Posts tagged KME
KME - a shelf full of ambition.

Please find our unchanged analysis here.

KME (Aengus) – Having completed the purchase of flat-rolled products from Aurubis. KME continues to accumulate copper assets. Does KME see a shift in business focus facilitating it's staying in the game? KME has €110m of bonds and a fully drawn €320m borrowing base facility to refinance in the next 6 months, how will it get leverage over bondholders to roll their exposure or additional security to offer the banks? We look at the changing nature of the business and the balance sheet moves for evidence that the risk is moving. However, as there is only a stub of bonds left outstanding, the ability to participate in the name is very limited for now.

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Wolfgang FelixKME
KME - comment

We noted on the Q122 conference call that KME management expects to announce in Q3 how it is going to refinance the outstanding €110m SSNs (maturing in February 23). We are

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Aengus McMahonKME
KME - comment

We agree with much of what Fitch had to say about KME in its ratings change for the SSNs. Whilst the repayment of €190m of the €300m bond was positive for bondholders, there are still liquidity risks. The remaining €110m bond matures in February 2023 and the

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Aengus McMahonKME
KME - All tolling?

Please find our unchanged analysis here.

The decision to use asset sale proceeds to tender for bonds rather than buy copper had us puzzled, but the money has been committed, so we look forward. Copper

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Aengus McMahonKME
KME - comment

KME’s decision to move some production from France to Italy and lay off 117 workers reflects the constraints on volumes at the KME group as well as

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Aengus McMahonKME