Obligations Abengoa : bientôt le dénouement ?

Le suspense continue et la bourse anticipe un accord avec +16% pour le titre.

http://cincodias.com/cincodias/2016/08/ … 56607.html

Garantie donnee par le gouvernement?

"The Government will participate in the rescue of Abengoa guarantees"
El Gobierno participará en el rescate de Abengoa con parte de los avales | Empresas | Cinco Días

Alors… parait qu’on va avoir la "proposition" officielle cette semaine … finalement !

Abengoa abre esta semana el periodo de adhesiones al acuerdo de rescate - elEconomista.es

Voici l’annonce sur le site d’Abengoa:

A noter que des que vous répondez et adhérez a une formule ou l’autre… les obligations seront "bloquées" = vous ne pourrez plus les vendre.

Abengoa :: Shareholders and Investors :: Financial restructuring proposal :: Most significant events of the financial restructuring proposal :: 2016 :: September 2016

Êtes-vous allé voir cette page Betcour ?

https://library.lucid-is.com/abengoa

J’ajoute cette présentation que me fait Interactive B.

QIB = qualified institutional buyer
AI = accredited investor
BO = beneficial owner

On appréciera l’extorsion : si on ne souscrit pas à l’une des offres on se retrouve avec 3% de son obligation de 50k par exemple, et ses yeux pour pleurer.

ABENGOA has announced a Restructuring Offer for its outstanding ABGSM 8 1/2 03/31/16.

Terms of the offer are stated below. Please note that for options 2-7 in which clients become a new money provider, an additional paper form needs to be completed and sent to the company. For further information, please refer to the actions outlined in the new money financing commitment letter. The form needs to be sent to the company and Houlihan Lokey (Europe) Limited (administrative agent). The format (fax/original/pdf) should be agreed with both of them. More details can be found in the PDF to be retrieved at Welcome on page 58/59.

IMPORTANT: For every election, BO’s name, E-Mail address and phone number will be disclosed. Please send in addition to your election in CA Tool a ticket, mentioning BO’s name, E-Mail address and phone number which we should disclose from the BO.

Option 1: Take no action (default)

Main event:
Option 2: QIB/AI/Non-US Holder: Accede to the Restructuring Agreement, elect the Alternative Restructuring Terms (notes - no equity) and become new money provider

Option 3: QIB/AI/Non-US Holder: Accede to the Restructuring Agreement, elect the Alternative Restructuring Terms (notes - max 4.9 per cent equity) and become new money provider

Option 4: QIB/AI/Non-US Holder: Accede to the Restructuring Agreement, elect the Alternative Restructuring Terms (notes - pro rata equity) and become new money provider

Option 5: QIB/AI/Non-US Holder: Accede to the Restructuring Agreement, elect the Alternative Restructuring Terms (loans - no equity) and become new money provider

Option 6: QIB/AI/Non-US Holder: Accede to the Restructuring Agreement, elect the Alternative Restructuring Terms (loans - max 4.9 per cent equity) and become new money provider

Option 7: QIB/AI/Non-US Holder: Accede to the Restructuring Agreement, elect the Alternative Restructuring Terms (loans - pro rata equity) and become new money provider

Option 8: QIB/AI/Non-US Holder: Accede to the Restructuring Agreement, elect the Alternative Restructuring Terms (notes - no equity)

Option 9: QIB/AI/Non-US Holder: Accede to the Restructuring Agreement, elect the Alternative Restructuring Terms (notes - max 4.9 per cent equity)

Option 10: QIB/AI/Non-US Holder: Accede to the Restructuring Agreement, elect the Alternative Restructuring Terms (notes - pro rata equity)

Option 11: QIB/AI/Non-US Holder: Accede to the Restructuring Agreement, elect the Alternative Restructuring Terms (loans - no equity)

Option 12: QIB/AI/Non-US Holder: Accede to the Restructuring Agreement, elect the Alternative Restructuring Terms (loans - max 4.9 per cent equity)

Option 13: QIB/AI/Non-US Holder: Accede to the Restructuring Agreement, elect the Alternative Restructuring Terms (loans - pro rata equity)

Related event:
Option 14: US Holder/Non-QIB/Non-AI: Accede to the Restructuring Agreement and elect the Alternative Restructuring Terms (no equity) in the holding period trust

Option 15: US Holder/Non-QIB/Non-AI: Accede to the Restructuring Agreement and elect the Alternative Restructuring Terms (max 4.9 per cent equity) in the holding period trust

Option 16: US Holder/Non-QIB/Non-AI: Accede to the Restructuring Agreement and elect the Alternative Restructuring Terms (pro rata equity) in the holding period trust

Option 17: QIB/AI/Non-US Holder: Accede to the Restructuring Agreement and accept the Standard Restructuring Terms

Please note that instructed positions will be blocked.

If you do not accede to the Restructuring Agreement via this event or via the Supplemental Restructuring Agreement (Step 5), you will receive the Standard Restructuring Terms, which imply a reduction of 97 per cent of your existing notes.

Minimum Tender Requirement: 50,000 nominal

The final deadline to tender notes to the Restructuring Offer will be 2016-10-20 09:00 (Europe/Zurich)

In the absence of an election, no action will be taken

Dernière modification par sat (04/10/2016 16h12)

Comme la plupart des détenteurs… je trouvais les options proposées par Abengoa pour le moins compliquées …!

Apres avoir bien insiste … ma banque a finalement commente sur les choix possibles. Voici leur point de vue et conseil :

The corporate action for the restructuring of the Abengoa bonds has now been sent out. As explained in the corporate action and in the email from Investment Services dated 17th August, the proposal is a write down of 70% of the nominal of existing bonds in exchange of equity in ‘new’ Abengoa. The remaining 30% will be converted into new bonds with a maturity of 6 years and a coupon of 0.25% (paid in cash) and 1.25% (paid either in cash or as additional debt).

Our recommendation is to accept the Alternative Restructuring Terms without investing new money into Abengoa. This means accepting ‘Option 9’ in the corporate action which provides the highest amount of equity and bonds instead of loans for the restructured debt.

The reason why we are not recommending investing new money with Abengoa is that despite the high coupons the risks remain too high. As the dragged out restructuring process implies, the involved stakeholders have different goals and the long time period has most certainly disrupted their operations and damaged their relationship with clients and subcontractors. Plus even after this drastic debt write-down the finances of ‘new’ Abengoa will be weak. Add to this lack of transparency and uncertainty if the new management will be more successful than the old.
Existing bondholders who also invest new money with Abengoa will be in a better position than those who do not. The restructured debt of existing bondholders who do not invest new money will among other things be of junior level. However, if Abengoa runs into trouble in the future, it is uncertain if there will be any difference between junior or senior restructured debt as the new money debt facilities have got a high degree of security which contains most of Abengoa’s assets.

We do not recommend the Standard Restructuring Terms as it is a write down of 97% with the remaining 3% only being paid out in 10 years’ time. This option will be applied if the client does not answer the corporate action or if he declines to disclose his identity. If the client does not wish to disclose his/hers identity which is required in the Alternative Restructuring Terms, then our recommendation is to sell the bonds in the market.

Please note that the deadline of the corporate action is 20.10.2016.

EDIT : je ne crois pas que l’option 9 de ma banque soit l’option 9 de Sat - puisque’ il est avec IB. Je vérifie et vous reviens la-dessus
D’apres d’autres détenteurs la liste d’options serait différente selon les banques … alors attention!

Dernière modification par sissi (06/10/2016 20h05)

Ma banque viens de me faire parvenir leur opinion :
- l’option "loan" est essentiellement pour les banques, les notes seront des titres côtés
- les choix "no equity" et "max 4.9% equity" seraient là pour des raisons purement juridiques

Pour ceux qui ne prennent pas de new money, ils recommandent donc l’option 9 également (notes et pro rata equity).

Il y en as qui sont tentés de racheter des titres au cours actuels (~5%)? C’est risqué mais potentiellement très lucratif si le plan se déroule.

Le plus probable c’est que tout le monde (et en particulier les petits porteurs comme nous) voudra vendre immédiatement les nouvelles obligations et qu’ainsi elles ne vaudront pas tripette …

Pour ceux qui veulent se risquer au new money (payer 16% de la valeur de ses obligations y compris les coupons non payés si j’ai bien compris) c’est jusqu’au vendredi 14 octobre.

La question étant évidemment, pour les investisseurs value que nous sommes tous ici, de savoir si Abengoa a un avenir ou non. Étant donné qu’on a été complètement lessivés, je ne crois pas à une faillite immédiate, mais je me suis déjà beaucoup trompé dans cette affaire. Je n’arrive pas à mesurer si les clients d’Abengoa ont été patients et lui sont restés fidèles.

Abengoa et Lucida (mandaté par le premier) répondent assez volontiers aux questions qu’on leur adresse. L’autre option c’est d’aller lire les 1069 pages qu’on trouve sur le lien que j’ai donné plus haut. L’ennui c’est que le Restructuring Agreement de Clifford Chance est scanné, donc pas possible de faire une recherche par mot-clef.

Bonjour,

Quelqu’un ce sent-il capable de m’expliquer la différence entre les options 8, 9 et 10. Et en quoi l’option 10 (notes and pro rata equity) serait plus favorable que la 9 ou la 8.

Cordialement,
Denis.

Je n’ai pas trouvé l’enregistrement du call Sissi mais peut-être avez-vous pu l’écouter ?

Par contre une nouvelle notice via Lucid qui indique que la date limite pour investir en New Money (avec upfront fee réduit si j’ai bien compris) a été repoussée d’une semaine jusqu’au 21 octobre. C’est sans doute pour ça que l’obligation mars 16 valait à peine 4% vendredi soir, son plus bas jusqu’ici. Je fais l’hypothèse que les créditeurs se font tirer l’oreille pour remettre au pot comme ils l’avaient promis.

Ci-dessous le calendrier de la restructuration, à mon avis on ne verra pas l’argent - si jamais on le voit - avant le printemps 2017.

On se croise les doigts…
Apparemment le juge est positif - mais pas de confirmation du 75% encore - donc… ?
"Specifically, the judge considers the agreement approval Abengoa is valid and believes it can go ahead,"
Abengoa S.A. EO-Notes 2010(16) 8,5% fällig 31.3.16 - XS0498817542(16)-8-5-f%E4llig-31-3-16-XS0498817542

Un peu d’espoir ?

Abengoa plans to sell its 41% stake in Atlantica Yield for up to 1 billion euros

The company expects to obtain a positive Ebitda in 2017

MADRID, Apr 4 2017 (Europa Press) -
Abengoa will seek a buyer to sell its 41.47% stake in the New York-listed Atlantica Yield in a block that will allow the Spanish company to enter between 800 and 1 billion euros, Europa Press told financial sources.
Disinvestment is planned in three to six months and will allow Abengoa to repay part of the debt associated with the "new money" received as part of the restructuring process, with particularly high financing conditions.
The search for a buyer interested in the company yield is for managers of the company more interesting than the option to deliver the participation as part of the guarantees associated with one of the ’new money’ tranches.
The Atlantica Yield package has the appeal of granting the prospective buyer the status of principal shareholder in a company in which some of Abengoa’s most valuable assets were integrated.
Aside from the participation in the yield, Abengoa expects to close at the end of April the sale to Trilantic Europe already announced of its bioenergy business in Europe, and will foresee the divestments of its Mexican cogeneration plant Abent 3T, the desalination plant Ghana, of a combined cycle in Algeria and some EPC subsidiaries.
With these operations, the company aims to reduce the cost of its more expensive debt instruments and reduce a liability that, despite the restructuring process completed last week, remains high.
If at the end of 2016 had a consolidated gross debt of 12,257 million, of which 9,681 million come from the corporation and project financing, after the restructuring has reduced this liability to 5,829 million, of which 3,450 million correspond to financial debt and 2,379 million Million are associated with assets available for sale.
POSITIVE EBITDA.
Once the restructuring plan was implemented, the company works under Gonzalo Urquijo with the aim of normalizing its situation with the shortest possible urgency.
Sources say that, apart from the challenge of reducing debt, Abengoa expects to realize a positive gross operating profit (Ebitda) in 2017.
The company will focus on areas such as electric and rail transmissions, water treatment, telephone wiring, or engineering and construction, including energy and renewable energy businesses.
Its objective is to return to its origins, even if it is in a reduced form and with a business perimeter that seeks between 2.500 and 3 billion annual turnover, about half that in its previous stage.
SANTANDER, MAJOR SHAREHOLDER AND CREDITOR.
Following the restructuring, Banco Santander has become not only the main shareholder of the new Abengoa, but also the largest creditor of the company, according to the information included in the prospectus of the recent capital increase.
The bank will hold a 9.63% stake in the new Abengoa, ahead of Crédit Agricole, which will have another 8.77%. In addition, the large Spanish banks will have a total share of 26.9% in the company. Caixabank will have 4.95%, compared to 4.64% of Bankia, 4.58% of Banco Popular and 3.18% of Sabadell.
In total, the creditor bank has made up 43.24% of the capital of Abengoa, a percentage close to 45% taken as a reference in the restructuring plan. The banks will have 718 million class A shares and 7,367 million class B shares.
CREDITORS.
As for creditors, Abengoa offers the list of those with debt over 50 million. Santander, with 4.64% of the total debt after the restructuring, is the main one, ahead of Arvo Investment and Atlantica Yield itself, with exposures of 4.05% and 3.2% respectively.
The list of these creditors also includes Crédit Agricole (3.46%), Caixabank (3.11%), Bankia (2.7%), Banco Popular (2.41%), Sabadell Or the Official Credit Institute (ICO, with 1.39%).

Les créanciers reçoivent en ce moment (depuis le 4 avril) des actions Abengoa A et B et les "junior bonds", obligations remises en échange des anciennes dettes.

Les actions Class A et Class B sont cotées à Madrid (sur le Sibe).
Je ne sais ce qu’il en est des "junior bonds" mais je suppose qu’ils sont eux aussi cotés et potentiellement vendables à perte.

Je ne connais pas la différence exacte entre l’action A et l’action B. Si ce n’est que l’action B vaut en théorie au capital 100 fois moins que l’action A mais dispose de droits supplémentaires (à un dividende futur ?).

Le cours au 5 avril, clôture:
Abengoa A: 0.43€
Abengoa B: 0.018€

Les actions Abengoa dans les derniers jours se sont encore effondrées
L’action A: -48% le 30 mars, -81% le 31 mars, stable le 3 avril, -10% le 4 avril et -12% le 5 avril.
L’action B: -45% le 30 mars, -78% le 31 mars, -12% le 3 avril, -4% le 4 avril et -10% le 5 avril.

La valeur totale de l’entreprise (toutes les actions A et B) est de 380 millions d’euros pour un chiffre d’affaire d’environ 7 milliards en 2014.

Les volumes d’échange sur les marchés ces derniers jours sont très importants, dans les 50 millions d’euros par jour. Plus de 10% des actions changent donc de main chaque jour.  Certains nouveaux actionnaires n’ayant pas vocation à rester au capital, Il y a un flux vendeur certain.

Dernière modification par Larbinator (06/04/2017 12h14)