Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2 (11 lettori)

bia06

bia06

Listen other's viewpoint avoid conflicts & wars.
  • U.S.–based Tupperware Brands Corp. recently completed a tender offer for approximately $97.6 million of its $600 million 4.75% senior unsecured notes due June 1, 2021. The company had repurchased the debt at less than par.
  • We are raising our issuer credit rating to 'CCC-' from 'SD', which reflects our view of the company's need to address the remaining $502 million of the current notes. We expect Tupperware to pursue another restructuring or exchange on the notes. Therefore, we are maintaining the 'D' issue-level rating. The recovery rating remains '5', indicating our expectations for modest (10%-30%) recovery for bondholders in the event of a payment default.
  • The outlook is developing, reflecting the equal likelihood that we could lower or raise the ratings, depending on the company's ability to address the remainder of the debt maturity. If Tupperware cannot restructure or refinance the majority of the notes before they are due or if operating performance is much worse than anticipated, we could lower the ratings. If the company can address the debt, improving its capital structure and liquidity position, and management has a clear plan to turn around the business, we could raise the ratings.
SAN FRANCISCO (S&P Global Ratings) July 13, 2020—S&P Global Ratings today took the rating actions listed above. We continue to view Tupperware's capital structure as unsustainable. The transaction addressed a portion of its upcoming maturities, but the company still needs to address the remaining $502 million of notes outstanding. Tupperware still has cash and access to its $650 million revolving credit facility due in 2024. We expect it to remain in compliance with its maintenance financial covenants, but cushion could tighten if operating performance does not improve throughout the year, as the leverage covenant steps down.

Tupperware has not yet announced plans for the remaining balance of the notes. We expect the company to reach a long-term solution before we would consider raising the issuer and issue-level ratings. We estimate leverage will remain over 5x for the remainder of the year.
 
riky2013

riky2013

Forumer attivo
Grazie ragazzi. Credo che rimarrò fermo: ne ho già parecchie YPF 2024, meglio non concentrare troppo in una sola scadenza.


YPF 2026 sapete dirmi se e' un rule 144a
 
salice02

salice02

Forumer storico
Top Gainers & Losers – 14-Jul-20*
BondEvalue Gainer Losers 14 Jul
 

laplaz

Forumer attivo
Non trovo ancora comunicati su Noble, che immagino non pagherà oggi la cedola e chiederà un grace period fino ad arrivare al CDA di agosto.
 
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