SGL Carbon : We recommend subscription to the new senior secured notes at a yield of 6.1% or more; the 2020 CB is attractive now
SGL proposes € 250m senior secured notes due in 2024 (5 ½ years tenor envisaged) to mainly pre-fund the redemption of the € 167m convertible due September 2020 and € 86m of SGL ACF debt, previously funded by BMW group. - S&P and Moody's rate the proposed new notes one notch above the respective corporate ratings at 'B' (corporate rating: 'B–') and 'B2' (corporate rating: 'B3'), respectively, as a result of their senior secured status. - The notes are guaranteed by subsidiaries repres...SGL Group is a holding company. Through its subsidiaries, Co. is a global manufacturer of carbon and graphite products. Co. has the following reportable Business Areas: Performance Products (PP), Area Graphite Materials & Systems (GMS), and Carbon Fibers & Composites (CFC). The product portfolio of PP includes carbon and graphite electrodes, cathodes and furnace linings. GMS supplies products to various different industries, including coarse and fine-grain graphite and expanded natural graphite that used primarily in the chemical, automotive, semiconductor, LED, lithium ion battery and solar industries. CFC offerings range from raw materials to carbon fibers through finished components.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.