CMC di Ravenna - Our comment on the new €325m issue
Italian construction company CMC di Ravenna (CMC) is offering €325m of senior unsecured notes NC2 due February 2023 in order to refinance its €300m 7.50% 2021 notes. The senior unsecured notes are rated B/B2, the same as the corporate rating. The refinancing transaction is broadly neutral for CMC’s net leverage. It will slightly increase the company’s average debt maturity and also slightly reduce its interest expenses.
Price talk is 6.00-6.25%. We recommend to Buy above 5.75%.
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
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