7,125% Crown European Holdings S.A. EO-Notes 2010

[BondWurzel]

7,125% Crown European Holdings S.A. EO-Notes 2010(10/18) Reg.S

WKN A1AZGW

ISIN XS0511127689

Kürzel/RIC DEA1AZGW=F

Reuters-Kategorie Anleihe (börsengehandelt)

Wertpapiergruppe S.Whrg.Anl.Aus.

Wertpapierart "SV, Anl.,Obl. ö.Pf.d.E."

Segment Freiverkehr

Emittent CROWN EUROPEAN HOLDINGS SA/-

Sitz des Emittenten Frankreich

Emissionsdatum 28.07.2010

Laufzeitende 15.08.2018

Emissionskurs 100,00

Rückzahlungskurs 100,00

Emissionsvolumen 500.000.000 EUR

Kupon 7,125%

Kuponart fixer Kupon

Zinstermin 15.02.2011

Zinsperiode Halbjährlich

Kl. handelb. Einheit 50.000

Depotwährung Euro (EUR)

Abrechnungswährung Euro (EUR)

Letztes Rating BB

Rating Agentur Fitch

Rating Datum 03.08.2010

 

http://www.finanznachrichten.de/nachrichten-2010-08/17595671-fitch-rates-crown-european-holdings-notes-bb-004.htm

[Prospektständer]

Hier noch der Bericht der Fitch Research Abteilung

[Superhirn]

Hier noch der Bericht der Fitch Research Abteilung

 

Das geht nicht, da muss man sich erst mit Password einloggen

[Prospektständer]

Danke für den Hinweis Superhirn:

 

Fitch Ratings-New York-03 August 2010: Fitch Ratings has assigned a 'BB-' rating to Crown European Holdings, SA (CEH) EUR500 million senior unsecured notes due 2018. Proceeds from the offering will be used to retire near-term maturities including all or a portion of the company's outstanding EUR150 million first priority senior secured notes due 2011 and provide funds for general corporate purposes. Crown has also announced the redemption of $200 million of Crown Americas, LLC (CA) unsecured notes due 2013 on Aug. 27, 2010. The ratings on the 2013 notes will be withdrawn at the time of redemption. The Rating Outlook is Positive.

 

The ratings for Crown Holdings, Inc. (Crown), and its subsidiaries Crown Cork & Seal Company, Inc. (CCS), CA, and CEH have been affirmed as follows:

 

Crown:

--Issuer Default Rating (IDR) at 'BB-'.

 

CCS:

--IDR at 'BB-';

--Senior unsecured notes at 'B+'.

 

CA:

--IDR at 'BB-';

--Senior secured dollar term facility at 'BBB-';

--Senior secured dollar revolving facility at 'BBB-';

--Senior unsecured notes at 'BB-'.

 

CEH:

--IDR at 'BB-';

--Senior secured Euro term facility at 'BBB-';

--Senior secured Euro revolving facility at 'BBB-';

--Senior secured Euro 1st priority notes at 'BBB-';

 

The ratings of Crown reflect the stability of the company's cash flows despite a challenging economic environment that pressured volumes during 2009 in certain segments, as cost-containment measures and price increases have led to continued profitability improvements. Underlying volume demand has continued to recover in 2010 as the company additionally benefits from new capacity coming on line, thus driving growth. Consequently, with expectations for stable profitability, Fitch anticipates at least modest growth in EBITDA for 2010. Fitch also believes Crown's geographical diversification across both mature and emerging markets with a diverse customer mix results in a more balanced revenue stream that lends greater stability through economic cycles.

 

Crown's credit profile has strengthened through debt repayment, an improved maturity profile, and increased liquidity that has resulted in leverage and interest coverage improvements. Fitch further expects Crown's operational prospects and credit profile to strengthen during 2010. Adjusted leverage (including accounts receivable securitization and lease expense) at the end of the second quarter of 2010 was 3.2 times (x). Based upon its strengths, Fitch believes Crown is well-positioned to sustain operating free cash flow (FCF) levels. With the company nearing its net leverage goal of 2.0x or less, Fitch expects the company will balance its use of FCF between debt reduction and share repurchases in 2010. FCF in 2010 is anticipated to be in excess of $400 million. The company also expects to significantly increase its capital expenditures in 2010 to approximately $300 million, with a particular focus on increasing capacity in Asia and Brazil. Capital spending will likely remain at that level in 2011. With the improvement in its credit profile and considerable FCF generation, Crown certainly has capacity to consider acquisitions, but Fitch believes any acquisition would likely be of smaller size as opportunities for a larger acquisition appear limited at this time. By the end of 2010, Fitch expects adjusted leverage in the range of 2.7x-2.9x.

 

Longer term, with the company within its leverage targets, Fitch expects Crown will shift the majority of its excess cash to shareholder-friendly initiatives after satisfying organic growth opportunities. Crown has a $500 million share repurchase program that expires at the end of 2010 with $467 million of availability. Management expects the board will likely extend and potentially upsize it in the future.

 

Credit risks include the increase in revenue exposure to more volatile, higher-growth emerging markets, the asbestos liability and pension funding, while Fitch currently views that Crown has significant flexibility to address any additional cash requirements on the business.

 

Crown's amended credit facility enhances the liquidity profile of the company by extending the revolving facility's maturity by approximately four years, increasing the aggregate size of the facility by $400 million to $1.2 billion, and reducing the size of the term loan commitments due in November 2012. Crown's amended senior secured credit facilities now include revolving facilities that will mature on June 15, 2015 as well as $194 million of existing revolving facilities that mature on May 15, 2011 for lenders that elected not to convert their commitments into the extended revolving facilities. Crown's existing term loan facilities mature on Nov. 15, 2012 and now total approximately $286 million. The company used borrowings under the new revolving credit facilities to repay $200 million of its existing U.S. dollar term loan and the equivalent of $200 million on Crown's Euro term loan.

 

Crown's liquidity is very good and includes a mix of cash, availability under its revolving facility and securitization programs, as well as significant levels of expected FCF for 2010. Liquidity was approximately $1 billion at the end of the second quarter of 2010, with $412 million of cash, $566 million of borrowing capacity available under its revolving credit facility, and approximately $30 million of availability under Crown's Euro and North American securitization programs. Current maturities are relatively minimal during the next two years due to concentrated efforts in the past several quarters to reduce and extend debt maturities. Crown's debt agreements give the company significant flexibility and it currently has a material capacity to issue additional debt.

 

The Rating Outlook is currently Positive. As the company's business segments further improve from the numerous strategic actions that Crown has undertaken including additional debt reduction, Fitch expects Crown's financial and credit profile to continue to improve, which will likely result in a ratings upgrade in the second half of 2010.

 

These rating actions reflect the application of Fitch's current criteria which are available at 'www.fitchratings.com' and specifically include the following reports:

 

--'Corporate Rating Methodology' (Nov. 24, 2009);

--'Liquidity Considerations for Corporate Issuers' (June 12, 2007).

 

Contact: Bill Densmore +1-312-368-3125 or Dave Peterson +1-312-368-3177, Chicago.

 

Media Relations: Cindy Stoller, New York, Tel: +1 212 908 0526, Email: cindy.stoller@fitchratings.com.

 

Additional information is available at 'www.fitchratings.com'.

[BondWurzel]

..sieht gut aus...

 

Crown's liquidity is very good and includes a mix of cash, availability under its revolving facility and securitization programs, as well as significant levels of expected FCF for 2010. Liquidity was approximately $1 billion at the end of the second quarter of 2010, with $412 million of cash, $566 million of borrowing capacity available under its revolving credit facility, and approximately $30 million of availability under Crown's Euro and North American securitization programs. Current maturities are relatively minimal during the next two years due to concentrated efforts in the past several quarters to reduce and extend debt maturities. Crown's debt agreements give the company significant flexibility and it currently has a material capacity to issue additional debt.