Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (10 lettori)

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londonwhale

Forumer storico
Fmg

oggi conference call, in barba a chi la vedeva fallita, FMG ha annunciato che ha ricomprato i propri bond per $384m in questo trimestre, e ha migliorato la sua posizione finanzia netta di circa $600m!

I riacquisti sono stati fatti su tutti i bond emessi, ad un prezzo medio di 80

Dalla presentazione si evince che i riacquisti sono stati per circa:
164m di 2019 unsec
83m di 2022 unsec
140m di 2022 sec

http://fmgl.com.au/media/2659/151015_september-2015-quarterly-production-report.pdf
 
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gionmorg

low cost high value
Membro dello Staff
oggi conference call, in barba a chi la vedeva fallita, FMG ha annunciato che ha ricomprato i propri bond per $384m in questo trimestre, e ha migliorato la sua posizione finanzia netta di circa $600m!

I riacquisti sono stati fatti su tutti i bond emessi, ad un prezzo medio di 80

Dalla presentazione si evince che i riacquisti sono stati per circa:
164m di 2019 unsec
83m di 2022 unsec
140m di 2022 sec

http://fmgl.com.au/media/2659/151015_september-2015-quarterly-production-report.pdf
Fortescue Metals Cuts Debt -- Update
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10/15/2015 | 02:16am US/Eastern
By Rhiannon Hoyle
SYDNEY-- Fortescue Metals Group Ltd. has been snapping up bundles of its debt from the U.S. bond market, and executives say they may acquire more for as long as the Australian miner can buy it back cheaply.

An aggressive push to pay down its multibillion-dollar debt pile ahead of schedule stalled this year after a sharp downturn in the price of iron ore, the only commodity it sells and the value of which has plunged 60% since the start of 2014. However, the miner says sharp reductions in its operating costs have bolstered margins and helped it resume that endeavor to reduce its indebtedness.

On Thursday, Fortescue said it had bought back US$384 million of debt on-market since June, at an average price of 80 cents on the dollar.

"If the market is going to price our debt at those levels, then we are going to buy it," said Chief Executive Nev Power. Fortescue shares closed more than 6% higher on Thursday.

In its decadelong quest to break the dominance of Vale SA, Rio Tinto PLC and BHP Billiton Ltd. in iron-ore production, Fortescue borrowed to build a vast network of landholdings, power and water infrastructure, and railway and port facilities in Australia's iron-rich Pilbara region.

Fortescue nearly came apart as iron-ore prices tumbled from their 2011 record of above US$190 a metric ton, squeezing margins just as it was ramping up production. It began speeding up bond repayments two years ago as investors fretted about the miner's huge debt burden, although a fall in ore prices to a decade low this year put the brakes on that strategy.

Earlier this year, Fortescue refinanced some of its debt, accepting an eye-watering 9.75% interest rate on its newest bonds to push out its earliest maturity to 2019 from 2017.

Chief Financial Officer Stephen Pearce said substantial cuts to operating costs had given the miner enough spare cash to buy back debt in recent months. Fortescue plans to cut costs in the year through June by nearly as much as the two prior fiscal years combined, as the miner steps up its defense against the slumping iron-ore price.

The miner said its net debt stood at US$6.6 billion at the end of September, from a peak of US$11.3 billion in 2013.

The latest US$384-million cut to its debt pile will also result in annual interest savings of US$33 million, said Fortescue, now the world's fourth-biggest exporter of the steelmaking commodity.

Any reduction in costs is a positive for the miner, as analysts predict the price of iron ore may fall further later this year--largely on rising supplies, including from billionaire Gina Rinehart's new 55-million-ton-a-year Roy Hill mine in Pilbara. BHP and Rio Tinto are also producing more.

Fortescue's goal is to reduce its gearing, a measure of debt to equity, to 40%, from about 56% as of the middle of this year. Mr. Pearce said that would take another US$2 billion in repayments to achieve.

He stopped short of setting a timeline for that target. "Whether it takes 12 months or 18 months...what is important is our commitment to do it," he said.

Iron-ore prices have slumped amid fears that rising supply of the raw material would overwhelm demand as China's economy slows.

Fortescue has tripled its own production of the commodity in recent years, although on Thursday the company said it shipped 41.9 million tons in the three months through September, marginally below the 42.4 million tons it exported the quarter immediately prior. The company said demand for its iron ore "remains strong, despite the softening of steel markets in China."

Speaking at a forum in Sydney, also on Thursday, Rio Tinto technology and innovation executive Greg Lilleyman also expressed confidence in the outlook for iron ore and steel, saying the miner expects "slower but higher-quality growth" in China to drive demand. He forecast economic growth in China, the world's top steelmaker, to decline to between 4-5% on average until 2030, from roughly 7% now.

"But let's keep this in mind: in the next 15 years China will go from being the second largest economy in the world to the largest, effectively doubling its economy from its current base," Mr. Lilleyman said in prepared remarks, adding that the country would continue to need steel as more of its population shifts to urban centers.

Write to Rhiannon Hoyle at [email protected]
 

londonwhale

Forumer storico
[......]

Fortescue's goal is to reduce its gearing, a measure of debt to equity, to 40%, from about 56% as of the middle of this year. Mr. Pearce said that would take another US$2 billion in repayments to achieve.

He stopped short of setting a timeline for that target. "Whether it takes 12 months or 18 months...what is important is our commitment to do it," he said.

[......]
rimangono meno di 900m di 2019 al momento. in questo trimestre gli investimenti sono stati molto bassi (42m contro i 330m attesi per tutto l'anno), a parità di fattori mi aspetto una generazione di cassa leggermente più bassa nei prossimi trimestri, ma comunque sufficiente ad abbattere il debito ad un ritmo di 100m/mese.
Anche la liquidità è molto al di sopra del necessario: la scorsa volta avevano indicato come "normale" avere tra 1.5 Bln e 2 Bln di cassa.

è probabile che finchè i prezzi sono molto sotto la pari continuino a comprare a mercato, quando arriveremo a 95 potremmo pensare ad una call (anche se a questo punto potrebbero aspettare Novembre 2016 e callare a 102, invece di farlo ora a 104)
 

bia06

Listen other's viewpoint avoid conflicts & wars.
GENERAL SHOPPING BRASIL S.A., a listed company with head-offices at Av.
Angélica, nr. 2.466, conj. 221, in the City of São Paulo, State of São Paulo, enrolled in
CNPJ under nr. 08.764.621/0001-53 ("Company"), in compliance with the provisions of
Instruction CVM nr. 358/02 and Instruction CVM nr. 476/09, as per the information
disclosed in the Relevant Fact dated September 16, 2015 (“Offering Relevant Fact”),
announces to its shareholders (“Shareholders”) and to the market in general that, today,
its Board of Directors approved the capital increase of the Company, within the
authorized share capital established in the Company’s by-laws, in connection with the
offering of common shares by the Company (“Shares”), with restricted placement
efforts, under Instruction CVM nr. 476/09 (“Offering”), and with Banco Santander
(Brasil) S.A. as its lead underwriter (“Santander” or “Lead Underwriter”).
The Company’s capital increase was approved, within the authorized share capital
established in the Company’s by-laws, in the total amount of R$57,932,406.00, through
the issuance of 14,519,400 common, nominative shares, without par value, within the
Offering. Considering the Company’s capital increase within the Offering, the capital
stock of the Company will be of R$375,745,569.00, divided in 65,000,000 common,
nominative shares, without par value.
The Shares grant the right to participate in any distribution of dividend and/or interest
on corporate capital that may be declared by the Company from this date on, as well as
any other benefits granted to the other common shares issued by the Company
henceforth, with the same conditions of the other common shares issued by the
Company, pursuant to of Law 6,404 of December 15, 1976, as amended and the
Company’s by-laws.
For additional information about the use of proceeds of the Offering, its impacts on the
Company’s capitalization and book value per share, see item 18.08 of the Company's
Reference Form.
More information can be obtained from the Office of Investor Relations, at Avenida
Angélica, 2466, in São Paulo, State of Sao Paulo, ZIP Code 01228-200 or on the
Company's website (General Shopping Brasil).
São Paulo, September 30, 2015.
 

fabriziof

Forumer storico
GENERAL SHOPPING BRASIL S.A., a listed company with head-offices at Av.
Angélica, nr. 2.466, conj. 221, in the City of São Paulo, State of São Paulo, enrolled in
CNPJ under nr. 08.764.621/0001-53 ("Company"), in compliance with the provisions of
Instruction CVM nr. 358/02 and Instruction CVM nr. 476/09, as per the information
disclosed in the Relevant Fact dated September 16, 2015 (“Offering Relevant Fact”),
announces to its shareholders (“Shareholders”) and to the market in general that, today,
its Board of Directors approved the capital increase of the Company, within the
authorized share capital established in the Company’s by-laws, in connection with the
offering of common shares by the Company (“Shares”), with restricted placement
efforts, under Instruction CVM nr. 476/09 (“Offering”), and with Banco Santander
(Brasil) S.A. as its lead underwriter (“Santander” or “Lead Underwriter”).
The Company’s capital increase was approved, within the authorized share capital
established in the Company’s by-laws, in the total amount of R$57,932,406.00, through
the issuance of 14,519,400 common, nominative shares, without par value, within the
Offering. Considering the Company’s capital increase within the Offering, the capital
stock of the Company will be of R$375,745,569.00, divided in 65,000,000 common,
nominative shares, without par value.
The Shares grant the right to participate in any distribution of dividend and/or interest
on corporate capital that may be declared by the Company from this date on, as well as
any other benefits granted to the other common shares issued by the Company
henceforth, with the same conditions of the other common shares issued by the
Company, pursuant to of Law 6,404 of December 15, 1976, as amended and the
Company’s by-laws.
For additional information about the use of proceeds of the Offering, its impacts on the
Company’s capitalization and book value per share, see item 18.08 of the Company's
Reference Form.
More information can be obtained from the Office of Investor Relations, at Avenida
Angélica, 2466, in São Paulo, State of Sao Paulo, ZIP Code 01228-200 or on the
Company's website (General Shopping Brasil).
São Paulo, September 30, 2015.

Era il 30 settembre ,abbiamo news ulteriori? Il 21 dovrebbe terminare l'offerta sul bond.
 

arkymede74

Forumer storico
rimangono meno di 900m di 2019 al momento. in questo trimestre gli investimenti sono stati molto bassi (42m contro i 330m attesi per tutto l'anno), a parità di fattori mi aspetto una generazione di cassa leggermente più bassa nei prossimi trimestri, ma comunque sufficiente ad abbattere il debito ad un ritmo di 100m/mese.
Anche la liquidità è molto al di sopra del necessario: la scorsa volta avevano indicato come "normale" avere tra 1.5 Bln e 2 Bln di cassa.

è probabile che finchè i prezzi sono molto sotto la pari continuino a comprare a mercato, quando arriveremo a 95 potremmo pensare ad una call (anche se a questo punto potrebbero aspettare Novembre 2016 e callare a 102, invece di farlo ora a 104)

occasinoe di acquisto? avete qualche isin sott'occhio? :bow:
 
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