorg

low cost high value
Membro dello Staff
Rating Action: Moody's downgrades Safeway notes to B2
Global Credit Research - 29 Jan 2015
Approximately $2.3 billion of rated debt affected
New York, January 29, 2015 -- Moody's Investors Service today withdrew Safeway Inc.'s ("Safeway") Baa3 issuer rating, assigned the company a Corporate Family Rating at B1, a probability of default rating at B1-PD and simultaneously downgraded Safeway Inc.'s commercial paper rating to not-prime. Additionally, Moody's downgraded the ratings of Safeway's legacy notes to B2. The legacy notes will be part of Albertson's Holdings LLC's ("Albertson's") capital structure. The outlook is stable. The downgrade follows the announcement from Safeway and AB Acquisition LLC that they have received clearance from the U.S. Federal Trade Commission for their proposed merger which was announced on March 6, 2014.

This concludes our ratings review for Safeway.

Safeway's corporate family rating and probability of default rating will be withdrawn subsequent to the closing of the merger. After the closing of the merger Safeway will be a wholly owned subsidiary of Albertson's (B1 Stable).

RATINGS RATIONALE

Safeway's B1 Corporate Family Rating anticipates the closing of the merger and reflects the sizable scale and well established regional brands of the combined company. Safeway has a good store base with over ninety percent of its stores converted to the Lifestyle format with modest capital expenditures required for their maintenance. Ratings are also supported by the company's significant store ownership and very good liquidity. Although the combined company's proforma credit metrics will be weak at closing we expect them to improve significantly in the near to medium term - debt/EBITDA and EBITA/interest including lease and pension adjustments is expected to be about 5.75 times and about 1.75 times respectively within 18 months of closing of the transaction. Albertson's management has vast experience in the food retailing space and has demonstrated its ability to turnaround underperforming assets and the ratings reflect Moody's expectation that operating performance of the stores will improve as price investments lead to increased traffic and volume. Operating efficiencies and strategic initiatives to minimize costs are also expected to reduce expenses and improve cash flow generation. The ratings also reflect the execution and integration risks associated with the merger and the financial policy risk associated with ownership by a financial sponsor.

The legacy notes which are currently unsecured will be secured once the merger is closed and include the $150 million 2027 notes and $600 million 2031 notes which have no change of control provision. Legacy notes will also include the remaining stub portions of notes that have change of control provisions but have not been put back to the company. The result of the change of control offer to purchase these notes is yet to be determined but is expected to be leverage neutral as for each dollar (up to $645 million) of these Safeway legacy notes that remain outstanding and are not put back to Safeway as a result of the change of control purchase offer, Albertson's will need to reduce the same amount of Albertson's senior secured notes issued to fund the merger and which are currently held in escrow. The 2016, 2017 and 2019 notes will be secured by assets of Albertson's and Safeway while the 2020, 2021, 2027 and 2031 notes will be secured by Safeway assets only.

The following ratings are withdrawn:

Issuer rating at Baa3 (review for downgrade)

The following ratings are downgraded and will be withdrawn at closing:

Commercial Paper rating at Not-Prime from P-3

The following ratings are assigned and will be withdrawn at closing:

Corporate Family Rating at B1

Probability of Default Rating at B1-PD

The following ratings are downgraded

$80 million notes due 2016 at B2 (LGD 4) from Baa3 (review for downgrade)

$100 million notes due 2017 at B2 (LGD 4) from Baa3(review for downgrade)

$500 million notes due 2019 at B2 (LGD 4) from Baa3(review for downgrade)

$500 million notes due 2020 at B2 (LGD 5) from Baa3(review for downgrade)

$400 million notes due 2021 at B2 (LGD 5) from Baa3(review for downgrade)

$150 million notes due 2027 at B2 (LGD 5) from Baa3(review for downgrade)

$600 million notes due 2031 at B2 (LGD 5) from Baa3(review for downgrade)

The outlook also incorporates Moody's expectation that the company's credit metrics will improve through increased EBITDA generation and debt repayments.

Ratings could be upgraded if debt/EBITDA approaches 5.0 times, EBITA/interest is sustained above 1.75 times, financial policies remain benign and liquidity remains very good.

Ratings could be downgraded if debt/EBITDA is sustained above 6.25 times and EBITA/interest is sustained below 1.5 times. Ratings could also be downgraded if financial policies become aggressive or if liquidity deteriorates or if the integration of the Safeway stores with Albertson's does not result in expected synergies and improvement in overall profitability of the combined company.

The principal methodology used in these ratings was Global Retail Industry published in June 2011. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Safeway Inc. is one of the top two supermarket chains in North America. Safeway's stores are predominantly located in the Western US, Texas, and the Mid-Atlantic regions.

Si direbbe atto dovuto, a seguito dell'incorporazione di safeway in albertson's
 

Joe Silver

Forumer storico
Joe Silver ha scritto:
Ciao Fabrizio :up: l'articolo che hai postato suona una musica piacevolissima :lol: L'unica cosa che mi dà fastidio è che danno probabile la prossima call a Maggio. Ci consoleremo con il prezzo di riscatto a 104 e rotti.

Però a questo punto sorge il dilemma: incrementare (ancora)? Domani sento i prezzi e se sono appetibili...
Clicca per allargare...

Incrementato a 90,95.
 
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