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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.
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Hexion 3Q18: Expanding Margins and Cutting Costs

Earnings Note: 13 Nov 2018, 10:30 PM ET - Hexion reported strong adjusted EBITDA growth in 3Q18 driven by margin expansion in base and phenolic epoxy resins as well as cost restructuring efforts. It remains to be seen, however, how the company will tackle the $2.4 bn maturity wall.
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Hexion: 2nd Liens Are Hexed

HY Note: 29 Oct 2018, 5:56 AM ET - We evaluate Hexion's ability to transfer value outside of the restricted group and whether the company would use that value to address the maturity wall or benefit its sponsor, Apollo.

LIN/PX Merger: Conditional Approval from the FTC

Worth Watching: 22 Oct 2018, 10:22 PM ET - LIN/PX Merger Update: The FTC has granted a conditional approval for the Linde/Praxair merger subject to further asset divestitures. In addition to the assets Linde had already agreed to divest in July 2018, the FTC requires the sale of furthe ..
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Hexion: 2nd Liens Hire Milbank

Worth Watching: 17 Oct 2018, 11:50 PM ET - Hexion (HXN 1st liens: Caa1/CCC+) bonds were extremely active on the day because a group of 2nd lien bond holders hired law firm Milbank Tweed Hadley & McCloy and investment bank Houlihan Lokey. The news led to volatility in the $574 million of ..

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Momentive: Are the Arguments Circling the Drain?

HY Note: 20 Sep 2018, 5:01 AM ET - The final day of the Momentive interest rate trial, during which each of the Trustees and Momentive participated in oral arguments, was held on September 4 in front of Judge Drain. Below we summarize the key questions and primary arguments.
Focused

Hexion 2Q18: Strong Results on Higher Epoxy Prices

Earnings Note: 07 Aug 2018, 11:50 PM ET - Hexion reported strong 2Q18 results driven predominantly by a favorable pricing environment as volumes were mixed. We continue to prefer the 1st liens as the risk/reward below the 1st liens is skewed to the downside.

US HY 2018 Conference Series Presentations

Presentation Slides: 28 Jun 2018, 2:05 PM ET - We provide the presentation slides from our 2018 US HY Conference Series.
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Hexion: Tear Down That Wall

Company Spotlight: 19 Jun 2018, 3:57 PM ET - Hexion will likely have to employ creative measures in order to survive past the $2.4 bn 2020 maturity wall. In this piece, we evaluate what may be some of the company's likely options for extending its lifeline.
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Hexion 1Q18: Higher Prices Drive Revenue Growth

Earnings Note: 14 May 2018, 9:40 PM ET - Hexion affirmed its plan to deleverage through divestiture and we remain skeptical of the company's ability to succeed. We continue to like the 1st lien bonds and affirm our Underperform on the remainder of the structure.

Bayer: EC Approves Monsanto Deal, DOJ Remains

Worth Watching: 22 Mar 2018, 10:07 PM ET - Bayer 's (A3/A-) $66 bn acquisition of Monsanto (A3/BBB) was conditionally approved by the European Commission on Wednesday. The regulator's concerns surrounding competition and innovation following the merger seem to have been successfully addr ..
Focused

Hexion 4Q17: Sticky Situation

Earnings Note: 05 Mar 2018, 4:44 AM ET - Hexion is selling a portion of the Epoxy, Phenolic, & Coatings segment, and we remain skeptical of the company's ability to fetch an EBITDA multiple high enough that would reduce leverage. As a result, we continue to prefer the 1st liens.

Tronox: EU Pauses Review of Cristal Merger

HY Note: 28 Feb 2018, 4:52 AM ET - The EU Commission paused its review of the Tronox/Cristal merger until it receives additional information from the two companies.  Although some may be alarmed, it is a fairly regular component of the EU Phase 2 process.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 
Focused

Hexion: Epoxy Specialty Resins Sale in the Works?

HY Note: 12 Feb 2018, 10:35 AM ET - Hexion is contemplating the sale of its  Epoxy Specialty Resins business according to Bloomberg in order to address the maturity wall occurring in 2020. However, the company would require a fairly high multiple to reduce leverage.

Chemicals Outlook 2018 (Part 6): Petrochemicals

Sector Outlook: 01 Feb 2018, 4:07 AM ET - A significant amount of ethylene derivative capacity is expected to continue to come online throughout 2018, pressuring prices and margins. Companies will attempt to counter the incoming capacity headwinds with rising plant utilization.

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

Chemicals 2018 Outlook (Part 4): Fertilizers

Sector Outlook: 24 Jan 2018, 11:05 AM ET - The fertilizers' industry remains oversupplied and we expect the trend to persist over the next twelve months. Stable prices are expected as new capacity is coupled with supply management.

Chemicals 2018 Outlook (Part 3): Industrial Gases

Sector Outlook: 21 Jan 2018, 10:14 PM ET - Improving PMI trends not only in North America, but also globally, bode well for Industrial Gas demand in 2018 and will perhaps help mark an end to the protracted period of decline in gas project backlogs.

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