Researcher
Stop Loss? No, Thanks!!!
Ci mancava pure l'inchiesta della Procura di Isernia oltre ai dubbi sulla disponibilità della line adi credito da 30 milioni per pagare dipendenti ecc. ecc
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (4 lettori)
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
CorvoTorvo
La vita è altrove...
Ma l'azienda è andata in default? I bond che fine hanno fatto?
Continueranno a pagare le cedole?
Continueranno a pagare le cedole?
Gaudente
Forumer storico
si'
continuano ad essere scambiati a Francoforte, ultimo prezzo 9,50 tel quel
no
solenoide
Forumer storico
Tui Ag xs0195307367
Ciao,
i bond TUI sono di nuovo scesi ma non ho trovato nessuna notizia particolare in rete.
Il settore turismo sembra OK , vedo pero' che la vendita di Hapag-Lloyd avverra' a condizioni peggiori del previsto, qualcuno ne sa di piu'?
Ciao,
i bond TUI sono di nuovo scesi ma non ho trovato nessuna notizia particolare in rete.
Il settore turismo sembra OK , vedo pero' che la vendita di Hapag-Lloyd avverra' a condizioni peggiori del previsto, qualcuno ne sa di piu'?
Ultima modifica di un moderatore:
Imark
Forumer storico
Stanno vendendo Hapag con i prezzi dei noli marittimi bassissimi per i carichi dry ... era quello che avrebbero dovuto vendere già due anni fa ricavandone ben altro ... però l'accordo non mi pare sia stato ancora concluso...
Poi c'è questa faccenda per cui la liquidità che entra da una parte (per effetto della vendita) esce dall'altra (in forma di prestiti alla stessa Hapag), visto che il change of control su Hapag sembrerebbe autorizzare il richiamo anticipato di loans bancari
Dal Financial Times del 27 febbraio scorso...
Tui warns over Hapag stake sale
By Gerrit Wiesmann
Published: February 27 2009 02:00 | Last updated: February 27 2009 02:00
Tui yesterday said the immediate cash inflow from the sale of a stake in Hapag-Lloyd would fall by €400m ($510m) to €1.6bn after the slump saw one of the prospective owners change heart.
The German travel and shipping group also said that it might have to lend Hapag up to €1bn "for a limited period" as cash-strapped banks either used the company's change of ownership to call in loans, or later decline follow-on financing as loans come due.
Tui said that it would sell 56.67 per cent instead of 66.67 per cent of Hapag to the so-called Hamburg consortium after Klaus-Michael Kühne, the controlling shareholder of logistics group Kuhne & Nagel, reduced his commitment to the consortium.
The change means the Hamburg group will pay Tui €1.2bn instead of €1.4bn when the deal closes in March, with a further shortfall of €200m due to delays selling Hapag properties.
Imark
Forumer storico
Lo tengo d'occhio anch'io... un altro HY tranquillo è il Colt Telecom, che ha varato un aumento di capitale riservato a Fidelity, già largamente azionista di maggioranza, per ripagare il bond in scadenza questo autunno.
titox
Nuovo forumer
posto quello che ho trovato sulla vendita di hapag.
".......il gruppo Tui, riesce a portare a termine la vendita della compagnia Hapag Lloyd al consorzio tedesco Albert Ballin. Ma solo al prezzo di una rinegoziazione dei termini di vendita: Tui resterà azionista di Hapag Lloyd con il 43,33% delle azioni, non il 33,33% come previsto in un primo momento. Il prezzo a cui è stata valutata la compagnia rimane invariato, 4,45 miliardi di euro. Ma, avendo più azioni a disposizione, Tui incasserà meno liquidità: 1,6 miliardi di euro, circa 400 milioni di meno di quanto preventivato in un primo momento.
Inoltre Tui verserà alla compagnia container un prestito ponte di un miliardo di euro, in attesa che sia formalizzato ai primi di marzo il passaggio di consegne."
http://shippingonline.ilsecoloxix.it/rubriche/economia_e_finanza/view.php?DIR=/rubriche/economia_e_finanza/documenti/2009/02/28/&CODE=657d8af8-0573-11de-ab29-0003badbebe4
".......il gruppo Tui, riesce a portare a termine la vendita della compagnia Hapag Lloyd al consorzio tedesco Albert Ballin. Ma solo al prezzo di una rinegoziazione dei termini di vendita: Tui resterà azionista di Hapag Lloyd con il 43,33% delle azioni, non il 33,33% come previsto in un primo momento. Il prezzo a cui è stata valutata la compagnia rimane invariato, 4,45 miliardi di euro. Ma, avendo più azioni a disposizione, Tui incasserà meno liquidità: 1,6 miliardi di euro, circa 400 milioni di meno di quanto preventivato in un primo momento.
Inoltre Tui verserà alla compagnia container un prestito ponte di un miliardo di euro, in attesa che sia formalizzato ai primi di marzo il passaggio di consegne."
http://shippingonline.ilsecoloxix.it/rubriche/economia_e_finanza/view.php?DIR=/rubriche/economia_e_finanza/documenti/2009/02/28/&CODE=657d8af8-0573-11de-ab29-0003badbebe4
CorvoTorvo
La vita è altrove...
Consigli agli obbligazionisti?
Imark
Forumer storico
Hanno aspettato un po' troppo a vendere Hapag-Lloyd e ci hanno ricavato meno di quanto non fosse lecito attendersi... la vendita è poi troppo "parziale" ed il credito accordato a Hapag-Lloyd continua ad esporre la società ai fattori di rischio legati al business del containers shipping, passato dalle stelle dell'estate scorsa alla stalle attuali...
Risultato: un accumularsi di scadenze debitorie da rifinanziare nei prossimi anni, in un periodo in cui il business di TUI resterà soggetto a debolezza legata alla sua ciclicità, un ritardo sui tempi preventivati di riduzione del leverage.
TUI AG Outlook Revised To Negative On Lower-Than-Expected Sale Proceeds, Macroeconomic Strains; 'B+' Rating Affirmed
LONDON (Standard & Poor's) April 1, 2009--Standard & Poor's Ratings Services said today that it revised its outlook on German conglomerate TUI AG to negative from stable. At the same time, the 'B+' long-term corporate credit rating on TUI was affirmed.
"The outlook revision reflects lower-than-expected cash proceeds from the recent completion of the sale of a majority stake in the group's shipping business, Hapag-Lloyd (HL), net of new financing lines made available to HL, as well as rising macroeconomic pressures," said Standard & Poor's credit analyst Philip Temme.
In addition, the rating is constrained by structural weaknesses and
reporting complexities arising from TUI's position as a holding company with minority equity stakes in its two principal operating businesses. TUI
comprises 40.3% of London-listed TUI Travel PLC (TTP) (or 51.4% of voting rights in the fully consolidated TTP), 43.3% of the vehicle that now controls HL (reported as a discontinued operation in 2008), and a variety of hotel, resort, and cruise investments.
The HL transaction, which closed on March 23, 2009, involved the sale of 56.66% of HL for net cash proceeds of €1.6 billion. The deal permitted TUI to deconsolidate €1.3 billion of HL debt and leased assets with a capitalized net present value of about €1.8 billion. Net cash proceeds from the transaction, after about €700 million of new financing from TUI to HL, amounted to approximately €900 million and we currently expect them to be substantially used to reduce debt.
"Given the rapidly deteriorating prospects for container shipping caused
by the sharp decline in world trade, we view the partial sale of HL as broadly credit-positive. However, the cash proceeds from the sale were lower than we had originally anticipated, therefore reducing TUI's strategic flexibility to make additional investments in tourism," said Mr. Temme.
TUI's increased credit exposure to HL illustrates that it has only
partially managed to extricate itself from shipping-related risks.
The group has granted total credit lines to HL of €1.15 billion (already substantially drawn), on top of its existing loans to TTP, which are currently about €1.02 billion drawn.
Most of the new financing provided to HL is unsecured (with the exception of a €200 million tranche guaranteed by the City of Hamburg and others) and is due between March 2010 and December 2012.
The new credit lines to HL create substantial additional refinancing risk in the event that replacement external financing is unavailable, a risk accentuated by TUI's own substantial bond maturities over the next couple of years.
The ratings on TUI reflect the group's complex structure, highly
leveraged financial risk profile (with lease-adjusted net debt to EBITDA before HL cash proceeds in excess of 6x on Dec. 31, 2008), and cash flow leakage to minorities. TUI is also exposed to the seasonal and cyclical tourism industry where margins are modest and event risks are high.
These risks are mitigated in part by TUI's market-leading positions as well as its geographically well-diversified sales.
"The negative outlook reflects our view that TUI is now less likely to
achieve credit metrics consistent with a 'B+' long-term CCR (defined as lease-adjusted debt to EBITDA of less than 5x) by the end of financial 2009.
We expect increasing recessionary challenges, particularly for shipping, to
reduce consolidated earnings, offsetting to some degree the deleveraging which will follow from the partial sale of HL," said Mr. Temme
Risultato: un accumularsi di scadenze debitorie da rifinanziare nei prossimi anni, in un periodo in cui il business di TUI resterà soggetto a debolezza legata alla sua ciclicità, un ritardo sui tempi preventivati di riduzione del leverage.
TUI AG Outlook Revised To Negative On Lower-Than-Expected Sale Proceeds, Macroeconomic Strains; 'B+' Rating Affirmed
LONDON (Standard & Poor's) April 1, 2009--Standard & Poor's Ratings Services said today that it revised its outlook on German conglomerate TUI AG to negative from stable. At the same time, the 'B+' long-term corporate credit rating on TUI was affirmed.
"The outlook revision reflects lower-than-expected cash proceeds from the recent completion of the sale of a majority stake in the group's shipping business, Hapag-Lloyd (HL), net of new financing lines made available to HL, as well as rising macroeconomic pressures," said Standard & Poor's credit analyst Philip Temme.
In addition, the rating is constrained by structural weaknesses and
reporting complexities arising from TUI's position as a holding company with minority equity stakes in its two principal operating businesses. TUI
comprises 40.3% of London-listed TUI Travel PLC (TTP) (or 51.4% of voting rights in the fully consolidated TTP), 43.3% of the vehicle that now controls HL (reported as a discontinued operation in 2008), and a variety of hotel, resort, and cruise investments.
The HL transaction, which closed on March 23, 2009, involved the sale of 56.66% of HL for net cash proceeds of €1.6 billion. The deal permitted TUI to deconsolidate €1.3 billion of HL debt and leased assets with a capitalized net present value of about €1.8 billion. Net cash proceeds from the transaction, after about €700 million of new financing from TUI to HL, amounted to approximately €900 million and we currently expect them to be substantially used to reduce debt.
"Given the rapidly deteriorating prospects for container shipping caused
by the sharp decline in world trade, we view the partial sale of HL as broadly credit-positive. However, the cash proceeds from the sale were lower than we had originally anticipated, therefore reducing TUI's strategic flexibility to make additional investments in tourism," said Mr. Temme.
TUI's increased credit exposure to HL illustrates that it has only
partially managed to extricate itself from shipping-related risks.
The group has granted total credit lines to HL of €1.15 billion (already substantially drawn), on top of its existing loans to TTP, which are currently about €1.02 billion drawn.
Most of the new financing provided to HL is unsecured (with the exception of a €200 million tranche guaranteed by the City of Hamburg and others) and is due between March 2010 and December 2012.
The new credit lines to HL create substantial additional refinancing risk in the event that replacement external financing is unavailable, a risk accentuated by TUI's own substantial bond maturities over the next couple of years.
The ratings on TUI reflect the group's complex structure, highly
leveraged financial risk profile (with lease-adjusted net debt to EBITDA before HL cash proceeds in excess of 6x on Dec. 31, 2008), and cash flow leakage to minorities. TUI is also exposed to the seasonal and cyclical tourism industry where margins are modest and event risks are high.
These risks are mitigated in part by TUI's market-leading positions as well as its geographically well-diversified sales.
"The negative outlook reflects our view that TUI is now less likely to
achieve credit metrics consistent with a 'B+' long-term CCR (defined as lease-adjusted debt to EBITDA of less than 5x) by the end of financial 2009.
We expect increasing recessionary challenges, particularly for shipping, to
reduce consolidated earnings, offsetting to some degree the deleveraging which will follow from the partial sale of HL," said Mr. Temme
- Stato