10,625% Kerling PLC EO-Notes 2010(14/17)

[BondWurzel]

Bezeichnung 10,625% Kerling PLC EO-Notes 2010(14/17)

WKN A1ASWK

ISIN XS0480857415

Kürzel/RIC DEA1ASWK=F

Reuters-Kategorie Anleihe (börsengehandelt)

Wertpapiergruppe S.Whrg.Anl.Aus.

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

Segment Freiverkehr

Emittent KERLING PLC

Sitz des Emittenten Großbritannien

Emissionsdatum 28.01.2010

Laufzeitende 01.02.2017

Emissionskurs 99,393

 

Rückzahlungskurs 100,00

Emissionsvolumen 785.000.000 EUR

Kupon 10,625%

Kuponart fixer Kupon

Zinstermin 01.02.2016

Zinsperiode Halbjährlich

Kl. handelb. Einheit 50.000

Depotwährung Euro

Abrechnungswährung Euro

letztes Rating B-

Rating Agentur S&P

Rating Datum 13.02.2013

 

Kann wohl 30-tägig gekündigt werden.

Zitat

Optional Redemption

 

The Senior Secured Notes will be subject to redemption at any time prior to February 1, 2014 at the option of

the Issuer, in whole but not in part, on not less than 30 nor more than 60 days’ prior notice at a redemption price equal to

100% of the principal amount thereof, plus the Applicable Redemption Premium and accrued and unpaid interest to, but

not including, the redemption date (subject to the right of holders of record on the relevant record date to receive interest

due on the relevant interest payment date).

 

The Senior Secured Notes will be subject to redemption at any time on or after February 1, 2014 at the option of

the Issuer, in whole or in part, on not less than 30 nor more than 60 days’ prior notice at the following redemption prices

(expressed as percentages of the principal amount), if redeemed during the 12-month period beginning February 1 of the

years indicated below:

Code:

Year Senior Secured Notes Redemption Price

__________________________________________________________________________

2014 ............................................................ 105.313%

2015 ............................................................ 102.656%

2016 and thereafter ............................................. 100.000%

together with any Additional Amounts and accrued and unpaid interest, if any, to the redemption date (subject to the

rights of holders of record on relevant record dates to receive interest due on an interest payment date).

 

https://www.boerse-stuttgart.de/de/boersenportal/wertpapiere-und-maerkte/anleihen/factsheet/?ID_NOTATION=33043296

[Chartwaves]

Ein zweistelliger Kupon! Ich dachte, sowas gibt es gar nicht mehr.

[BondWurzel]

Ein zweistelliger Kupon! Ich dachte, sowas gibt es gar nicht mehr.

Deshalb halte ich die auch. :'(

[BondWurzel]

Die letzten Zahlen:

 

Based on unaudited management information, Kerling reports that EBITDA for the fourth quarter of 2014 was €37 million, compared to €42 million in the fourth quarter of 2013. The results exclude the Compounds business which was divested in November 2013.

The Rafnes Noretyl Joint Venture ethylene cracker depreciation is reported according to IFRS as a cost in the Kerling plc results1. These depreciation charges amount to approximately €2 million in each quarter on average for 2014. After deducting these charges, the EBITDA for the fourth quarter of this year was €35 million, compared to €40 million in the fourth quarter of 2013.

Excluding the divested Compounds business, full year EBITDA for 2014 is €151 million, compared to an LTM EBITDA at Q3 2014 of €156 million.

Capital expenditure was €66 million for the year, €17 million of which was spent in the fourth quarter.

 

The fourth quarter performance

The fourth quarter EBITDA performance in the ChlorVinyls business was €23 million, compared to €29 million in the fourth quarter of 2013.

European demand and prices for SPVC in the fourth quarter of 2014 was below the same period last year with the shortfall driven by customer de-stocking in response to the fall in oil prices. Prices for SPVC fell, in line with ethylene contract prices movements, which saw

prices reduce to an average of €1,073/te for the quarter, compared to €1,215/te for the fourth quarter of 2013.

Average European contract caustic soda prices increased by €25/te compared to the previous quarter but this was still €60/te lower than the fourth quarter in 2014. This increase reversed a two year trend of failing caustic prices. Spot caustic soda prices also saw an

increase off the back of reduced availability. Chlorine and caustic soda sales volumes were lower than both the previous quarter and the same period in 2013 due to production issues at Rafnes and Tessenderlo leading to two Force Majeures during the quarter. European

caustic soda industry stock levels remained consistent with the previous quarter but remain below the levels reported earlier in the year. Average energy prices were higher than the previous quarter but lower than the same period last year. Enterprises business performance improved with an EBITDA of €15 million, compared to €13 million achieved in the fourth quarter of 2013. The Enterprises business acquired the

remaining 50% share capital of INEOS Champlor SAS in December 2013, and this business contributed EBITDA of €2 million in the fourth quarter of 2014.

[Ramstein]

Ein zweistelliger Kupon! Ich dachte, sowas gibt es gar nicht mehr.

Bei einem Rating von Caa1 gibt es da eine große Auswahl (, die mich nicht begeistert).

[BondWurzel]

Ein zweistelliger Kupon! Ich dachte, sowas gibt es gar nicht mehr.

Bei einem Rating von Caa1 gibt es da eine große Auswahl (, die mich nicht begeistert).

Nach S&P haben da einige ein B - Rating, wobei man ja weiß aus der Vergangenheit was ein Rating an Aussagekraft hat = keine. :-

 

Ist schon merkwürdig wie man HSH Nordbank, HETA, Kerling oder Heidelberger Druck in einen Topf wirft...vielleicht sind ja B-geratete wesentlich besser, wenn man zum Bleistift sowas liest:

 

Staatliche Garantien gelten nicht mehr

"Das ist ein Weckruf für die ganze Finanzindustrie", sagt Andreas Wieland von der Rechtsanwaltskanzlei White & Case. "Viele Investoren stellen sich ganz offen die Frage, was man als Gläubiger noch auf staatliche Garantien und andere Zusicherungen geben kann."

 

Auf diese Garantien hatten sich die Anleihekäufer verlassen. Zwar zeichnete sich schon länger ab, dass das Bundesland Kärnten mit all den Hypo-Schulden überfordert sein würde. Aber die Geldgeber rechneten damit, dass die Regierung in Wien, von manchen Rating-Agenturen immerhin mit der Bestnote AAA bedacht, die Region im Süden des Landes keinesfalls hängen lassen würde. Stattdessen werden nun mithilfe eines eigenwilligen Abwicklungsgesetzes die Landesgarantien ausgehebelt, sodass weder Kärnten noch der Bund zahlen müssen.

 

"Das hat das Vertrauen vieler Investoren erheblich erschüttert", sagt Anwalt Wieland. Zumal erhebliche Teile des europäischen Bankensystems auf staatlichen Garantien aufbauen. Italienische und spanische Finanzinstitute haben sich damit in der Krise Geld beschafft, bei deutschen Landesbanken haften die jeweiligen Bundesländer noch für Altschulden in Milliardenhöhe, und die Restbestände der WestLB und der Hypo Real Estate werden in staatlichen Abwicklungsanstalten ähnlich dem österreichischen Konstrukt verwaltet...

[BondWurzel]

Bond stabiler.

 

INEOS AND SOLVAY REACH AGREEMENT FOR DIVESTMENT OF REMEDY BUSINESS TO ICIG

Published on March 19 2015

 

INEOS and Solvay have reached an agreement with International Chemical Investors Group (ICIG) to acquire the assets being divested by INEOS. This agreement​, which follows extensive discussions with the European Commission in the context of the merger control review of INOVYN,​ is a key step towards completion of the INOVYN project.

 

ICIG is a privately held industrial company (headquartered in Luxembourg and Germany) that specialises in chemicals and pharmaceuticals, with 23 manufacturing sites across Europe and the United States.

 

The assets being divested ("the remedy business") consist of:

 

the chlorine plants and EDC/ VCM plants at Tessenderlo, Belgium (excluding the chlorotoluenes business that will remain with INEOS);

the PVC plant at Mazingarbe, France;

the PVC plant at Beek, the Netherlands;

the PVC and VCM plants at Wilhelmshaven, Germany; and

the EDC plants at Runcorn, UK.

 

In addition, the membrane chlorine plant at Runcorn is to be placed in a 50/ 50 Joint Venture between INOVYN and ICIG. The divestment will also include a portion of the potassium hydroxide (KOH) business at Tessenderlo, with ICIG supplying INOVYN under a toll manufacturing arrangement for the proportion of the KOH business that INOVYN will retain.

 

It is anticipated that the formation of INOVYN will take place in the second quarter of 2015, upon receipt of all required regulatory approvals and completion of consultation with relevant INEOS employees in scope of the proposed divestment.

 

ENDS