Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (4 lettori)

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fabriziof

Forumer storico
inspiegabile la differenza di rendimento tra quella in euro e quella in franchi.
domani forse escono i risultati che saranno di nuovo negativi suppongo
non si capisce bene come mai fatichi cosi a rimettersi in ordine pur col supporto etihad
Sì inspiegabile ,se qualcuno può spiegare prima che prendo quello in franchi...
 

cumulate

Forumer storico
Che fare? vendere o tenere? io avevo aderito per metà importo, secondo me a 62% non swappano, va bene che le comunicazioni sono arrivate tardi, ma mi sembra improbabile che estendere la deadline serva a molto....
Dovessero comunque swappare il 62%, ci troveremmo con un bond da 124m, e collateral per 300m, sarebbe stato un buon affare (e un buon modo per remunerare chi ha deciso di estendere la maturity, nonostante il classico caso di dilemma del prigioniero......)
il dubbio è per il restante 38%, che comunque si ridurrà. Ovvero, a febbraio lo liquidano a 100 ?
e se non swappano che fanno ? Vanno in banca ?
 

zoro-aster

Forumer storico
CAMPOSO
Camposol S.A. Announces Results and Extension of Early Tender for Private Debt Exchange Offer

Camposol S.A. (the "Company"), announced on April 25th that it is extending the Early Tender Date [NTD: Initial Early Tender Date not used] for its previously announced offer to exchange (the "Exchange Offer") any and all of its outstanding 9.875% Senior Notes due 2017 (the "Existing Notes") for 10.50% Senior Secured Notes due 2021 (the "New Notes"), pursuant to the terms and subject to the conditions set forth in the Company's Exchange Offer Memorandum dated April 11, 2016 (the "Exchange Offer Memorandum").

The Early Tender Date has been extended to midnight, New York City time, on May 6, 2016 (as so extended, the "Extended Early Tender Date"), unless further extended. Except for the establishment of the Extended Early Tender Date, all of the terms and conditions of the Exchange Offer set forth in the Exchange Offer Memorandum remain unchanged. As a result, Eligible Holders who validly tender their Existing Notes on or prior to midnight, New York City time, on the Extended Early Tender Date will receive US$1.00 in principal amount of New Notes for each US$1.00 in principal amount of Existing Notes accepted for exchange.

The Company also announced that, as of midnight, New York City time on April 22, 2016, US$125,865,000 principal amount of the Existing Notes, representing 62.93% of the total principal amount of Existing Notes outstanding, had been validly tendered in the Exchange Offer and not withdrawn.

Consummation of the Exchange Offer is conditioned upon the valid tender, without subsequent withdrawal, of at least 95% of the aggregate principal amount outstanding of the Existing Notes. Subsequent to confirmation of the Exchange Offer, collateral that will secure the Existing Notes that remain outstanding and the New Notes issued in the Exchange Offer, will be perfected pursuant to the terms of a Peruvian Trust Agreement governed by Peruvian law that will be entered into by the Company and the Peruvian Trustee and Collateral Agent for the benefit of all holders of notes outstanding. The Company will have the right, in its sole discretion, to waive any conditions to the Exchange Offer. The Company will also have the right to terminate or withdraw the Exchange Offer and extend the Extended Early Tender Date and/or the Expiration Date in its sole discretion, subject to applicable law.

The Exchange Offer and the New Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"). As a result, holders within the United States or who are U.S. persons will be eligible to participate in the Exchange Offer only if they are "qualified institutional buyers" ("QIBs") as defined in Rule 144A under the Securities Act ("Rule 144A"). Offers and issuances of the New Notes to non U.S. persons outside the United States will be made in offshore transactions in reliance on Regulation S under the Securities Act ("Regulation S").

The Company has engaged D.F. King & Co., Inc. to act as Information and Exchange Agent, in connection with the Exchange Offer.

The Exchange Offer is being made only to holders who have properly completed, executed and delivered to the Information and Exchange Agent an eligibility letter or a certification, whereby such holder has represented or will represent to the Company that they are either (i) a "qualified institutional buyer," or "QIB," as defined in Rule 144A under the Securities Act of 1933, as amended (the "Securities Act") and under applicable state securities laws; or (ii) a "non-U.S. Person" (as defined in Regulation S under the Securities Act), and if such holder is in any member state of the European Economic Area which has implemented Directive 2003/71/EC (the "Prospectus Directive," which term includes amendments thereto, including Directive 2010/73/EU), a "qualified investor" (as defined in the Prospectus Directive) and, in each case, that it may lawfully participate in the Exchange Offer in accordance with the laws of the jurisdiction in which it is located.

Informational documents relating to the Exchange Offer, including but not limited to the Exchange Offer Memorandum, will only be distributed to eligible investors who submit the eligibility letter or certification described above. If you would like to submit the eligibility letter or certification, please log into the website www.dfking.com/camposol. Alternatively, please contact the Information and Exchange Agent D.F. King & Co., Inc., Attn: Peter Aymar, at 48 Wall Street, 22nd Floor, New York, NY 10005, telephone number: (800) 821-2794(toll-free), (212) 269-5550 (collect) or email [email protected]. Requests for documentation should be directed to the Information and Exchange Agent.

Beneficial owners of Existing Notes should carefully read the Exchange Offer Memorandum regarding the relevant procedures and timing to tender their Existing Notes. This announcement must be read in conjunction with the Exchange Offer Memorandum.

This press release is neither an offer to purchase nor the solicitation of an offer to sell OR EXCHANGE any of the securities described herein in the United States or in any other jurisdiction where such offer is prohibited, and such securities may not be offered, sold OR EXCHANGED in the United States absent registration or an exemption from registration under the Securities Act. THE COMPANY does not intend to register any NEW NOTES in the United States or to conduct a public offering of such securities in any jurisdiction.The exchange offer is made solely pursuant to the EXCHANGE OFFER memorandum dated APRIL 11, 2016.

The Exchange Offer is being made solely pursuant to the Exchange Offer Memorandum, and only to such persons and in such jurisdictions as are permitted under applicable law.

None of the Company, the Dealer Managers or the Information and Exchange Agent makes any recommendation as to whether holders of Existing Notes should tender Existing Notes or participate in the Exchange Offer.

This announcement contains forward-looking statements and information that is necessarily subject to risks, uncertainties and assumptions. No assurance can be given that the transactions described herein will be consummated or as to the terms of any such transactions. The Company assumes no obligation to update or correct the information contained in this announcement.

This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). The New Notes are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such New Notes will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

About Camposol
 

jackbond

Nuovo forumer
Air berlin non l'ho mai presa,c'è una qualsivoglia ragione per farlo ,o no?

Si, io ho la 2019 in €

28 April 2016
airberlin's financial results 2015

Significant improvement of 3.7 per cent in revenue per available seat kilometre (RASK)
• Yield increased significantly by 2.0 per cent
• Load factor increased by 0.7 percentage points
• Extraordinary payments, codeshare dispute and dip in tourism traffic due to geopolitical events had negative impact
• Benefits from low fuel cost not yet realised


airberlin made good progress in its operational and commercial performance in 2015 with revenue per available seat kilometre, yield, load factor, operating seat cost and ancillary revenues all improving.

Stefan Pichler, Chief Executive Officer, said: "Although we reported a significant net loss of -446.6 million euros in 2015, the underlying fundamentals of our business are now trending in the right direction, and we can look forward to further improvements in our trading performance, especially in the second half of this year.”

Several factors negatively impacted airberlin’s financial performance in 2015 including a protracted and damaging dispute over codeshare flights in the final quarter of 2015 and the beginning of 2016.

He said: “Even if the decision by the Lüneburg Higher Regional Court ultimately led to a pleasing outcome for us and our partner Etihad Airways, the months spent in limbo cost us 40 million euros in lost or cancelled sales in the fourth quarter of 2015.”

A second factor impacting the financial performance was the airline’s fuel hedging programme, as airberlin benefitted only to a limited extend from the more favourable kerosene price in 2015 and its fuel hedging transactions, coupled with the sharp decline in the US dollar, meant a missed opportunity amounting to more than 200 million euros.

Mr Pichler continued: “But in 2016 we will benefit from the relatively low cost of fuel in the order of 250 million euros.

“Our result also reflects the one-off effects of restructuring and other non-recurring operating costs to the value of approximately 92 million euros.

“In addition, we saw a six per cent reduction in non-performing capacity which led to a reduction in total revenue.

“Like the other restructuring initiatives, however, this will start to show benefits in our efficiency and cost base in the second half of this year.”

The airline was also impacted by geopolitical events such as the terrorist attacks in Egypt and Paris.


“I am confident that with this sound basis, airberlin will witness an improved trading performance in 2016 thanks to the continued development of our hubs in Berlin and Dusseldorf, a deepening of the commercial relationship with Etihad Airways Partners and oneworld and by taking advantage of lower fuel prices.

“Etihad Airways is committed to airberlin and we continue to play a key role towards its success. We delivered 140 million euros last year in direct passenger revenues to our major shareholder.

“We have its support for the aggressive and radical restructuring of our business. However, there are still hard decisions to be made, which require the clear support of key internal stakeholders.”

Mr Pichler added that airberlin reorganised its commercial activities to improve revenue and it has developed a more focused corporate and network approach. In 2015, the airline achieved a 2.0 per cent increase in the revenue it received from each seat on its network.

“airberlin has made important steps in tackling its cost base, which will reap benefits in 2016 – particularly in the second half of the year – and for the first time in four years we succeeded in increasing the yield significantly.“
 

fabriziof

Forumer storico
BUY di ieri:
5000 Irsa 2023 isin USP5880UAB63 sotto 108
5000 Ekosem 2021 isin DE000A1MLSJ1 sotto 83
5000 Cablevision 2022 isin US12686CBB46 sotto 89
 
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