|Bid||6.31 x 142800|
|Ask||6.31 x 10700|
|Day's Range||6.23 - 6.53|
|52 Week Range||3.28 - 13.95|
|Beta (5Y Monthly)||2.22|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug 13, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Feb 04, 2019|
|1y Target Est||22.24|
Issuance across the US syndicated loan market plummeted in the second quarter as the asset class navigated a slow recovery from the novel coronavirus that left borrowers scrambling for cash to keep their businesses alive while economies around the world gradually reopen. Companies from beleaguered sectors, including United Airlines and cruise ship operator Carnival Cruise Line, collectively raised billions of US dollars in new, costly loans to bolster liquidity amid a pandemic that forced many consumers to shelter at home throughout the second quarter. The wary buyside limited its exposure to low, Single B rated loans that are subject to fall to Triple C, which is just notches above a default.
Moody's Investors Service, ("Moody's") has today assigned a B2 corporate family rating (CFR) and a B2-PD probability of default rating (PDR) to Vertical TopCo III GmbH, a future intermediate holding company of German elevator and escalator manufacturer thyssenkrupp Elevator AG ("thyssenkrupp Elevator"). Moody's further assigned (1) B1 instrument ratings to the proposed E500 million (equivalent) senior secured term loan A, E3,050 million (equivalent) senior secured term loan B, E2,000 million (equivalent) senior secured notes, E1,000 million senior secured floating rate notes, and E2,000 million unfunded senior secured facilities for cash and guarantees, issued by Vertical Midco GmbH and Vertical U.S. Newco Inc., and (2) a Caa1 instrument rating to the proposed E1,700 million (equivalent) senior unsecured notes, issued by Vertical Holdco GmbH.
(Bloomberg) -- A group of six banks have launched the first part of the highly-anticipated jumbo debt sale backing the acquisition of ThyssenKrupp AG’s elevator unit, Europe’s largest leveraged buyout in a decade.The private equity firms that agreed to buy the division are seeking loans worth 3.05 billion euros ($3.4 billion) denominated in euros and U.S. dollars to part-finance the 17.2 billion euro buyout.Lead underwriters for the transaction are Barclays Plc, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc., Royal Bank of Canada, and UBS Group AG. The issue comes after bankers pre-marketed the deal to a group of investors in the past few days to gauge interest.Bankers are taking advantage of a swift rebound in debt markets to shift the debt that’s been weighing on their balance sheets since the first quarter. High-yield bonds and leveraged loans on both sides of the Atlantic have erased most of their losses since March and the markets have seen a flurry of offerings in recent weeks.The new loan helps fund the acquisition of ThyssenKrupp’s elevator unit by Advent International Corp. and Cinven Ltd., together with RAG-Stiftung. The purchase is due to close by the end of July.The debt package also includes senior secured bonds in dollars and euros, plus the equivalent of 1.7 billion euros in unsecured notes of which about 625 million euros has already been placed, Bloomberg has previously reported.On its latest earnings call, ThyssenKrupp didn’t offer too many details about the elevator business, besides noting that the division saw a small annual net sales decline in the three months to end-March, attributed to the coronavirus impact in China.In the loan market, the unit’s credit ratings will be watched closely by a large group of buyers, known as collateralized loan obligations. CLOs have been plagued by downgrades and may seek to add the business to their portfolios, depending on its rating.A lender call on the offering is scheduled for Tuesday. Investors have until July 1 to commit to the deal.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Thyssenkrupp on Thursday said that the European Commission has cleared the sale of its elevator division to a private equity consortium including Advent, Cinven and Germany's RAG foundation, paving the way for the deal's closing. "It has been contractually agreed with the buyers that the closing will take place by July 31, 2020," Thyssenkrupp said in a statement. The 17.2 billion euro ($19.3 billion) transaction, agreed in February, provides Thyssenkrupp with a badly needed injection of cash it needs to fund pension liabilities and to lower debt.
Thyssenkrupp's <TKAG.DE> elevator division is set to launch a multi-billion euro high-yield debt package in the coming weeks to help finance its acquisition by a private equity consortium, four sources close to the matter told Reuters. Advent, Cinven and Germany's RAG foundation signed a 17.2 billion euro ($19.3 billion) deal to buy Thyssenkrupp's elevators division in late February, just as the coronavirus pandemic started to take hold in Europe. A successful deal would help cement one of the biggest leveraged buyouts by private equity firms of the past decade.
Unilever Plc said on Monday it will invest 1 billion euros in a fund to invest in climate change projects and reduce to net zero greenhouse gas emissions from all its products by 2039, 11 years ahead of the Paris Agreement deadline. Unilever, the Anglo-Dutch consumer products company whose brands include Dove soap and Knorr soup, said it was responding to the "scale and urgency" of the climate change crisis. The fund will invest in projects including reforestation, water preservation and carbon sequestration over the next ten years, it said.
Germany's RWE plans to produce hydrogen from renewable energy to supply steelmaker Thyssenkrupp, the two companies told Reuters. The alliance between two of Germany's heaviest polluters comes as Europe's largest economy maps out a future without nuclear or coal power. RWE is currently heavily reliant on coal but is able to enter the hydrogen business due to changes to Germany's laws as the government looks to boost hydrogen production.
- Thyssenkrupp AG is in talks to transform itself into a company with "the leanest possible holding", in a restructuring plan that could see it with 20,000 fewer employees and result in its loss-making steel business consolidating with a rival. - The owner of the Bella Italia and Café Rouge restaurant chains is in talks with administrators about restructuring, leaving 6,000 jobs at risk, as the new coronavirus outbreak pushes the business to the brink of collapse.
Thyssenkrupp's <TKAG.DE> powerful labor representatives are open to consolidation talks in the steel sector, a leading union official told Reuters on Monday. "It is clear that the search for strategic partners is being expanded to all parts of the company," Knut Giesler, who heads IG Metall, Germany's largest union, in the state of North Rhine-Westphalia, where Thyssenkrupp is based. Giesler said that IG Metall would prefer steel consolidation in Germany with peer Salzgitter <SZGG.DE>, a scenario that has been discussed for years without any concrete results.
European shares have opened 1.8% higher, S&P500 is tipped to rise and Chinese shares have seized on signs of house price recovery and promises of more central bank stimulus to post their best gain in six trading days. All six European countries have lifted short-selling bans imposed during the selloff. Clearly, rather than look at reported data and company earnings, people are focusing squarely on what lies ahead beyond the second quarter – betting on resumption of economic activity, a pick-up in manufacturing, trade and driving.
Shares in German engineering and defence group Thyssenkrupp <TKAG.DE> soared on Monday morning after a source said the company is in talks with international peers about consolidating its loss-making steel business. The talks, to be unveiled as part of a strategy revamp on Monday that is likely to include shutting or selling assets, follow a 372 million euro($403 million) loss Thyssenkrupp Steel Europe posted in the first half of the group's fiscal year. Thyssenkrupp shares were up 6.3% at 0711 GMT, making it the biggest percentage gainer in the German mid-cap index MDAX <.MDAX>.
Thyssenkrupp <TKAG.DE> on Monday said it was looking for partners for its steel and warship divisions, singling out just three lines of businesses that will stay within the struggling German industrial icon. "Thyssenkrupp will emerge smaller but stronger from the transformation." Three divisions -- Materials Services, Industrial Components and Automotive Technology -- will stay with Thyssenkrupp and be developed by the firm.
Thyssenkrupp and Germany's largest union IG Metall on Thursday called for further consolidation of the country's warship sector, saying a tie-up of rivals Luerssen and German Naval Yards (GNYK) did not go far enough. Late on Wednesday, Luerssen and GNYK announced they would combine their defense divisions to create a national champion, a move that has backing from the German government. Thyssenkrupp had also sought to participate in the consolidation and board member Oliver Burkhard took to Twitter to call for further moves involving the conglomerate's Marine Systems division.
Thyssenkrupp <TKAG.DE> is exploring several strategic options for its warship unit, ranging from combining it with Italy's Fincantieri <FCT.MI> to creating a national champion with German peers, a person familiar with the matter said. The talks are aimed at creating economies of scale for the division, Thyssenkrupp Marine Systems (TKMS), which builds submarines and surface ships and operates in a highly fragmented sector driven by political decisions, the source said. As part of the deliberations, the steel-to-car parts conglomerate is in talks with shipbuilder Fincantieri about a 50-50 joint venture to create a European champion with combined sales of 3.4 billion euros ($3.7 billion), the person said.
European stocks rebounded on Tuesday amid data showing new coronavirus cases slowed, while two of Europe’s largest steelmakers skidded as demand deteriorates.
German conglomerate Thyssenkrupp warned on Tuesday that its operating loss could swell to 1 billion euros ($1.1 billion) in the April to June quarter due to the coronavirus crisis. "We are eagerly waiting the strategy for the steel unit."
Friday’s numbers showed the U.S. economy lost 20.5 million jobs in April, the steepest plunge in payrolls since the Great Depression, with the monthly unemployment rate surging to 14.7%. Economists say the true extent of unemployment may be far more than the headline figures, stocks are gaining on the belief on Monday that the gradual easing of coronavirus restrictions in major economies will ensure a strong recovery starting in the final quarter of 2020 and continuing into 2021. Asian markets are a sea of green with an index of regional shares up 1%.
Thyssenkrupp has less time for a wide-ranging restructuring plan than previously thought as the coronavirus pandemic is significantly burdening the already ailing conglomerate, its chief executive said in a note to staff. In her note, Merz said restructuring moves, cost cuts and, above all, measures to increase sales that the group had planned to implement over the next two to three years needed to be implemented significantly faster due to the pandemic. Merz said the longer the pandemic lasted the more it was eating up the expected proceeds from the sale of its elevators unit, adding management would discuss this with the supervisory board on May 18.
European stocks slumped on Monday, reacting after a three-day hiatus to increased U.S.-China trade tensions and a downbeat U.S. tech outlook.
Shares of Thyssenkrupp skidded 17% in early action Monday on concerns over whether a deal to sell its elevators unit will go ahead. The Financial Times reported that Cinven and Advent are seeking other investors for the 17.2 billion euro deal, which was the biggest European buyout deal in a decade. The report did say that even if no more investors came in, the groups would still be able to complete the acquisition.
European stocks tumbled on Monday as investors returned from a May Day break to a fresh spat between the United States and China over the coronavirus crisis that triggered losses in cyclical sectors. The pan-European STOXX 600 fell 2.5% in a downbeat start to May after the index recorded a 6% gain in April. Adding to U.S. President Donald Trump's threat last week to impose tariffs on China, Secretary of State Mike Pompeo said on Sunday there was "a significant amount of evidence" that the new coronavirus emerged from a Chinese laboratory.
Germany's Thyssenkrupp expects the coronavirus crisis to cause a new financial squeeze, scuppering hopes that selling its elevator business would deliver a swift cash respite for the embattled firm, its management board told staff in a letter. The elevator division was sold in February to ease financial pressure on the conglomerate which has struggled for years after ill-fated investments. "In the medium term, the cash outflows caused by the corona (crisis) will in all likelihood result in the financial leeway created by the sale of the elevator business becoming much lower than what was originally anticipated," the board wrote to staff.
Thyssenkrupp <TKAG.DE> has secured about 1 billion euros ($1.1 billion) of state aid to tide it over until it receives the money from the sale of its elevator division, two sources said on Thursday, the latest German company to tap government funding. Thyssenkrupp agreed to sell its elevators division to a consortium comprising Advent, Cinven and Germany's RAG foundation for 17.2 billion euros in February and is hoping for the money to arrive in June. Pummelled by ill-fated investments, a downturn in the car market, multiple leadership changes and an overly complex group structure that was tackled too late, Thyssenkrupp's shares hit historic lows around 3.2 euros in mid-March.
German companies including ThyssenKrupp, Salzgitter, Bayer, Covestro, E.ON, HeidelbergCement, Puma, Allianz and Deutsche Telekom have called for coronavirus-related state aid to be tied to climate action, daily Handelsblatt reported. "We appeal to the federal government to closely link economic policy measures to overcome both the climate crisis and the coronavirus crisis," more than 60 companies said in letter, ahead of the Petersberg climate dialogue starting on Monday.