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Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (5 lettori)
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
tra tutte la migliore sembra questa, rating, prezzo, taglio min, tasso e yield
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USF0819HE459
$2'000
CEDC Creditors Urged to Consider Fridman-Led Rival Takeover Bid
Investors should consider a rival bid for Central European Distribution Corp. (CEDC) as it provides a better chance at recovery for the Polish vodka producer than the takeover being mooted by Russian billionaire Roustam Tariko, according to a representative for the competing consortium.
Documents will be sent tomorrow seeking creditor support for a competing pre-packaged bankruptcy proposal from a group led by billionaire Mikhail Fridman’s A1, CEDC shareholder and bondholder Mark Kaufman, and Stolichnaya vodka seller SPI Group, representatives said today on a conference call.
CEDC backed a restructuring plan put forward by Tariko’s Roust Trading, which is being voted on by creditors, after the Warsaw-based company was unable to repay $258 million of notes due March 15. CEDC earned two-thirds of 2012 sales in Russia, where it produces Zelyonaya Marka, Parliament and Zhuravli vodka. The counteroffer group’s lawyers and bankers held separate calls with bondholders and media today.
The rival bid is superior because it provides more money, a debtor-in-possession loan to get CEDC through bankruptcy, repays only in-the-money creditors, and avoids some conflicts they perceive with Tariko’s ownership of Russian Standard vodka, said Giovanni Salvetti, who co-heads Rothschild Inc.’s Russia and Ukraine team representing the rival consortium.
“It’s pretty evident to us the proposition that we put on the table -- the latest one -- is definitely superior, objectively superior” to Tariko’s, he said on the call.
A1’s affiliation with Russia’s OAO Alfa Bank means a restructured CEDC will have access to ongoing financial support, Salvetti said. Fridman and his partners in Alfa Group are set to receive $14 billion from the sale of oil producer TNK-BP to OAO Rosneft, Russia’s biggest crude company.
To contact the reporter on this story: Beth Jinks in New York at [email protected]
To contact the editor responsible for this story: Jeffrey McCracken at [email protected]
Investors should consider a rival bid for Central European Distribution Corp. (CEDC) as it provides a better chance at recovery for the Polish vodka producer than the takeover being mooted by Russian billionaire Roustam Tariko, according to a representative for the competing consortium.
Documents will be sent tomorrow seeking creditor support for a competing pre-packaged bankruptcy proposal from a group led by billionaire Mikhail Fridman’s A1, CEDC shareholder and bondholder Mark Kaufman, and Stolichnaya vodka seller SPI Group, representatives said today on a conference call.
CEDC backed a restructuring plan put forward by Tariko’s Roust Trading, which is being voted on by creditors, after the Warsaw-based company was unable to repay $258 million of notes due March 15. CEDC earned two-thirds of 2012 sales in Russia, where it produces Zelyonaya Marka, Parliament and Zhuravli vodka. The counteroffer group’s lawyers and bankers held separate calls with bondholders and media today.
The rival bid is superior because it provides more money, a debtor-in-possession loan to get CEDC through bankruptcy, repays only in-the-money creditors, and avoids some conflicts they perceive with Tariko’s ownership of Russian Standard vodka, said Giovanni Salvetti, who co-heads Rothschild Inc.’s Russia and Ukraine team representing the rival consortium.
“It’s pretty evident to us the proposition that we put on the table -- the latest one -- is definitely superior, objectively superior” to Tariko’s, he said on the call.
A1’s affiliation with Russia’s OAO Alfa Bank means a restructured CEDC will have access to ongoing financial support, Salvetti said. Fridman and his partners in Alfa Group are set to receive $14 billion from the sale of oil producer TNK-BP to OAO Rosneft, Russia’s biggest crude company.
To contact the reporter on this story: Beth Jinks in New York at [email protected]
To contact the editor responsible for this story: Jeffrey McCracken at [email protected]
Vodka Producer CEDC Downgraded To 'SD' On Failure To Pay Convertible Notes At Maturity; Issue Rating Lowered To 'D'
March 20, 2013 - Standard & Poor's
Standard & Poor's Ratings Services
today said it lowered its long-term corporate credit rating to 'SD' (selective
default) from 'CC' on U.S.-based Central European Distribution Corp. (CEDC),
the parent company of Poland-based vodka manufacturer CEDC International sp. z
o.o. We removed the rating from CreditWatch, where we placed it with negative
implications on June 8, 2012.
At the same time, we changed our senior unsecured debt ratings on CEDC's
outstanding $258 million convertible notes due March 15, 2013, to 'D' from
'NR' (not rated). Prior to their placement to 'NR' at maturity, the notes were
rated 'CC'. We had placed the 'CC' rating on CreditWatch negative on June 8,
2012.
Our 'CC' issue rating on CEDC's outstanding $380 million and €430 million
senior secured notes due 2016 remains on CreditWatch negative, where we placed
it on June 8, 2012.
The downgrades reflect our understanding that CEDC failed to redeem its $258
million convertibles notes at their March 15, 2013, maturity date. In
addition, we understand that there is a cross-default clause between these
2013 notes and the company's 2016 notes. Under the clause, as defined in the
documentation for the 2016 notes, the failure to pay the 2013 notes also
triggers an event of default on the 2016 notes. However, the cross-default
clause does not prompt a default under Standard & Poor's criteria because, to
our knowledge, the repayment of the 2016 notes has not yet been accelerated.
Therefore, we have lowered the issue rating on the 2013 notes to 'D', while
maintaining the CreditWatch negative on the 'CC' issue rating on the 2016
notes. The 'D' issue rating on the 2013 notes further reflects our
understanding that under these notes' documentation, there is no grace period
on the repayment of principal. What's more, we do not believe that CEDC will
be able to repay in full the 2013 notes within the next five business days.
CEDC has made exchange offers on the 2013 notes and 2016 notes, and we view
both as distressed. The exchange offer on the 2016 notes is still pending and
will expire on April 4, 2013. As per our criteria, upon completion of an
exchange offer we view as distressed, we lower our ratings on the affected
issues to 'D'.
Should the distressed exchange offer be unsuccessful, we understand that CEDC
would file for Chapter 11 under U.S. bankruptcy law. Distressed exchange
offers and Chapter 11 filing are tantamount to a default, under our criteria.
March 20, 2013 - Standard & Poor's
Standard & Poor's Ratings Services
today said it lowered its long-term corporate credit rating to 'SD' (selective
default) from 'CC' on U.S.-based Central European Distribution Corp. (CEDC),
the parent company of Poland-based vodka manufacturer CEDC International sp. z
o.o. We removed the rating from CreditWatch, where we placed it with negative
implications on June 8, 2012.
At the same time, we changed our senior unsecured debt ratings on CEDC's
outstanding $258 million convertible notes due March 15, 2013, to 'D' from
'NR' (not rated). Prior to their placement to 'NR' at maturity, the notes were
rated 'CC'. We had placed the 'CC' rating on CreditWatch negative on June 8,
2012.
Our 'CC' issue rating on CEDC's outstanding $380 million and €430 million
senior secured notes due 2016 remains on CreditWatch negative, where we placed
it on June 8, 2012.
The downgrades reflect our understanding that CEDC failed to redeem its $258
million convertibles notes at their March 15, 2013, maturity date. In
addition, we understand that there is a cross-default clause between these
2013 notes and the company's 2016 notes. Under the clause, as defined in the
documentation for the 2016 notes, the failure to pay the 2013 notes also
triggers an event of default on the 2016 notes. However, the cross-default
clause does not prompt a default under Standard & Poor's criteria because, to
our knowledge, the repayment of the 2016 notes has not yet been accelerated.
Therefore, we have lowered the issue rating on the 2013 notes to 'D', while
maintaining the CreditWatch negative on the 'CC' issue rating on the 2016
notes. The 'D' issue rating on the 2013 notes further reflects our
understanding that under these notes' documentation, there is no grace period
on the repayment of principal. What's more, we do not believe that CEDC will
be able to repay in full the 2013 notes within the next five business days.
CEDC has made exchange offers on the 2013 notes and 2016 notes, and we view
both as distressed. The exchange offer on the 2016 notes is still pending and
will expire on April 4, 2013. As per our criteria, upon completion of an
exchange offer we view as distressed, we lower our ratings on the affected
issues to 'D'.
Should the distressed exchange offer be unsuccessful, we understand that CEDC
would file for Chapter 11 under U.S. bankruptcy law. Distressed exchange
offers and Chapter 11 filing are tantamount to a default, under our criteria.
iguanito
Forumer storico
3W POWER
Rattrapée par la crise bancaire chypriote, l’obligation 3W Power SA, émise par le holding détenant le groupe AEG Power Solutions, est passée par toutes les couleurs de l’arc-en-ciel, avant de se stabiliser aux alentours des 88-90% du nominal.
Il y a une semaine, la direction du groupe était contrainte de repousser la sortie des chiffres définitifs de son exercice 2012 et de ses prévisions 2013. Pour rappel, la direction indiquait alors avoir besoin de temps supplémentaire pour adapter ses prévisions suite à des retards de paiements inattendus de l’un de ses plus importants clients, lequel opère via une filiale chypriote et représenterait quelque 37,5% des sommes dues à AEG Power.
En réaction, l’obligation qui s’échangeait peu avant à plus de 101% du nominal, a véritablement dégringolé à des plus bas observés jeudi dernier aux environs des 73%. Depuis lors, l’obligation a repris sa marche en avant et affiche actuellement un cours de l’ordre de 88%. Sur base du prix en vigueur ainsi que d’un coupon de 9,25%, le rendement annuel jusqu’à l’échéance fixée au 1er décembre 2016 atteint les 15%.
En parallèle et compte tenu de la situation, on apprenait ce mercredi soir que l’Agence Standard & Poor’s dégradait d’un cran à « CCC+ » la note de la dette à long terme d’AEG Power Solutions. Standard & Poor’s justifie sa décision sur base de plusieurs éléments. D’une part, les résultats publiés par le groupe ont été globalement inférieurs aux attentes de l’Agence.
D’autre part, Standard & Poor's estime que les ratios de crédit d’AEG Power Solutions fin 2012 et pour l’année en cours correspondent désormais davantage au rating « CCC+ » que « B- » attribué précédemment. La perspective négative associée à la note reflète de son côté qu’il y a une chance sur trois qu’AEG Power Solutions soit à nouveau dégradé, si le groupe devait ne pas recevoir les paiements dus par son principal client, ou encore si ces bénéfices et sa position en cash continuaient à se détériorer.
Mi piacerebbe sapere, a questo punto, in quale banca cipriota teneva i soldi il cliente di 3w power
Rattrapée par la crise bancaire chypriote, l’obligation 3W Power SA, émise par le holding détenant le groupe AEG Power Solutions, est passée par toutes les couleurs de l’arc-en-ciel, avant de se stabiliser aux alentours des 88-90% du nominal.
Il y a une semaine, la direction du groupe était contrainte de repousser la sortie des chiffres définitifs de son exercice 2012 et de ses prévisions 2013. Pour rappel, la direction indiquait alors avoir besoin de temps supplémentaire pour adapter ses prévisions suite à des retards de paiements inattendus de l’un de ses plus importants clients, lequel opère via une filiale chypriote et représenterait quelque 37,5% des sommes dues à AEG Power.
En réaction, l’obligation qui s’échangeait peu avant à plus de 101% du nominal, a véritablement dégringolé à des plus bas observés jeudi dernier aux environs des 73%. Depuis lors, l’obligation a repris sa marche en avant et affiche actuellement un cours de l’ordre de 88%. Sur base du prix en vigueur ainsi que d’un coupon de 9,25%, le rendement annuel jusqu’à l’échéance fixée au 1er décembre 2016 atteint les 15%.
En parallèle et compte tenu de la situation, on apprenait ce mercredi soir que l’Agence Standard & Poor’s dégradait d’un cran à « CCC+ » la note de la dette à long terme d’AEG Power Solutions. Standard & Poor’s justifie sa décision sur base de plusieurs éléments. D’une part, les résultats publiés par le groupe ont été globalement inférieurs aux attentes de l’Agence.
D’autre part, Standard & Poor's estime que les ratios de crédit d’AEG Power Solutions fin 2012 et pour l’année en cours correspondent désormais davantage au rating « CCC+ » que « B- » attribué précédemment. La perspective négative associée à la note reflète de son côté qu’il y a une chance sur trois qu’AEG Power Solutions soit à nouveau dégradé, si le groupe devait ne pas recevoir les paiements dus par son principal client, ou encore si ces bénéfices et sa position en cash continuaient à se détériorer.
Mi piacerebbe sapere, a questo punto, in quale banca cipriota teneva i soldi il cliente di 3w power
captain sparrow
Forumer storico
mps in £ xs 0255817685
segnalo per i coraggiosi questa obbligazione scad. 2016 comunque subordinata paga 5,75 e quota circa 76/77 se rimborsa a scadenza 100, anche se non paga cedole sarebbe un ottimo rendimento. sono state oggetto di richiamo e dell'importo originale di 200 mil. ne sono rimaste in circolazione 60.3 mil. da valutare il rischio cambio con l'attuale cambio della sterlina quotata su lux
segnalo per i coraggiosi questa obbligazione scad. 2016 comunque subordinata paga 5,75 e quota circa 76/77 se rimborsa a scadenza 100, anche se non paga cedole sarebbe un ottimo rendimento. sono state oggetto di richiamo e dell'importo originale di 200 mil. ne sono rimaste in circolazione 60.3 mil. da valutare il rischio cambio con l'attuale cambio della sterlina quotata su lux
nik.sala
Money Never Sleeps
NoWay
It's time to play the game
segnalo per i coraggiosi questa obbligazione scad. 2016 comunque subordinata paga 5,75 e quota circa 76/77 se rimborsa a scadenza 100, anche se non paga cedole sarebbe un ottimo rendimento. sono state oggetto di richiamo e dell'importo originale di 200 mil. ne sono rimaste in circolazione 60.3 mil. da valutare il rischio cambio con l'attuale cambio della sterlina quotata su lux
Però su Lux book deserto.
rockytamtam
Forumer storico
Un SENTITISSIMO RINGRAZIAMENTO a GIONMORG per i files postati ieri . E' da stamattina che ci sono sopra ed offrono una panoramica mondiale con paragoni , spesso , sorprendenti .
Una roba molto impegnativa ma che mi piace anche molto l' ho trovata . Ora vediamo se trovo il coraggio di saltarci dentro .
Grazie ancora , utilissimo .
Una roba molto impegnativa ma che mi piace anche molto l' ho trovata . Ora vediamo se trovo il coraggio di saltarci dentro .
Grazie ancora , utilissimo .
captain sparrow
Forumer storico
3wpower
oggi perde 10 punti da 87 questa mattina a 77 oggi pomeriggio. sto pensando di cominciare a rifare azionario. è meno rischioso..
oggi perde 10 punti da 87 questa mattina a 77 oggi pomeriggio. sto pensando di cominciare a rifare azionario. è meno rischioso..
captain sparrow
Forumer storico
penso si trovi solo tu otc
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