Tuesday 30 May 2017 by FIIG Research Company updates

Company updates – Centuria, CML Group, Mackay Sugar and several USD DirectBonds

This week, CML updates its FY17 earnings guidance, we provide new AUD and USD DirectBonds and Mackay Sugar to implement its $2 per tonne levy

Centuria Capital No.2 Fund – new DirectBonds

Centuria Capital No. 2 Fund (Centuria) is a 100% owned subsidiary of Australian ASX listed specialist investment manager, Centuria Capital Group. The issuer holds strategic equity investments in a number of listed and unlisted property investments, including Centuria Industrial REIT, Centuria Urban REIT and Centuria Metropolitan REIT. As at 31 March 2017, Centuria held total assets of $181.2m and equity of $73.9m.

The Centuria senior secured 7.00% fixed rate, and BBSW +4.50% floating rate bonds mature on 21 April 2021. The bonds are Australian dollar denominated and available to wholesale investors only, in minimum parcels of AUD10,000.

For more information please see the Centuria April 2021 fixed rateExternal link - opens in a new window and floating rateExternal link - opens in a new window bond factsheets.

CML Group

CML Group (CML) has provided an upgrade to its earnings guidance for FY17.

Key points:

  • CML expects EBITDA to be in excess of $12m, compared to previous guidance of $10.6m and FY16 EBITDA of $5.3m
  • FY17 net profit after tax (NPAT) is expected to exceed $3m, compared to FY16 NPAT of $1m

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

Mackay Sugar

Mackay Sugar will amend cane supply agreements to implement the $2 per tonne levy, following last week’s board meeting and support from industry bodies Canegrowers Mackay and the Australian Canefarmers Association.

More information is available here.External link - opens in a new window

Several new USD DirectBond factsheets

Last week, we DirectBonded several new USD bonds, from Energy Transfer Equity, Louisiana-Pacific, Norbord Inc, Petrobras, Rose Rock, Sprint Corporation and Transocean. The maturities on these bonds range from 2022 to 2033, in industries from energy and construction through to manufacturing, oil and communications.

We have provided factsheets on the USD bonds, available to wholesale investors only. Please note the factsheets are a summary document only and require a MyFIIG login* to view.

Issuer Maturity date Sector Domiciled Factsheet link
Energy Transfer Equity 1 June 2027 Energy resources US Factsheet*
Louisiana-Pacific Corporation 15 September 2024 Construction US Factsheet*
Norbord Inc 15 April 2023 Construction Canada Factsheet*
Petrobras Global Finance 20 May 2033 Resources (oil) Netherlands Factsheet*
Rose Rock Midstream LP 15 July 2022 Energy resources US Factsheet*
Sprint Corporation 15 February 2025 Communications US Factsheet*
Transocean Inc 15 July 2023 Resources (drilling contractor) Cayman Islands Factsheet*
Source: FIIG Securities
All bonds listed are fixed rate and in USD

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