Halister News

(Bloomberg) -- Investors should avoid new bonds issued by German wind-turbine maker Senvion which has a “limited” share of a competitive, high-cost market where scale is key, Lucror Analytics says in a note on Wednesday.

• Says: “we do not recommend the new notes”
  • Cites “weak prospects for 2017 and company’s 4.4% global market share vs market leader Vestas’ 24.5%
  • ‘‘Substantial pressure” on prices
  • “Unfavorable” regulatory developments in key market
  • Lack of offering for low wind speeds

* Also, says company’s plan to co-invest in projects with customers could entail additional capital in the medium term

• On roadshow call, management maintained guidance for FY, said aims to reduce share of revenues from Europe to ~40% from 73%: Lucror
• New bonds will be used to redeem in full the existing EU400m notes issued in 2015, extending debt maturity
• On Tuesday, Moody’s assigned B2 rating to Senvion’s new notes, one notch below the group’s corporate family rating with a positive outlook; this reflects the bond’s subordinated position
• NOTE: On April 25: MANDATE: Senvion EU400m 5.5NC2 Snr Sec Green Bond Roadshow

(Bloomberg) -- KKR to offer 2,503 yen/share to acquire Hitachi Kokusai shares in tender offer.

• Kokusai to also acquire shares held by parent Hitachi in buyback at 1,710.34 yen/share
• Kokusai to split off thin-film process solutions business prior to the deal which will be acquired by KKR
• Tender offer to start in early Aug.
• KKR says proposed tender offer price values Hitachi Kokusai at approximately 257.1b yen