Friday, March 13, 2009

Univision Latest Member Of PIK Club

Broadcaster of Mexican soap operas Univision just made credit bubble investors even more sorry to have bought into its GS underwritten March 2007 Pay In Kind (PIK) bond, after disclosing in an 8K filing last night that it would PIK cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 September 15 interest payment on its 9.75% Senior Notes due 2015, and cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 in-kind election would extend indefinitely into cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 future. As reason for cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 PIK election cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 company stated cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 following:
The Company has elected to pay PIK Interest in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 amount of approximately $79 million for cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 interest period commencing on March 15, 2009 to enhance liquidity in light of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 current uncertainty in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 financial markets.
No surprise cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365re.

This latest PIK election brings cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 total of toggling PIK bonds to 22 or more than half of all outstanding, as of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 52 PIK notes have been issued, 6 have been redeemed and 2 have filed for bankruptcy, while Harrah's recently reduced cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 size of its PIK issue by $350 million. The remaining 22 issues amount to $17.7 billion. The 22 bonds in which investors are likely to never again see any cash payments (if default expectations are any indication) prior to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir eventual bankruptcies are cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 following:

• American Media Operations 14% subordinated partial PIK notes due 2013
• Berry Plastics 11% subordinated partial PIK toggle notes due 2016
• Claire's Stores 9.625% senior PIK toggle notes due 2015
• Digicel 9.125% senior PIK toggle notes due 2015 (note: reverted to cash-pay)
• Freescale Semiconductor 9.125% senior PIK toggle notes due 2014
• Harrah's Entertainment 10.75% senior PIK toggle notes due 2018
• HCA 9.625% second-lien PIK toggle notes due 2016
• Intelsat Bermuda 11.5% senior PIK toggle notes due 2017
• iPayment 11.625% senior PIK toggle notes due 2014
• Laureate Education 10.25% senior PIK toggle notes due 2015
• Metals USA L+600 senior PIK toggle FNS due 2012
• Momentive Performance Materials 10.125% senior PIK toggle notes due 2014
• National Mentor L+637.5 senior PIK toggle notes due 2014
• Neiman Marcus 9% senior PIK toggle notes due 2015
• Noranda Aluminum L+400 senior PIK toggle FRNs due 2015
• Noranda Aluminum Holdings L+575 senior PIK toggle FRNs due 2015
• Realogy 11% senior PIK toggle notes due 2014
• Symbion Healthcare 11% senior PIK toggle notes due 2015
• TXU (Texas Competitive Electric Holdings) 10.5% senior PIK toggle notes due 2016
• TXU (Energy Futures Holdings) 11.25% senior PIK toggle notes due 2017
• Univision 9.75% senior PIK toggle notes due 2015
• US Oncology L+450 step-up PIK toggle notes due 2012

If analyzed by private equity backer, it would seem that TPG is in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 most trouble as of its 11 PIK notes, it has opted to toggle 7 of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365se including Aleris (in ch.11), Freescale, Harrah's, Neiman Marcus, US Onco and TXU. Additionally, ZH would not even recommend to look at Apollo's bonds as an indication of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 PE company's status as everyone pretty much knows cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 answer to that one already. Sphere: Related Content
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