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FIIG Credit Research

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  • Next Generation Clubs Australia Update

    Jun 14, 2019
    We reiterate out Outperform recommendation on Next Gen's 7.90% notes due 2023, with a Stable credit outlook. The Group reported 1Q19 revenue of AUD9.6m and EBITDA of AUD2.5m, which were softer than 1Q18. Membership income from Perth South has led to lower forecasted EBITDA for FY2019, and leverage is forecasted to remain temporarily elevated. The Doncaster project is expected to be completed within the next 12 – 14 months, within management’s guidance
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  • Axsesstoday – Update on administration and sale process

    Jun 07, 2019
    Deloitte, the voluntary administrator of Axsesstoday, provided an update on the current sale process. Indicative offers have been received in late May from parties interested to buy part or all of the company. It is expected that binding offers will be submitted in early July.
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  • Rockpoint 4Q19 Results June 2019

    Jun 07, 2019
    On 31 May 2019, independent gas storage operator, Rockpoint Gas Storage, released its fourth quarter and full year 2019 (ending 31 March 2019) results. Overall, the results were very solid, with total realised revenues of USD176.49m for FY19 comparing favourably with USD137.63m in FY18. Adjusted EBITDA improved to USD112.1m, up USD34m from USD78.1m in FY18.
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  • SCT Logistics New Issue Report

    Jun 07, 2019
    SCT Logistics New Issue Report.
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  • Rackspace Hosting, Inc. announces 1Q19 results

    Jun 04, 2019
    On 30 May 2019, Rackspace Hosting, Inc. reported 1Q19 results for the quarter ended 31 March 2019. Although the Company reported a net loss of USD56.9m, EBITDA has begun to normalise following on from the Datapipe acquisition. Further, the Company recorded its third consecutive quarter of free cash flow growth.
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  • DirectBond Filter List June Update

    Jun 03, 2019
    The June 2019 update to our DirectBond List including new additions and our current Trading Restrictions list.
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  • Talen Energy: Company Update

    May 29, 2019
    We provide an update to holders following the issue of USD750m of senior secured debt which was used to fund the cash tender of a number of tranches of Talen’s unsecured debt.
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  • CF Asia Pacific FY18 and 1Q19 Update May 2019

    May 24, 2019
    Over FY18, CFAP’s results were negatively impacted by drought in most of the agricultural regions in Eastern Australia (see further below). As a result, operating revenues were down 8.8% on the prior period, falling from AUD64.6m in FY17 to AUD58.9m in F18. EBITDA for FY18 was AUD33.7m, down 11.6% from FY17. Notwithstanding the negative impact of lower locomotive demand, CFAP’s revenue diversification strategy was beneficial in supporting the group while the leasing business has been affected due to the drought. We maintain our recommendation on CFAP’s 8.35% notes due 2020.
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  • Lucas TCS Update May 2019

    May 24, 2019
    Earlier this week, Lucas TCS reported its 3Q19 results which trailed those that the company had prepared for the Explanatory Memorandum dated 8 April 2019 as part of its recent circulation resolution that was passed on 1 May 2019. Following a conversation with the company, we need to engage further to understand the reasons for this underperformance and gain greater clarification on the earnings outlook for the remainder of FY19 and beyond. In light of this, we have placed our recommendation on Lucas TCS' 8.00% notes due 2022 Under Review as we are unable to assess the relative value of the Notes compared to peers. We will reinstate our recommendation once we have gained clarity of the earnings outlook.
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  • Ovato Ltd – Company Update

    May 21, 2019
    We provide and update following Ovato’s announcement of an equity capital raising. As a consequence, we have updated our FY19 guidance for the Company.
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  • Bristow Chapter 11 May 2019

    May 17, 2019
    We provide an update following Bristow’s recent Chapter 11 filing.
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  • Plenary Retail Seasoning May 2019

    May 17, 2019
    We are reiterating our recommendation on Plenary Bond Co’s 6.50% notes due 2024 as we make this issue available to Retail investors. The credit outlook is Stable.
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  • Australian PPP Projects - Recommendation Update

    May 09, 2019
    Australian PPP Recommendation Update May 19
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  • Virgin Australia – Recommendation Update

    May 09, 2019
    We initiate our recommendation on Virgin Australia’s (VAH) AUD 8.075% notes due 2024. In addition, we change our recommendations on the company's 8.50% USD notes due 2019 and 7.875% USD notes due 2021. Further, we maintain our recommendation on Virgin's 8.25% AUD notes due 2023. Our credit outlook remains Stable.
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  • Eric Insurance 3Q19 Update – Credit quality strengthening, but regulatory uncertainty remains

    May 02, 2019
    Eric Insurance reported a YTD 3Q19 (31 March 2019) unaudited net profit after tax of AUD1.52m, up from a net loss of AUD1.35m in the prior corresponding period. While the underlying credit quality continues to strengthen, Eric Insurance (and the general insurance industry) remains heavily exposed to regulatory uncertainty.
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  • DirectBond Filter List May Update

    May 01, 2019
    The May 2019 update to our DirectBond List including new additions and our current Trading Restrictions list.
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  • The Geo Group - Q12019 Earnings

    May 01, 2019
    On 30 April 2019, The Geo Group Inc. (GEO, Company) announced 1Q19 results. Results were relatively strong with growth in revenues, net income and funds from operations (FFO) on the prior comparative period (PCP), stemming from higher utilisation rates.
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  • Bristow Update April 2019

    Apr 18, 2019
    On 15 April 2019, global aviation services provider Bristow announced it had obtained waivers on its covenants with certain secured lenders to further delay the release of its 10-Q quarterly report for the quarter ended 31 December 2018. Following the announcement, S&P downgraded the credit rating on both Bristow’s unsecured and secured notes and Moody’s also downgraded Bristow’s corporate family rating and the rating on its notes.
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  • Axsesstoday VA Appointment

    Apr 08, 2019
    Axsesstoday announced on 8 April 2017 that it had appointed Deloitte as voluntary administrator of the company. Although disappointing, this outcome is not unexpected in light of the lack of progress in resolving the breaches. We expect the administrator to start communicating with all creditors, including holders of the Junior Secured Notes, within the next fortnight.
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  • Axsesstoday ASX Release 7 March 2019

    Apr 03, 2019
    On 7 March, the trustee of Axsesstoday's Series II Notes and Subordinated Notes notified noteholders that the Company continues to be in breach of its obligations. As part of the notice, the trustee is calling a meeting of noteholders, to be held on 17 April 2019.
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