我的聲明

我的聲明:

這blog原是用來紀錄我收集各樣債券的資料和知識,方便自己学習。非我原創性的文章,都会儘量標明出處或作者。Blog內紀錄的債券不代表我擁有或建議任何人投資。每個人都要為自已的投資決定負責任。

我主要投資直債或Reits。歡迎大家一同交流,互相鼓勵。如果你有好的債券分析,也歡迎email給我放上來,公諸同好!

我也有另外一個網誌"Reits World 我的房託世界"是關於投資REITS的,歡迎瀏覽。http://reitsworld.blogspot.hk

2016年5月11日星期三

Western Digital 7.375% 4/1/2023 senior secured



Western Digital Corp (WDC.O) incorporated on October 26, 2000, is a data storage solutions company. The Company is a developer, manufacturer and provider of data storage solutions that enable consumers, businesses, governments and other organizations to create, manage, experience and preserve digital content. The Company’s product portfolio includes hard disk drives (HDD) and solid-state drives (SSDs). HDDs are the Company’s products and a storage medium for digital content, with the use of solid-state storage products growing rapidly. The Company’s products are marketed under the HGST, WD and G-Technology brand names. The Company offers Products and Solutions including: Enterprise Storage Solutions, Client: Desktop and Notebook PCs, Branded Product Solutions, Consumer Electronics Solutions. The Company offers Technology Products including Hard Disk Drives and Solid-State Drives.






COMPARISON
Bond
West Digital 7.375%
West Digital 10.5% 
Maturity Date
4/1/2023
4/1/2024
Next Call Dates
4/1/2019 (103.688)
4/1/2020 (101.844)
4/1/2021        (100)
before 4/1/2019 (110)
4/1/2019 (107.875)
4/1/2020   (105.25)
4/1/2021       (100)
Bond Ratings (Moody's/S&P/Fitch)
Issurer Ratings
Baa3/BBB-/BBB-
Ba2/BB+/BB+
Ba2/BB+/BB+
Ba2/BB+/BB+
Bond Nature
senior secured
senior unsecured
Indication Offer
102.5
98
YTM(Duration)
6.93%(5.37)
10.86(5.4)
YTC
7.56%

OVERALL

Beta:
1.45
Market Cap(Mil.):
$8,675.34
Shares Outstanding(Mil.):
232.77
Dividend:
0.5
Yield (%):
5.37
FINANCIALS
WDC.O
Industry
Sector
P/E (TTM):
10.52
18.38
20.93
EPS (TTM):
3.54
--
--
ROI:
6.86
9.08
11.72
ROE:
8.79
13.02
9.08

FINANCIAL STRENGTH
Company
industry
sector
Quick Ratio (MRQ)
2.7
1.4
1.73
Current Ratio (MRQ)
3.14
1.68
2.34
LT Debt to Equity (MRQ)
20.81
25.37
11.4
Total Debt to Equity (MRQ)
22.93
39.55
19.11




Western Digital Corp. Rated 'BB+' On Sandisk Corp. Acquisition
Outlook Stable By Standard & Poor
  • U.S.-based Western Digital Corp., a manufacturer of hard disk drives (HDDs) and other data storage products, is issuing approximately $14 billion of debt to fund its previously announced acquisition of SanDisk Corp.
  • We are assigning our 'BB+' corporate credit rating to Western Digital.
  • We are also assigning our 'BBB-' issue-level rating and '2' recovery rating to the company's proposed senior secured notes and senior secured credit facilities, and our 'BB+' issue-level rating and '4' recovery rating to its proposed senior unsecured notes.
  • The stable rating outlook reflects our expectation that SanDisk's NAND technologies will enable Western Digital to successfully navigate the threat of solid state drive (SSD) substitution to the HDD industry.
NEW YORK (Standard & Poor's) March 11, 2016--Standard & Poor's Ratings 
Services today said it assigned its 'BB+' corporate credit rating to Irvine, 
Calif.-based Western Digital Corp. The rating outlook is stable.

At the same time, we assigned our 'BBB-' issue-level rating and '2' recovery 
rating to the company's proposed $1 billion seven-year senior secured notes 
and $10 billion senior secured credit facility, which consists of a $1 billion 
five-year revolving credit facility, a $3 billion five-year term loan A, and a 
$6 billion seven-year term loan B. The '2' recovery rating indicates our 
expectation for substantial recovery (70%-90%; lower half of the range) of 
principal in the event of a payment default. 

We also assigned our 'BB+' issue-level rating and '4' recovery rating to the 
company's proposed $4.1 billion eight-year senior unsecured notes. The '4' 
recovery rating indicates our expectation for average recovery (30%-50%; lower 
half of the range) of principal in the event of a payment default.

"The rating on Western Digital reflects our view that the array of SanDisk's 
NAND technologies and manufacturing capacity, through the Toshiba joint 
venture, will enable Western Digital to better navigate the transition in 
storage toward SSDs for data-driven performance sensitive applications serving 
the needs of both consumer and enterprise customers," said Standard & Poor's 
credit analyst Jenny Chang. 

Continued weakness in the personal computer (PC) end market, declining demand 
for HDD products, and considerable customer concentration represent ongoing 
credit risks and are the basis for our business risk profile assessment for 
the combined entity. The rating also reflects our expectation that Western 
Digital will maintain leverage below 3x, including our surplus cash netting 
and other adjustments, despite our expectation that revenues, on a pro forma 
basis, will decline over the next 12 to 18 months.

The stable rating outlook reflects our expectation that SanDisk's NAND 
technologies will enable Western Digital to successfully navigate the threat 
of SSD substitution to its HDD business, and that the combined entity will 
generate healthy free cash flow and sustain adjusted leverage below 3x over 
the next 12 to 18 months.

6 則留言:

  1. 這隻債感覺幾好,應該挺安全吧

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    回覆
    1. 想考慮2024年 10.35%的unsecured bond, 不知閣下有何意見呢?

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    2. 剛放假回來,回覆稍慢,抱歉!2隻債Western Digital分別在一隻是senior secured,另一隻 unsecured,即是一隻有抵押品,一隻沒有。所以評級也不同。BBB-和BB+的分別。投資級別和非投資級的分別!如果違約,前者本金償還率約70-90%。後者約30-50%。我覺得以投資級別前者回報算不錯,後者風險較高。始終是賣電腦週邊產品,product cycle可以上落很快,也有一定風險。如果只買一手,前者有抵押品,年期短些似保險些。

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  2. HI 天路客兄..看到這裡,想把BOND 在IB(Interactive Brokers) 操作的情況:
    一般一手債卷要USD200,000 起跳。在IB的平台可以低D
    1. 我們可以理解成IB買入大貨,再散埋給散戶? 為甚麼IB可以降低賣BOND的門檻而私銀就一定要USD200000起
    (當然還沒確認可能某些BOND 只有私銀有得賣,而IB沒有)
    舉例: https://www.bondsupermart.com/main/bond-info/bond-factsheet/XS1475043060
    (min Investment Amount: USD200,000)

    2. 如果在IB 做BOND financing, IB會按照什麼標準借多少給投資者,比如投資者的流動資產,收入
    (需要什麼證明?), 希望可以多分享這一方面操作的detail和文件要求嗎?

    感謝!!

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  3. Hi 天路客兄,
    呢只Bond在Interactxxx Broker 是 NON-Tradable, 買不到?
    能否告知你用那間私銀platform, 還用幾個問題請教一下^.^
    sunnysharemylife@gmail.com

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