This week, Eric Insurance released its 1H17 results, PMP provides an update following its acquisition of IPMG, Sydney Airport announced it declined the offer to develop and operate Western Sydney Airport, and we DirectBonded new bonds from Barminco Finance and Talen Energy Supply
Barminco new DirectBond
Barminco Finance Pty Ltd is the wholly owned subsidiary of Barminco Holdings Pty Limited. Headquartered in Western Australia, Barminco is a private Australian company operating in the global underground hard rock development and production contract mining industry, with specialised capabilities across production and path related development mining to customers. Its contract mining business involves the provision of equipment, personnel and technical expertise to conduct underground operations for producing mining companies – which accounted for 91% of Barminco’s revenue for the last twelve months ended December 2016 – primarily from the gold, nickel and zinc sectors as well as tin and copper.
The Barminco Finance senior secured 6.625% fixed rate bond matures on 15 May 2022, with a next call date of 15 May 2019. It is US dollar denominated and available to wholesale investors only in minimum parcels of USD10,000.
For more information please see the Barminco Finance May 2022 bond factsheet.*
Eric Insurance released its 1H17 results
Eric Insurance Ltd has released its results for the first half of 2017, which included the recently acquired Swann Insurance business from 6 August 2016.
The full research note is available here*. We also have a factsheet for the Eric August 2026 Tier 2 bond, available here.*
PMP commences rationalisation post acquisition of IPMG Pty Ltd
PMP acquired IPMG Pty Ltd on 1 March 2017. The company expects the merger will deliver $55m per annum in cost synergies, with one off cash costs totalling approximately $80m over the next 18 months.
As part of this process, PMP has closed its facilities in Noble Park in Melbourne, Wacol in Brisbane and has made various changes at it Lidcombe facility in Sydney. This brings the year to date headcount reduction to approximately 300 people.
The company will provide further updates on the next stage of the implementation of the synergy plan in June.
Sydney Airport
Sydney Airport announced on 2 May 2017 that it has declined the offer in the government’s Notice of Intention (NOI, announced on 20 December 2016) to develop and operate the Western Sydney Airport (WSA).
More information is available here.
Talen Energy Supply new DirectBond
Talen Energy Supply LLC (Talen) is a North American independent energy and power generation company, headquartered in Allentown, Pennsylvania. As an independent power producer (IPP), Talen produces and sells electricity, capacity and energy related services from its fleet of power plants totalling over 16,000 megawatt (MW) of generating capacity, as at December 2016.
Talen Energy Supply LLC senior unsecured 9.5% fixed rate bond matures on 15 July 2022, with a next call date of 15 July 2020. It is US dollar denominated and available to wholesale investors only in minimum parcels of USD10,000.
For more information please see the Talen July 2022 bond factsheet.*
*
Note: You will be required to login to access this content.