ODDO BHF Small & MIDCAP MORNING NEWS - Date1

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Technicolor : A major restructuring plan in response to major difficulties

>Confirmed slump in EBITDA and substantially negative FCF in H1 - Profits halved in STBs/gateways - Technicolor reported its H1 18 results yesterday evening. EBITDA slumped by -31% to € 57m (-20% ex forex) but remained above our expectations (€ 50m) thanks to a larger than expected reduction in corporate expenses.In terms of the operating divisions, there were no major surprises at the EBITDA level, with a decline in: 1/ Entertainment services of -15% to € 55m (...

ODDO BHF Small & MIDCAP MORNING NEWS - 25/07/2018

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Paprec : Issuance Focus

Paprec is returning to the bond market to issue € 850m in two tranches, with five- and seven-year maturities. Proceeds will be used to refinance the two bonds issued two years earlier, which have high coupons of 6.5% (€ 300m, 2027) and 7.25% (€ 500m, 2029), respectively. The aim is to extend the group's maturities but also to capitalise on lower interest rates and tighter spreads to refinance under better conditions and thereby reduce interest expense. The PAPREC 2027 and 2029 notes are expected to be repaid ahead of maturity using their prepayment provisions at 103% on 10% of the outstanding ...

Paprec : Focus Emission

Paprec revient sur le marché obligataire pour émettre 850 m EUR en deux tranches, à 5 et 7 ans, qui serviront à refinancer les deux obligations émises il y a deux ans et qui ont des coupons élevés, de respectivement 6.5% (300 m EUR, 2027) et 7.25% (500 m EUR, 2029). L’objectif est de rallonger les échéances du groupe mais aussi de profiter de la baisse des taux et de la compression des spreads depuis deux ans pour se refinancer dans de meilleures conditions et réduire ainsi ses charges financières. Les obligations PAPREC 2027 et 2029 devraient être remboursées par anticipation en utilisant la ...

thyssenkrupp : Moving ahead on the planned spin-off of TKMS