Tuesday 13 December 2016 by FIIG Research Company updates

Company updates – Adani Abbot Point Terminal, Dell Technologies and NRW Holdings

Adani announces the results of its November 2018 bond buyback offer, Dell released its fiscal 3Q17 results and NRW successfully closes its A$60-70m bond issue

Adani Abbot Point Terminal (AAPT)

AAPT has announced the results of its buyback offer for its 2018 bonds.

Out of the A$85m offered, it will retire A$32.3m of the November 2018 domestic fixed rate bonds, according to KangaNews. AAPT received an aggregate nominal amount of tenders in excess of A$100m, and the minimum purchase spread was set at 365 basis points (bps) over swap or a cash price of approximately 102.28.

The buyback is expected to settle on 12 December 2016.

Dell Technologies Inc. (Dell)

Dell released its fiscal 3Q17 results, with consolidated revenue from continuing operations at $16.2bn and non GAAP revenue from continuing operations at $16.8bn. The results reflect the impact of Dell’s merger with IT storage solutions provider EMC, and include 52 days of results from EMC and associated purchase VMware.

During the quarter, Dell paid down $500m of debt, and has reduced total debt by $5.8bn since the completion of the EMC merger.

Dell’s chief financial officer Tom Sweet made the following comments:

“Overall we had a solid quarter with revenue of $16.2 billion, or $16.8 billion on a non-GAAP basis. […] We remain intensely focused on enabling customers’ digital transformation initiatives. This customer first focus is also driving our near term priorities, which include successfully integrating our salesforce and channel partner programs and seizing top line synergies through cross selling opportunities.”

Further, global ratings agency Standard and Poor’s (S&P) commented:

“[The results] were in line with our expectations and do not affect our ratings on the company”.

More information on Dell’s results are available here.External link - opens in a new window

NRW Holdings (NRW)

NRW successfully closed its A$60-70m bond issue launched on 6 December 2016.

The offer was met with strong demand and exceeded the A$70m maximum oversubscription amount. Subject to a number of standard conditions, the transaction is expected to settle on or around 19 December 2016.

An ASX announcement is available here.External link - opens in a new window 

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