As part of the transactions, Liberty will offer to exchange its 1.75% Charter exchangeable debentures due 2046 (Charter Debentures) for mirror debentures of GCI Liberty (Mirror Debentures).
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Great-West Lifeco Finance (Delaware) LP --5.691% subordinated debentures due 2067 'BBB+'; --7.127% subordinated debentures due 2068 'BBB+'.
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Announces proposal to amend its convertible unsecured subordinated debentures * Seek approval of holders of its 6.00% convertible unsecured subordinated debentures due June 30, 2017 * Zargon Oil & Gas Ltd - proposed amendments to debentures will consist : extending maturity date of debentures from june 30, 2017 to December 31, 2019 Source text for Eikon: Further company coverage:
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ANNOUNCES $100 MILLION PUBLIC OFFERING OF CONVERTIBLE UNSECURED SENIOR SUBORDINATED DEBENTURES * JUST ENERGY GROUP INC - DEBENTURES WILL MATURE ON MARCH 31, 2023 * JUST ENERGY - INTENDS TO USE NET PROCEEDS FROM OFFERING TO REDEEM 5.75% UNSECURED SUBORDINATED CONVERTIBLE DEBENTURES DUE SEPTEMBER 30, 2018 Source text for Eikon: Further company coverage:
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Upcoming maturities total $400 million due during fiscal 2017 (8% senior debentures due October 2016) and $350 million due during fiscal 2018 (7.25% senior debentures due May 2018).
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The debentures rank pari passu among themselves and a negative pledge exists over the issuer, preventing it from engaging in any other activities while any debentures remain outstanding.
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The debentures are perpetual, while Fitch assesses the effective maturity to be at the 50th anniversary from issuance, due to the debentures' coupon step-up from year 51 of over 100bp.
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The agency has also assigned the company's outstanding senior unsecured debentures a National Long-Term Rating of 'BB+(lka)' and its outstanding subordinated debentures a National Long-Term Rating of 'BB(lka)'.
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The debentures will be listed on the Colombo Stock Exchange.
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We know the demand for tickets, for hospitality, for debentures.
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The ratings on the senior debentures of PLC, CF, Senka, SFL and MIF and the proposed senior debentures of Siyapatha and Senka are in line with their National Long-Term Ratings according to Fitch criteria.
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Therefore, any changes in SASA's ratings would affect the debentures' ratings.
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The debentures are to be listed on the Colombo Stock Exchange.
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Fitch assigns the following rating: --3.05% subordinated debentures due 2028 'BBB+'.
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Great-West Life & Annuity Insurance Capital, LP --6.625% deferrable debentures due Nov.
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FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings: Torchmark Corporation --Long-term IDR at 'A-'; --Short-term IDR at 'F2'; --9.25% senior debentures due 2019 at 'BBB+'; --7.875% senior notes due 13 at 'BBB+'; --3.8% senior notes due 2022 at 'BBB+'; --5.875% junior subordinated debentures due 2052 at 'BBB-'; --6.125% junior subordinated debentures due 2056 at 'BBB-'; --Commercial paper at 'F2'.
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Manulife Financial Corp: * MANULIFE FINANCIAL CORP - INTENDS TO ISSUE $600 MILLION PRINCIPAL AMOUNT OF 3.317% FIXED/FLOATING SUBORDINATED DEBENTURES DUE MAY 9, 2028 * MANULIFE FINANCIAL CORP - DEBENTURES MATURE ON MAY 9, 2028 * MANULIFE FINANCIAL - DEBENTURES TO BEAR INTEREST AT FIXED RATE OF 3.317% UNTIL MAY 9, 2023 AND THEREAFTER AT RATE OF 0.78% OVER THREE MONTH CDOR Source text for Eikon: Further company coverage:
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FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings: Torchmark Corporation --Long-term IDR at 'A-'; --Short-term IDR at 'F2'; --9.25% senior debentures due 2019 at 'BBB+'; --13% senior notes due 2023 at 'BBB+'; --3.8% senior notes due 2022 at 'BBB+'; --5.875% junior subordinated debentures due 2052 at 'BBB-'; --6.125% junior subordinated debentures due 2056 at 'BBB-'; --Commercial paper at 'F2'.
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FOXA repaid $20163 million during the F2Q16 (7.6% senior debentures due October 2015).
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RATING SENSITIVITIES The ratings of SASA's debentures are linked to its issuer ratings.
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The debentures will have a tenor of 211 years and carry fixed coupons.
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Large debentures often come with the promise of admission at some selective schools.
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Announces early redemption of 5.85 pct convertible unsecured subordinated debentures * Liquor Stores N.A. Ltd - debentures, which have a maturity date of April 30, 2018, will be redeemed by company as of May 3, 2017 Source text for Eikon: Further company coverage:
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KEY RATING DRIVERS FOR THE DEBENTURES Rating Reflects Deep Subordination: The debentures have been notched down by three notches from CP ALL's National Long-Term Rating, given their deep subordination and to reflect that loss-absorption is higher than usual.
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Difference Capital Financial Inc: * DIFFERENCE CAPITAL ANNOUNCES PARTIAL REDEMPTION OF ITS 8.0% CONVERTIBLE DEBENTURES * DIFFERENCE CAPITAL FINANCIAL INC - DCF WILL REDEEM $15 MILLION OF ITS OUTSTANDING PRINCIPAL AMOUNT OF DEBENTURES ON JUNE 15, 2018 Source text for Eikon: Further company coverage:
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Canada Life Capital Trust --Series B, 7.529% senior debentures due June 13, 2052 'A'.
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Debentures for 2021-25 went for £80,000 ($100,000); a single resale ticket costs thousands.
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Invepar's debt includes 650 million reais in debentures that Mubadala acquired late last year.
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The debentures will be offered in tranches with tenors of up to five years.
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This follows Fitch's criteria, as the debentures represent the issuer's unsecured and unsubordinated obligations.
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TO ISSUE $300 MILLION OF UNSECURED DEBENTURES Source text for Eikon: Further company coverage:
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Canada Life Assurance Company --IFS 'AA'; --Long-term IDR 'AA-'; --6.4% subordinated debentures due Dec.
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The debentures under the MTN programmes are guaranteed by MBTh's parent, Daimler AG (A-/Stable).
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HNB's senior debentures carry the same rating, as they rank equal with other unsecured obligations.
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The debentures, totalling LKR3.5 billion, will have maturities of five years and carry fixed coupons.
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The debentures will be offered in two tranches with tenors of four years and 296 years.
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The debentures under the MTN programmes are guaranteed by MBTh's parent, Daimler AG (Daimler; A-/Stable).
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The debentures will have tenors of five and seven years and carry fixed and floating coupons.
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It also said it had defaulted on the interest payments due on two non-convertible debentures.
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Santander Leasing 4th and 5th Subordinated Debentures due 2017: National Long-Term rating at 'AA+(bra) .
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Debentures for Centre Court tickets are sold for a five-year period at £50,000 a seat.
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The debentures will have tenors of two to four years and carry fixed and floating coupons.
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The debentures will have tenors of three, four and five years and carry fixed and floating coupons.
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ANNOUNCES RESULTS OF RETRACTION OF 7.00% SENIOR UNSECURED CONVERTIBLE DEBENTURES Source text for Eikon: Further company coverage:
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The debentures qualify as regulatory Tier 2 capital for the bank and include a non-viability clause.
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This is the same guarantee structure as Time Warner's other notes and debentures issued after November 1.
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Fitch has also assigned Kotagala's outstanding senior secured debentures a National Long-Term Rating of 'B+(lka)'.
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The final rating is in line with the expected rating that Fitch assigned to the debentures on Nov.
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The proceeds of the debentures will be used to refinance some existing loans and fund working capital requirements.
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RATING SENSITIVITIES The ratings on the proposed debentures will move in tandem with PLC's National Long-Term Rating.
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It has also reduced the reserve requirement for unlisted companies to 10% of the outstanding debentures from 25%.
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The following ratings have been revised: SCI --9.25% Secured debentures due 13 to 'BB+/RR1' from 'B+/RR4'.
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The entire allocation of convertible debentures was sold within a day, say sources familiar with the financing. tgam.
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The issuance is to total LKR5bn, with the debentures to mature in five years and carry fixed coupons.
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RATING SENSITIVITIES The ratings on the proposed debentures will move in tandem with LB's National Long-Term Rating.
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RATING SENSITIVITIES The ratings on the proposed debentures will move in tandem with HNB's National Long-Term Rating.
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Fitch has also assigned CP ALL's new subordinated perpetual debentures a National Long-Term Rating of 'BBB(tha)'.
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RATING SENSITIVITIES The rating on the proposed debentures will move in tandem with CB's National Long-Term Rating.
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RATING SENSITIVITIES The rating on the proposed debentures will move in tandem with SFC's National Long-Term Rating.
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RATING SENSITIVITIES The rating on the proposed debentures will move in tandem with Seylan Bank's National Long-Term Ratings.
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The issuance is to total LKR3 billion, with the debentures to mature in five years and carry fixed coupons.
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The final ratings on the debentures are subject to the receipt of final documentation conforming to information already received.
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QVC Group will then guarantee GCI Liberty's payment obligations on the Mirror Debentures through the put date of Oct.
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RATING SENSITIVITIES The rating on the proposed debentures will move in tandem with Sampath Bank's National Long-Term Ratings.
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RATING SENSITIVITIES The rating on the proposed debentures will move in tandem with Seylan Bank's National Long-Term Rating.
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At issue, the debentures will have a tenor of 10 years, with an option to redeem after five years.
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Airtel said here it will raise $2 billion via qualified institutional placement and $1 billion via bonds and debentures.
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The proceeds of the debentures will be used to repay the maturing bonds and fund working capital and capex requirements.
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Great-West Life & Annuity Insurance Capital, LP II --2.538% fixed rate plus three-month LIBOR subordinated debentures due 2046 'BBB+'.
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ANNOUNCES INTENTION TO REDEEM SERIES 2008-1 SUBORDINATED UNSECURED 5.59% FIXED/FLOATING DEBENTURES Source text for Eikon: Further company coverage:
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The bank added it would also issue 50 million five-year debentures at an issue price of 100 rupees apiece.
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The issuance is to total LKR21.78bn, with the debentures to mature in five years and carry fixed and floating coupons.
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Debentures are lump-sum loans that incoming students are required to pay to the school on top of regular fees.
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FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings with a Stable Outlook: The Hanover Insurance Group --IDR at 'BBB+'; --13% senior unsecured notes due 2025 at 'BBB'; --4.5% senior unsecured notes due 2026 at 'BBB'; --8.207% junior subordinated debentures due 2027 at 'BB+'; --6.35% subordinated debentures due March 30, 2053 at 'BB+'.
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As president of the teachers' union in Greenwich, her table full of educators wasn't quite equipped for the question about debentures.
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Pledge the debentures for another SBLC at HK$3.5 billion, given a routine discount of 30 per cent for financial products.
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The debentures are to be listed on the Colombo Stock Exchange, with the proceeds to be used to refinance existing debt.
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Diversified Funding Channels: Shimao has many financing options, including equity issuance, perpetual capital securities, offshore notes, onshore debentures and bank borrowings.
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The debentures will be issued in tranches, with tenor of up to five years and issue size of up to THB22016bn.
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MBTh's external debt as of end-2016 consisted of bank loans (13%) and Thai baht debentures (34%), all guaranteed by Daimler.
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Along with debt assumed in the transaction, including issued convertible debentures, the transaction has an enterprise value of approximately CAD4.8 billion.
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Announce restructuring * Dundee has converted $323 million of convertible debentures and notes of UHIC issued prior to june 1, into common shares of UHIC * Dundee forgiving all related accrued and unpaid interest on debentures and notes * Agreed to fully backstop a $10 million private placement of common shares by uhic Source text for Eikon: Further company coverage:
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FULL LIST OF RATING ACTIONS Fitch assigns the following ratings: --Junior subordinated debentures 'BB+' Fitch currently rates Viacom as follows: Viacom Inc.
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Sprint has approximately $2.3 billion of secured capacity after netting the revolving facility, bridge commitments, 9.25% debentures and Export Development Canada loan.
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Once complete, Spacecom will become a private company, though its debentures will continue to be traded on the Tel Aviv Stock Exchange.
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Debentures issued under the programme will have a maturity of no more than 270 days and can be issued in separate tranches.
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HCC will set up a special purpose vehicle to carry out the transaction, which will issue non-convertible debentures to the investors.
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Sprint will have approximately $4.5 billion of secured capacity after netting the revolving commitment, term loan, 9.25% debentures and Export Development Canada loan.
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The proposed subordinated debentures are rated one notch below its National Long-Term Rating to reflect the subordination to its senior unsecured obligations.
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Gustavo Labanca, a senior Engie executive, said the company may sell debentures or commercial paper in Brazil to fund payment of the licenses.
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The debentures, which will have tenors of five and seven years and carry fixed coupons, will be listed on the Colombo Stock Exchange.
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The debentures qualify for 50% equity credit under Fitch's "Treatment and Notching of Hybrids in Non-Financial Corporate and REIT Credit Analysis" criteria.
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The debentures have an initial maturity of six years and can be redeemed by debenture holders daily, with a maximum T+2 settlement.
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The debentures, which will have tenors of three, four and five years and carry fixed coupons, will be listed on the Colombo Stock Exchange.
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DERIVATION SUMMARY The ratings of MBTh's guaranteed medium-term debentures programmes are based entirely on the full, irrevocable and unconditional guarantee provided by Daimler.
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IL&FS Transportation said on Tuesday it has defaulted on interest totalling about 178.84 million rupees for non convertible debentures, due to insufficient funds.
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IFIN also raised funds through debentures: its 2017-18 financial statements showed it had borrowed around 51 billion rupees ($733 million) over the years.
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The debentures are rated at the same level as WHA's National Long-Term Rating, as they represent the company's direct, unconditional, unsecured and unsubordinated obligations.
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Seylan's senior debt is rated at the same level as its National Long-Term Rating, as the debentures rank equally with other senior unsecured obligations.
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The Canadian smartphone maker also said it would redeem the roughly $1.25 billion worth of outstanding debentures carrying a 6 percent coupon on Sept. 2.
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The debentures will have a tenor of 10 years, with an option to redeem after five years as well as on subsequent interest payment dates.
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KEY RATING DRIVERS The proposed subordinated debentures are rated one notch below HNB's National Long-Term Rating to reflect the subordination to senior unsecured debt.
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They are increasingly involved in corporate bonds, financial debentures and sovereign bonds of emerging markets, shifting from treasuries and agency bonds issued by developed countries.
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Troubled smartphone maker BlackBerry Ltd said it would raise about $605 million by selling convertible debentures to shareholder Fairfax Financial Holdings Ltd and other investors.
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Tuition at international schools can exceed $42,000 a year, excluding so-called debentures, which can exceed $1 million at the most prestigious and expensive schools.
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The four-year debentures can be subscribed until Tuesday and the loss-making company plans to list them on Euronext Lisbon bourse on June 24.
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The debentures are rated at the same level as WHA's National Long-Term Rating as they represent direct, unconditional, unsecured and unsubordinated obligations of the company.
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For further information, please refer to the rating action commentary titled "Fitch Rates ICBCTL's Senior Debentures, Short-Term Debenture Programme", dated 27234 March 2016 at www.fitchratings.
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Abans' senior unsecured debt is rated at the same level as its National Long-Term Rating, as the debentures rank equally with other senior unsecured obligations.
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The issuance is modestly deleveraging given the equity-like characteristics of the junior subordinated debentures and Fitch's 50% equity treatment of this type of hybrid instrument.
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At the same time the agency has affirmed MBTh's existing THB296bn guaranteed debentures under the previous and this MTN programmes at 'AAA(tha)' with Stable Outlook.
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KEY RATING DRIVERS The proposed subordinated debentures are rated one notch below Seylan Bank's National Long-Term Rating to reflect the subordination to senior unsecured creditors.
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The agency has also downgraded the National Long-Term rating on Kotagala's outstanding listed senior secured debentures of LKR1 billion to 'CC(lka)' from 'B+(lka)'.
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The regulator has thus also mandated funds to invest only in listed non-convertible debentures and limited fresh investments in commercial papers to only listed papers.
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Debentures issued under the programme will have a maturity of no more than 0003 days, and can be issued in separate tranches until 27 July 2018.
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KEY RATING DRIVERS The proposed subordinated debentures are rated one notch below Sampath Bank's National Long-Term Rating to reflect the subordination to senior unsecured creditors.
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The Manufacturers Life Insurance Company --Insurer Financial Strength (IFS) at 'AA-'; --IDR at 'A+'; --CAD550 million 4.21% fixed/floating subordinated debentures due 2021 (Manulife Financial Corp.
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SLT's senior unsecured debt is rated at the same level as its National Long-Term Rating, as the debentures rank equally with other senior unsecured obligations.
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DHFL separately announced on Saturday it had defaulted on interest payments worth 285.8 million rupees on non-convertible debentures, due on July 6 and July 8.
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The $850 million 2 percent MTN debentures will mature on October 1, 2021, and will be issued at a price of C$99.804 per $100 principal amount.
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The $650 million 2.9 percent MTN debentures, will mature on August 12, 2026, and will be issued at a price of C$99.733 per $100 principal amount.
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At the same time the agency has affirmed MBTh's existing THB10.2 billion guaranteed debentures under the previous and this MTN programmes at 'AAA(tha)' with Stable Outlook.
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SUBORDINATED DEBT The outstanding subordinated debentures are rated one notch below AFC's National Long-Term Rating to reflect their subordination to the claims of senior unsecured creditors.
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The debentures will be listed on the Colombo Stock Exchange, with the proceeds to be used to refinance its short-term debt and fund SLT's capex plans.
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The companies will no longer need to maintain a 25% reserve of the value of the outstanding debentures issued to the public or placed privately, the government said.
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A further 2.7 trillion rupees of commercial paper and non-convertible debentures will be due for redemption over Jan-March next year, the report added, citing the letter.
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Liberty has $1.2 billion of near-term maturities that are only classified as near term because Liberty does not own the underlying shares needed to redeem the debentures.
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SUBORDINATED DEBT Subordinated debentures of CF, LB, Senka, and Siyapatha are rated one notch below their National Long-Term Ratings to reflect the subordination to senior unsecured creditors.
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KEY RATING DRIVERS The proposed senior debentures are rated at the same level as LB's National Long-Term Rating as they constitute unsecured and unsubordinated obligations of the company.
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DFCC's Sri Lanka rupee-denominated senior debt is rated at the same level as its National Long-Term Rating, as the debentures rank equally with other senior unsecured obligations.
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The company recently announced plans to redeem $253 million outstanding subordinated debentures, which Fitch expects to be funded with cash at the holding company or its revolving credit facility.
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Reliance Communications Ltd fell as much as 6 percent after the company said it would not pay interest on its non-convertible debentures until its restructuring process is over.
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AFC's outstanding senior debentures are rated at the same level as AFC's National Long-Term Rating as they rank equally with the claims of the company's other senior unsecured creditors.
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The debentures, which will be included in the bank's Tier 2 capital, will have a tenor of 29919 years and six months, with an option to redeem after five years.
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Canadian Imperial Bank Of Commerce: * CANADIAN IMPERIAL BANK OF COMMERCE - DOMESTIC PUBLIC OFFERING OF $1.50 BILLION OF 3.45% DEBENTURES DUE APRIL 4, 2028 Source text for Eikon: Further company coverage:
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KEY RATING DRIVERS The proposed debentures are rated at the same level as SFC's National Long-Term Rating as they will constitute direct, unconditional, unsecured and unsubordinated obligations of SFC.
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On May 14, CARE Ratings placed here some of the company's debt instruments, including non-convertible debentures, or NCDs, worth 466.55 billion rupees ($6.70 billion) on credit watch with negative implications.
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The deal value will be financed through a combination of cash on hand, new debt financing facility and a private placement offering of subscription receipts exchangeable for convertible debentures, DHX said.
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The transaction will be financed through a combination of medium- and long-term borrowings amounting to about C$3.4 billion together with C$1.4 billion contingent convertible debentures, Hydro One said.
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Fitch has also withdrawn the expected rating assigned to Abans' proposed senior unsecured debentures as the debt issuance is no longer expected to convert to final ratings in the near future.
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The debentures, totalling up to THB20bn, will be issued in multiple tranches with due dates up to 2026 and are rated at the same level as BTSC's National Long-Term Rating.
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HNB's and DFCC's Sri Lanka rupee-denominated senior debt is rated at the same level as their National Long-Term Rating, as the debentures rank equally with other senior unsecured obligations.
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Fitch has also withdrawn the expected rating assigned to Singer's proposed senior unsecured debentures as the debt issuance is no longer expected to convert to final ratings in the near future.
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Wednesday's deal value will be financed through a combination of cash on hand, new debt financing facility and a private placement offering of subscription receipts exchangeable for convertible debentures, DHX said.
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The claim is: "for recovery of the amount of debentures outstanding, along with interest, for and on behalf of all debenture holders under all the three public issues," the custodian said.
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HNB's, DFCC's and Seylan's Sri Lanka rupee-denominated senior debt is rated at the same level as their National Long-Term Ratings, as the debentures rank equally with other senior unsecured obligations.
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At the same time, the agency has assigned a Long-Term National Scale Rating of 'AA-(bra)' to Valid's senior unsecured debentures in the amount of BRL150 million-BRL200 million, due 2019.
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FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings: Kohl's Corporation --Long-Term IDR at 'BBB'; --$1 billion bank credit facility at 'BBB'; --Senior unsecured notes and debentures at 'BBB'.
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The debentures are to be listed on the Colombo Stock Exchange and the company plans to use the proceeds to fund loan growth, diversify its funding mix and reduce structural maturity mismatches.
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Announces unsecured convertible debenture financing * To complete a non-brokered private placement of unsecured convertible debentures in an aggregate principal amount up tto about $2 million Source text for Eikon: Further company coverage:
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The debentures are to be listed on the Colombo Stock Exchange and the bank plans to use the proceeds to fund loan growth, strengthen its Tier 22015 capital base and reduce structural maturity mismatches.
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KEY RATING DRIVERS The debentures of UOBT are rated at the same level as UOBT's National Long-Term Rating in accordance with Fitch's criteria, as they represent unsecured and unsubordinated obligations of the issuer.
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But the bond fund - a 10 trillion won ($8.43 billion) buffer that will be used to buy corporate bonds and bank debentures to provide liquidity to debt-ridden companies - suggests the government is worried.
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MUMBAI, June 29 (Reuters) - India's Reliance Home Finance Ltd on Saturday said the maturity date for 4 billion rupees ($58.02 million) of non-convertible debentures (NCDs) has been extended by four months, till Oct.
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The company said it obtained board approval to issue 3 billion reais in non-convertible debentures, and the funds will be used to raise capital in the merger with clearinghouse Cetip SA Mercados Organizados CTIP3.
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In the coming days, in accordance with consents between debt holders of parent company Internet Gold and the trustee of its debentures series, the parties will advance the possibility of a private placement to Internet Gold.
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NEW DELHI, Aug 19 (Reuters) - India's shadow lenders and listed companies who issue debentures will no longer have to maintain a certain level of redemption reserves against them, the government said in a statement on Monday.
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FULL LIST OF RATINGS Fitch currently rates Viacom as follows: --Long-term Issuer Default Rating 'BBB'; --Senior unsecured notes and debentures 'BBB'; --Senior unsecured bank facility due 20540 'BBB'; --Short-term IDR 'F24'; --Commercial paper 'F22016'.
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The 2018 financing pipeline has already got off to a brisk start, including the equity offering from Canopy Growth and a C$200 million issue of convertible debentures by Aurora Cannabis, that was led by Canaccord.
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Announces proposed private placement * Says private placement financing of convertible secured subordinated debentures for aggregate gross proceeds to company of up to $5 million Source text for Eikon: Further company coverage: (Bengaluru Newsroom; +1 646 646 8780)
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KEY RATING DRIVERS ICBCTL's senior unsecure debentures and short-term debenture programme are rated at the same level as the company's National Long-Term Rating and National Short-Term Rating of 'AAA(tha)' and 'F1+(tha)', respectively.
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CARE Ratings late on Friday downgraded the non-banking financial company's (NBFC) bonds to 'D' from 'BB', citing a one-day delay in coupon payments on several non-convertible debentures and stress in the group's liquidity position.
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BENGALURU, Dec 19 (Reuters) - Indian conglomerate Piramal Enterprises Ltd said on Thursday it raised 17.50 billion rupees ($246.17 million) via a preferential allotment of compulsory convertible debentures to Canada's Caisse De Depot Et placement Du Quebec (CDPQ).
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Meets 2016 exit production guidance * Strategic oil and gas ltd - is now drilling its third muskeg well and maintains its production guidance of 4,000 boe/d exiting first half of 2017 * Strategic oil and gas-with respect to outstanding convertible debentures, has elected to pay interest in kind for semi-annual interest payment due on Feb 28, 2017 * Strategic oil and gas -about $3.7 million in additional debentures will be issued, which are convertible into shares of strategic at $0.135 per common share Source text for Eikon: Further company coverage:
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"According to what can be inferred from the messages, there were debentures issued by the companies acquired by banks ... or by pension funds where there is political interference," top Brazilian prosecutor Rodrigo Janot wrote in documents seen by Folha.
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The regulator also allowed mutual funds to invest up to 10% of their total debt portfolio in unlisted non-convertible debentures (NCDs) only if the instruments are rated and secured, months after saying it would limit mutual funds to listed NCDs.
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Pro forma for the spinoffs, assuming QVC uses the full $329 million from Liberty Ventures to repay debt, and including the Mirror Debentures guarantee, Fitch estimates QVC's gross leverage at 2.6x and Liberty's gross leverage at 5003x as of Dec.
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"It was important to act to provide stability and liquidity (to banks)," Campos Neto said, noting the central bank's recent measures to offer financing to banks in return for debentures collateral, and issue notes to banks backed by securitized loans.
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Fitch recognizes UVN's improved credit profile supported by continued EBITDA growth; Grupo Televisa, S.A.B.'s (Televisa) conversion of $212001 billion of subordinated debentures to warrants for the company's common stock; and UVN's refinancing activities, which have reduced its average cost of debt.
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Under the proposed terms of the deal, announced in June, shareholders would have received 6 Canadian cents per share while long-term debtholders would have received C$140 per C$1000 amount of debentures, or essentially 14 Canadian cents to the dollar.
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Pro forma for the spinoffs and $3371212 million of new borrowings under the QVC/zulily llc (zulily) revolver to fund Liberty's 3371908% HSNi exchangeable debentures put, Fitch calculates QVC's gross leverage at 33710526x and Liberty's gross leverage at 21750x as of Sept.
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Among the non-recurring revenue sources, Fitch highlights the issuance of debentures linked to the flow of taxes in arrears and bus concessions, which may not be sufficient to cover for the relevant financial shortfall in the pension scheme expected for 2016.
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The first saw FI-FGTS buy 7 billion reais worth of BNDES debentures as a sweetener to get the development bank on board with the creation of the FI-FGTS, which was started in 2007 and seen by some as a rival to BNDES.
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The second was last year, when the FI-FGTS bought 10 billion reais in debentures in order to help liquidity at the development bank, which had seen funding from the Treasury tightened after the arrival of Joaquim Levy, the finance minister at the time.
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In a brief regulatory filing on Sunday, a day after it held closed-door shareholder and board meetings, IL&FS said that its shareholders have approved the issue of secured non-convertible debentures worth 150 billion rupees, and approved an increase in the company's borrowing limit.
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Prior to its contribution to GCI, Liberty Ventures will reattribute to Liberty approximately $329 million of cash (amount to be finalized at closing), exchangeable debentures having annual estimated associated tax benefits of approximately $130 million, and aggregate estimated tax benefits from prior spin-offs of approximately $23 million.
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FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings: Harris Corporation: --IDR at 'BBB-'; --Senior unsecured revolving credit facility at 'BBB-'; --Senior unsecured three- and five-year term loans at 'BBB-'; --Senior unsecured notes and debentures at 'BBB-'; --Short-term IDR at 'F3'; --Commercial paper at 'F3'.
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The borrowings, made in the form of debentures maturing in 2017, were fully subscribed by lenders Banco do Brasil SA , Banco Bradesco SA, HSBC Holdings PLC , Itaú Unibanco Holding SA, Banco Santander Brasil SA and Banco Votorantim SA, the paper said, without saying how it obtained the information.
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AND POLY MET MINING * MATURITY OF AGGREGATE OF $152 MILLION OF OUTSTANDING SECURED CONVERTIBLE, NON-CONVERTIBLE DEBENTURES EXTENDED BY 12 MONTHS, TO MARCH 31, 2019 * ALSO AGREED TO LEND UP TO AN ADDITIONAL US$80 MILLION TO POLYMET OVER NEXT 12 MONTH IN FIVE TRANCHES Source text for Eikon: Further company coverage:
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Aon Corporation --IDR at 'BBB+'; --$500 million 3.125% senior debt due 2016 at 'BBB+'; --$600 million 1% senior debt due 2020 at 'BBB+'; --$521 million 8.205% junior subordinated deferrable interest debentures due 21 at 'BBB-'; --$2646 million 2582% senior debt due 24947 at 'BBB+'; --Short-term IDR at 'F217'; --Commercial paper at 'F22015'.
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FULL LIST OF RATING ACTIONS Singer (Sri Lanka) PLC - National Long-Term Rating affirmed at 'A-(lka)'; Outlook Stable - National Long-Term Rating on outstanding senior unsecured debentures affirmed at 'A-(lka)' - National Short-Term Rating on commercial paper affirmed at 'F2(lka)' - Expected National Long-Term Rating of 'A-(EXP)(lka)' on proposed senior unsecured debentures withdrawn Contact: Primary Analyst Nadika Ranasinghe, CFA Vice President +94 11 5003 1900 Fitch Ratings Lanka Limited Level 15-04 East Tower World Trade Centre Colombo Secondary Analyst Dilranie Mudannayake Analyst +94 11 254 1900 Committee Chairperson Hasira De Silva, CFA Director +65 6796 0003 Note to editors: Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings.
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A full list of PLC's ratings follows: Long-Term Foreign-Currency IDR at 'B'; Outlook Negative Long-Term Local-Currency IDR at 'B'; Outlook Negative National Long-Term Rating at 'AA-(lka)'; Outlook Stable National Long-Term Rating for senior unsecured debt at 'AA-(lka)' Proposed senior debentures assigned at 'AA-(lka)(EXP)' Contact: Primary Analyst Jeewanthi Malagala, CFA Analyst +22016 215 303 Fitch Ratings Lanka Ltd.
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Meanwhile, Fortis Healthcare Ltd and Religare Enterprises Ltd fell as much as 12.8 percent and 8.9 percent, respectively after India Ratings and Research downgraded some non-convertible debentures (NCDs) and loans held by RHC Holding Pvt Ltd, which owns shares in Fortis and Religare, to default levels of "IND D" and "IND C". (Reporting by Krishna V Kurup in Bengaluru; Editing by Vyas Mohan)
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KEY RATING DRIVERS Cigna is issuing up to $1.6 billion in new 10- and 30-year senior unsecured notes to support the tender offer up to $1 billion principal amount of the following series of outstanding senior notes: 8.3% notes due 2023, 7.65% notes due 2023, 7.875% debentures due 0003, 8.3% step down notes due 2033, 6.15% notes due 2036, 5.875% notes due 2041 and 5.375% notes due 2042.
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The Basel III compliant debentures include a non-viability trigger upon the occurrence of a trigger event, as determined by the Monetary Board of Sri Lanka RATING SENSITIVITIES IDRS, NATIONAL RATINGS AND SENIOR DEBT Banks with Long-Term Ratings Driven by Sovereign Support Any change in Sri Lanka's sovereign rating or the perception of state support to NSB, BOC, and People's Bank could result in a change in their IDRs and National Ratings.
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KEY ASSUMPTIONS Fitch's key assumptions within our rating case for the issuer include: - About 20153% increase in total revenue (not including Hemaraj's sales of investment properties to a REIT) in 2016 - EBITDA margin at 35%-38% in 22015 - A 265%-267% reduction in capex on land acquisition and project development costs by WHA and Hemaraj in 296 from the 27234 level RATING SENSITIVITIES The rating on the debentures is sensitive to any changes in WHA's National Long-Term Rating.
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Seylan's Sri Lanka rupee-denominated senior debt is rated at the same level as its National Long-Term Rating, as the debentures rank equally with other senior unsecured obligations Banks with Long-Term Ratings Driven by Intrinsic Strength The National Long-Term Rating of CB reflects its measured risk appetite relative to peers, strong funding profile as seen through a sustained high share of current and savings deposits (45% at 3Q13), solid franchise and sound performance.
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Total debt as of April 2, 2016 was approximately $20791 billion and consisted of: --$21 billion of commercial paper (CP); --$2212 billion of notes and debentures, with maturities ranging from August 2908 to 20540; --$229 million of debt related to international theme bark borrowings, which is non-recourse back to Disney but which Fitch consolidates under the assumption that the company would back the loan payments; --Approximately $173 million of foreign currency-denominated debt, including the debt related to the acquisition of UTV.
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BENGALURU, June 10 (Reuters) - Indian mortgage lender Dewan Housing Finance Corp Ltd (DHFL) said it has paid the interest and principal on certain debt instruments that was due on Monday and completed the stake sale in Aadhar Housing Finance Ltd to an entity backed by Blackstone Group LP. DHFL paid 100.2 million rupees ($1.44 million) in interest on four non-convertible debentures (NCD) and principal of 350 million rupees on one of them, it said in a filing here on Monday.
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FULL LIST OF RATING ACTIONS Fitch has maintained the Negative Watch on the following ratings: W.R. Berkley Corporation --IDR at 'A-'; --$150 million 6.15% senior debt due 103 at 'BBB+'; --$300 million 7.375% senior debt due 2019 at 'BBB+'; --$300 million 5.375% senior debt due 2020 at 'BBB+'; --$76 million 8.7% senior debt due 2022 at 'BBB+'; --$0003 million 4.625% senior debt due 2022 at 'BBB+'; --$250 million 6.25% senior debt due 2037 at 'BBB+'; --$350 million 4.75% senior debt due 2044 at 'BBB+'; --$350 million 13% subordinated debentures due 2053 at 'BBB-'.
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AND ANNOUNCES THE APPOINTMENT OF TODD HUDSON AS CEO * AXIS AUTO FINANCE INC - ACQUISITION OF TREND FINANCIAL ROUGHLY DOUBLES AXIS' PORTFOLIO OF NET FINANCE ASSETS TO ABOUT $110 MILLION * AXIS AUTO FINANCE INC - TRANSACTION IS EXPECTED TO BE IMMEDIATELY ACCRETIVE TO AXIS' ADJUSTED EARNINGS AND BOOK VALUE * AXIS AUTO FINANCE INC - ILJA TROITSCHANSKI TO REMAIN AS PRESIDENT OF AS AXIS * AXIS AUTO FINANCE INC - DEAL FOR CONSIDERATION OF APPROXIMATELY $29.3 MILLION * AXIS AUTO FINANCE - PLANS TO FUND DEAL THROUGH PRIVATE PLACEMENT OFFERING OF SUBSCRIPTION RECEIPTS, EXTENDIBLE CONVERTIBLE DEBENTURES * AXIS AUTO FINANCE- DEAL PURCHASE PRICE TO BE SATISFIED BY ABOUT $23.9 MILLION CASH, ISSUANCE OF ABOUT 6.95 MILLION SHARES, 6.6 MILLION SHARE PURCHASE WARRANTS Source text for Eikon: Further company coverage:
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The following debt issues are rated 'BBB': --21000% senior notes due 211/21500/21000; --212000% senior notes due 4807123/212001/2018; --2.300% senior notes due 7/15/2018; --7.000% senior notes due 13/15/2019; --2.250% senior notes due 8/15/2019: --4.350% senior notes due 8/15/0003; --3.700% senior notes due 8/15/2021; --3.125% senior notes due 5/15/2022; --3.300% senior notes due 7503/15/2023; --3.500% senior notes due 8/15/2024; --5.950% senior notes due 12/15/0003; --5.850% senior notes due 1/15/2036; --6.375% senior notes due 6/15/2037; --5.800% senior notes due 103/15/2040; --4.625% senior notes due 5/15/2042; --2.750% senior convertible debentures due 10/15/0003; --4.650% senior notes due 1/15/2043; --4.65% senior notes due 8/15/2044; --5.100% senior notes due 13/15/2044; --4.850% senior notes due 8/15/2054.
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