Just need a statement to come from a third party, lets call them isus capital to say they'd purchase the stadium for the bond value.So at what point do bond holders pull it down? I guess it's not particularly in their interests to do so.
This sounds like there's a very significant danger of HSBC pulling out. The previous statements were more finalising an agreement, this sounds more like looking elsewhere.So no news as expexted
Sounds suspiciously linked to me." the Issuer has, in recent months, been pursuing different refinancing options in addition to making progress with a number of key initiatives to increase both the profitability and asset value of the Group"
Does this sound like they might get the cash from WMCA/CCC??
" the Issuer has, in recent months, been pursuing different refinancing options in addition to making progress with a number of key initiatives to increase both the profitability and asset value of the Group"
Does this sound like they might get the cash from WMCA/CCC??
London Wasps are heading into liquidation.Basically, HSBC have said fuck off because the assets aren't worth enough.
They have gone to Reeves and he's going to back them to be able to increase the value of the asset with grants he can push for them.
They will be bailed out.London Wasps are heading into liquidation.
I doubt the WMCA/CCC are that pig stupid are they?" the Issuer has, in recent months, been pursuing different refinancing options in addition to making progress with a number of key initiatives to increase both the profitability and asset value of the Group"
Does this sound like they might get the cash from WMCA/CCC??
I don’t see it this time Nick I really don’t…They will be bailed out.
Its all a bit over my head but it reads to me that its now going to be significantly longer so they can't get away with continually saying 'we'll get back to you in a couple of weeks'.Has the 12th of August date for refinancing been thrown out of the window then?
A new update was presented by Wasps Finance Plc along with a revised date of August 12 for the refinancing to be completed and redemption of the bonds. CoventryLive understands this process will be completed before the revised date, and potentially before the next update regarding the refinancing, due on or before July 29.
Wasps confirm further delay to repayment of £35million to bondholders
The Coventry Building Society Arena, formerly the Ricoh Arena, was purchased using a unique bond schemewww.coventrytelegraph.net
I think your reading is spot on.Its all a bit over my head but it reads to me that its now going to be significantly longer so they can't get away with continually saying 'we'll get back to you in a couple of weeks'.
Sounds like they will be going back to bondholders and asking for a change in the terms of the bond to allow it to run for longer. that could be 6 months or it could be 5 years we just don't know at this point. Of course the bondholders then have to decide if they agree to these new terms or they believe there is significant risk they won't be repaid at which point they may wish to consider their alternative options.
At the very least I expect they will want a significant increase in the interest rate they are receiving and given Wasps are losing millions every year where is that coming from?
Not sure there's much that can be done to up the asset value in any significant way. Guess they could tie us in for longer but doubt SISU would agree to that and how much difference would it really make. A couple of new conference rooms isn't going to up the value in any significant way.
Does this also indicate that maybe the valuation of the lease that was questioned at the time was greater than it reasonably should have been. Conveniently high enough to cover the amount they wanted to borrow. That will also be a worry to bondholders, they might not have the security they thought they did.
They have already.No doubt they'll all be on the Wasps board shortly saying this is exactly what they expected / business as usual / nothing to worry about
Its all a bit over my head but it reads to me that its now going to be significantly longer so they can't get away with continually saying 'we'll get back to you in a couple of weeks'.
Sounds like they will be going back to bondholders and asking for a change in the terms of the bond to allow it to run for longer. that could be 6 months or it could be 5 years we just don't know at this point. Of course the bondholders then have to decide if they agree to these new terms or they believe there is significant risk they won't be repaid at which point they may wish to consider their alternative options.
At the very least I expect they will want a significant increase in the interest rate they are receiving and given Wasps are losing millions every year where is that coming from?
Not sure there's much that can be done to up the asset value in any significant way. Guess they could tie us in for longer but doubt SISU would agree to that and how much difference would it really make. A couple of new conference rooms isn't going to up the value in any significant way.
Does this also indicate that maybe the valuation of the lease that was questioned at the time was greater than it reasonably should have been. Conveniently high enough to cover the amount they wanted to borrow. That will also be a worry to bondholders, they might not have the security they thought they did.
Unless it's not a loan and they somehow just get a grant they don't need to pay back.This is how I am reading it.
They are going to continue with the bond offer, but also a loan from elsewhere to cover the loss making.
Do they go to every one to ask individually?They will need to get consent from bondholders to extend the term of the bond. The bondholders re pretty pissed off at the delay and the delisting from trading So possibly not guaranteed.
Do they go to every one to ask individually?
Unless it's not a loan and they somehow just get a grant they don't need to pay back.
This can be used to increase the assets value, then there can finance and pay back the bonds.
Its sounding like the arrangement they had to buy it in the first place.
The question is though what your alternative is. At least keeping it going gives you interest payments and a chance of bond being paid back. Going nuclear could lose everything.They will need to get consent from bondholders to extend the term of the bond. The bondholders re pretty pissed off at the delay and the delisting from trading So possibly not guaranteed.
Nah it’s James Morris - I live near Halesowen
I believe they do - they had to do it once before IIRC.Do they go to every one to ask individually?
People selling them won’t kill them as a company, they will still have the same face value regardless of what they are sold for. The key will be who buys them at what price. If Wasps can buy them back themselves at less than face value their risk will be mitigated somewhat.Think we might be getting into the territory of when the bond does get put back on the market, people selling them will just kill 'em as a company.
The loan taken out from a bank will not be enough to cover the losses.
All conjecture though.
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