Estudio y análisis del caso: emisión de Deuda Senior de Meliá Hotels International, S.A. para su canje por una emisión de Participantes Preferentes en circulación.
Fecha
2014-09-10
Autores
Título de la revista
ISSN de la revista
Título del volumen
Editor
Jaén: Universidad de Jaén
Resumen
[ES]En el año 2002 Meliá Hotels International , S.A. realiza una emisión de Participaciones Preferentes Serie A, con la intención de obtener financiación y reorganizar su estructura financiera, ofreciendo un dividendo del 7,8% nominal anual, siendo éste, a partir del año diez (2012), de un mínimo de 12,30%.
Es en este momento cuando Meliá Hotels lnternational, S.A. plantea una nueva emisión, cuya ejecución está basada en el canje de las Participaciones Preferentes mediante la entrega de un Bono Simple, que ofrece un tipo de interés más bajo (7,80% fijo nominal anual), pero que para el inversor supone un menor riesgo de crédito, puesto acudiendo a dicha oferta, tendrá una mayor posibilidad de recuperar el capital invertido en su momento por las Preferentes Serie A.
Aunque Meliá Hotels Intemational , S.A. no logra recomprar todos los instrumentos de Participaciones Preferentes, si que se genera una importante disminución de su importe en el Balance de situación de 2012, con respecto al 2011.
[EN]ln 2002 Preference Shares are emitted from Meliá Hotels lnternational, S.A , with the intention of getting financial resources and reorganizing his financial structure, by offering a dividend of 17,8 % nominal, annual, but within ten years (in 2012), the dividend will be at least, of 12,30% lt is at this moment when Meliá Hotels lnternational , S.A. plans a new emission, whose implementation is based on the exchange of Preference Shares for a debt instrument, which offers a lower interest rate (7,80% annual and nominal, every year), however these have less credit risk than Preference Shares to the investor, because if the investor accepts the offer, he will have more possibility to recover money invested in that time in Preference Shares. Although Meliá Hotels Intemational, S.A. doesn 't get repurchase all instrument of Preference Shares. it is true that a significant decrease in the amount takes place in the 2012 balance situation, compared to 2011.
[EN]ln 2002 Preference Shares are emitted from Meliá Hotels lnternational, S.A , with the intention of getting financial resources and reorganizing his financial structure, by offering a dividend of 17,8 % nominal, annual, but within ten years (in 2012), the dividend will be at least, of 12,30% lt is at this moment when Meliá Hotels lnternational , S.A. plans a new emission, whose implementation is based on the exchange of Preference Shares for a debt instrument, which offers a lower interest rate (7,80% annual and nominal, every year), however these have less credit risk than Preference Shares to the investor, because if the investor accepts the offer, he will have more possibility to recover money invested in that time in Preference Shares. Although Meliá Hotels Intemational, S.A. doesn 't get repurchase all instrument of Preference Shares. it is true that a significant decrease in the amount takes place in the 2012 balance situation, compared to 2011.