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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.
Focused

Platform Specialty 3Q18: Now Element Solutions

Earnings Note: 01 Nov 2018, 10:09 PM ET - We affirm our Outperform recommendation on Platform Specialty given the stronger pro forma balance sheet as well as the more conservative capital allocation policy following the closure of the Arysta sale.

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 ..

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. 
Focused

Platform Specialty 2Q18: Counting Down the Clock

Earnings Note: 02 Aug 2018, 11:16 PM ET - Platform Specialty continues to focus on life after divesting the Arysta business. As a result of the divestiture, the company's balance sheet should improve substantially from current levels. We affirm our Outperform recommendation.
Focused

Platform Specialty: Arysta-derci!

HY Note: 23 Jul 2018, 5:29 AM ET - Platform announced the sale of the Arysta segment to UPL for $4.2 bn in cash, which will reduce net leverage from 6.2x to roughly 2.5x. We affirm our Outperform recommendation on Platform given the more conservative financial profile.
Focused

Platform Specialty: Enters Exclusive Negotiations

Worth Watching: 20 Jun 2018, 11:01 PM ET - Platform Specialty (PAH: Caa1/B+) announced that it entered exclusive negotiations with a potential acquirer of its Agricultural Solutions segment, Arysta LifeScience. Reports have indicated that a group led by Indian chemical producer UPL is b ..
Focused

Platform Specialty: Ag Solutions Asset Sale?

Worth Watching: 07 Jun 2018, 5:02 AM ET - Platform Specialty (PAH: Caa1/B+) is rumored to be selling the Agricultural Solutions business to Wilmcote Holdings, an acquisition vehicle focused largely on investments in the downstream chemical sector. According to news reports, the asset s ..
Focused

Platform Specialty: Separation Anxiety

Earnings Note: 06 May 2018, 2:19 PM ET - Platform expects the separation of the Agricultural Solutions business to occur in mid-2018 although the form of the separation is unclear. The company affirmed its net leverage target of 4.5x following the separation.

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 ..

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.
Focused

Platform Specialty 4Q17: Ag No Longer a Drag

Earnings Note: 28 Feb 2018, 12:36 AM ET - Platform Specialty remains focused on improving the balance sheet and completing the spin-off of the Agricultural Solutions business and we affirm our Outperform recommendation on the name.

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. 

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.

Chemicals 2018 Outlook (Part 2): The Majors

Sector Outlook: 18 Jan 2018, 10:53 PM ET - M&A is still key within the Majors names as DWDP begins to deliver its promised synergies, Bayer looks to close the Monsanto deal, and BASF continues to opportunistically pick up assets, while riding momentum from its Chemical Segment.

Chemicals 2018 Outlook (Part 1): Specialty Chems

Sector Outlook: 17 Jan 2018, 11:12 PM ET - M&A is likely to play a large role for Specialty Chem names in 2018 as they seek exposure to higher margin products and emerging markets while rising raw materials costs may make it tricky for margins to navigate the year unscathed.
Focused

Platform Specialty: $250 mn Tack-On Offering

Worth Watching: 04 Dec 2017, 4:28 PM ET - Platform Specialty (PAH: Caa1/B+) announced a $250 million tack-on offering to the recently issued 5.875% 2025s notes (Platform Specialty: New 8Yr NC3 Notes; Move O/P). The proceeds from the offering will be used to partially repay existing te ..

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