koningaandeel schreef op 2 september 2013 11:05:
er gebeurt iets, er is iets
edit:
By Ben Edwards
America Movil SAB (AMX) Monday is planning to sell a three-part hybrid bond, according to one of the banks running the sale.
The junior bonds--which combine aspects of both debt and equity--will be split between euros and sterling.
The bond sale comes amid America Movil's proposed 8.55 billion euro ($11.3 billion) takeover of Dutch telecommunications company Royal KPN NV (KPN.AE), which hit a further snag Friday when a KPN shareholder foundation exercised an option to buy almost half of KPN's voting shares. America Movil said it will walk away from the deal if the takeover continues to be blocked.
Monday's hybrid bond follows similar deals from KPN and Telecom Italia S.p.A. (TI) earlier this year. Companies like issuing hybrid bonds because the equity component can help bolster their credit ratings.
America Movil is rated A2 by Moody's Investors Service and A- by Standard & Poor's, both with a negative outlook. The company is rated A by Fitch Ratings, with a stable outlook.
The euro bonds will be callable in five and 10 years, and the sterling bond will be callable in seven years.
Bankers working on the sale are suggesting a yield in the low-5% area for the euro bond with the 2018 call date, mid-6% area for the euro bond with the 2023 call date, and low-to-mid 6% area for the sterling bond with the 2020 call date.
Deutsche Bank, Barclays and BNP Paribas are the banks running the transaction.
-Robin van Daalen in Amsterdam contributed to this article.
Write to Ben Edwards at
ben.edwards@dowjones.com(END) Dow Jones Newswires
September 02, 2013 05:02 ET (09:02 GMT)
© 2013 Dow Jones & Company, Inc.
Waar zouden ze dat geld voor nodig hebben? ;))