Nexans : Nexans: back into the HY market
Nexans was back into the high-yield market issuing € 350m (upsized from € 300m) of fresh money through a 6Y senior unsecured bond offering priced at a coupon of 4.25% (vs IPTs de 4.75% and price talks of 4.375%). Net proceeds will be used to refinance the outstanding € 200m 2.75% bond due April 2024 and for other general corporate purposes. The transaction will be credit neutral with the net leverage remaining at 0.4x as of YE 2023 as reported by management. That said, we estimat...Nexans offers cables and cabling systems for the Infrastructure, Industry, Building and Local Area Network markets. Co.'s offering covers the research, design, manufacturing, installation, training, and network supervision and control. Co. operates under three segments: Energy (power cables for energy infrastructures, special cables for industry, and equipment cables for the building market), Telecom (cables for private telecommunications networks, junction components for telecommunications network cables, and copper and optical fiber cables for public telecommunications networks) and Electrical wires (wirerods, electrical wires and winding wires production operations).
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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