Constellium : We initiate coverage of the new bond with a Neutral recommendation
The overall transaction is positive as, besides having limited impact on the company’s credit metrics, it allows Constellium to extend its debt maturities. Pro forma the transaction, the next important debt maturity is the $ 325m bond due June 2028. We are starting the coverage of the new EUR 2032 bond with a Neutral recommendation and maintain our Neutral recommendation on the existing EUR 2029 bonds. We ended the coverage of the EUR 2026 bonds (previous reco: Neutral) which wil...Constellium N.V. designs and manufactures a range of innovative specialty rolled and extruded aluminum products, serving primarily the aerospace, packaging and automotive end-markets. Co. has a strategic footprint of manufacturing facilities located in the United States, Europe and China. Co.'s product portfolio commands higher margins as compared to less differentiated, more commoditized fabricated aluminum products, such as common alloy coils, paintstock, foilstock and soft alloys for construction and distribution. Co. organizes its business around three operating segments: Aerospace & Transportation, Packaging & Automotive Rolled Products, and Automotive Structures & Industry.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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