Jonathan Szwarc
Articles
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Aug 5, 2024 |
ionanalytics.com | Jonathan Szwarc |Ben Miller
Data Insight The CAMMESA payment-delay saga seems to be in the rear-view mirror. The Argentine government entity paid power generators’ May invoices with a weighted average of 55 days. MSU Energy has already received the payment and recognized the impairment. The combination of the southern-hemisphere winter fading and new rates paid by consumers mean the market administrator should have a more robust situation and be able to pay “on time” in the future.
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Jun 17, 2024 |
ionanalytics.com | Jonathan Szwarc |Ben Miller
Data Insight Until now almost everyone, ourselves included, was working under the assumption that the recovery for InterCement’s 2024 bonds (in terms of principal only, not necessarily NPV) was par.
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May 2, 2024 |
ionanalytics.com | Jonathan Szwarc |Ben Miller
Andrade Guiterrez Engenharia (AGE) signed an addendum to the BRL 3.1bn Las Placetas hydroelectric plant project in the Dominican Republic, bringing the size to BRL 4.7bn. Normally the Brazilian construction company doesn’t announce such project expansions, but it has also never had an addition as significant as this one, representing such a contribution to the overall backlog. Las Placetas seems to be a project that has been going on forever, never executed at full speed.
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Apr 15, 2024 |
ionanalytics.com | Jonathan Szwarc |Ben Miller
InterCement has not yet published financial results for 4Q23, but its two operating subsidiaries, Loma Negra and InterCement Brasil, have done so. Loma Negra reported EBITDA of USD 40m, the Argentine subsidiary’s lowest quarterly print since 2020. Free cash flow was USD 11m, and it has not distributed any dividends.
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Apr 1, 2024 |
ionanalytics.com | Jonathan Szwarc |Ben Miller
On 11 January, Clisa announced it was not going to be able to pay the USD 14.6m coupon on the international 2027 bonds and instead the amount had to be capitalized. In exchange for this, the Argentine services company paid a USD 3.25m consent fee to be distributed among the holders of 93.6% of the outstanding bonds that validly accepted the consent. As of the presentation of year-end financial statements in mid-March, the total outstanding of the 2027s was USD 358m.
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