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DYN

Dynegy

$12.39

0.35 (2.91%)

07:05
10/03/16
10/03
07:05
10/03/16
07:05

Dynegy reaches tentative agreement regarding Genco notes restructuring

Dynegy has reached an agreement in principle with Illinois Power Generating Companyand an ad hoc group of Genco bondholders to restructure $825 million in unsecured debt at Genco. The economic terms and proposed implementation steps, which are not binding on any party, were included in an 8-K filing pursuant to non-disclosure agreements previously signed by Dynegy Inc. and members of the Ad Hoc Group which required that all material non-public information provided to the Ad Hoc Group as part of restructuring discussions be publicly disclosed on October 3, 2016. Key terms of the proposed restructuring include: $825 million in existing 2018, 2020 and 2032 Genco notes to be exchanged for: $210 million in new 7-year Dynegy Inc. unsecured notes with terms and covenants consistent with existing Dynegy Inc. unsecured bonds. Pricing on the new notes intended to be consistent with the yield on Dynegy's 2023 unsecured bond at the time of issuance; $139 million cash consideration, including the $9 million restructuring support agreement payment outlined below, funded with existing Illinois Power Holdings cash balances and collateral synergies; 10 million Dynegy Inc. warrants with a 7-year tenor and strike price of $35 per share.

DYN Dynegy
$12.39

0.35 (2.91%)

06/29/16
06/29/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on the today's top five analyst upgrades with this list compiled by The Fly: 1. Oracle (ORCL) upgraded to Neutral from Underweight at JPMorgan by analyst Mark Murphy, who says the stock's underperformance is likely to subside amid easier comps Oracle shares have underperformed the S&P 500 Index by 1,320 basis points in the last 18 months. Sentiment has turned very negative even though Oracle now has its easiest year-over-year revenue and earnings comparisons it has had in 14 years, the analyst contends. He raised his price target for Oracle shares to $38 from $37. 2. IPG Photonics (IPGP) upgraded to Buy from Hold at Canaccord by analyst Bobby Burleson, who raised his price target on the stock to $90 from $85. The analyst said further share weakness related to Brexit results has created an attractive entry point and believes the worst of negative earnings revisions is behind the company. Burleson said IPG's long-term opportunity remains intact based on an outlook for continued fiber laser share gains in metal processing and believes a return to solid year-over-year growth will boost investor confidence and allow for valuation expansion. 3. Centene (CNC) upgraded to Overweight from Equal Weight at Morgan Stanley by analyst Andrew Schenker, who says he has increased confidence in the stability of Centene's platform with the addition of Health Net and the long-term pipeline following meetings with management in Asia and the June Investor Day. The analyst said he came away with increased clarity and synergies on the deal and increased 2016-2018 forecasts approximately 3% above consensus. Schenker raised Centene's price target to $86 from $84. 4. Dynegy (DYN) upgraded to Buy from Neutral at SunTrust, citing valuation, its belief that the company's debt restructuring could enhance its equity valuation, and the positive impact of the company's acquisition of the Engie portfolio. The firm raised its price target to $20 from $18. Citi analyst Praful Mehta also upgraded Dynegy to Buy from Neutral, saying the recent pullback in the shares is overdone. Brexit has very little impact on the company. Mehta lowered his price target to $19 from $21. 5. Tesoro (TSO) upgraded to Buy from Neutral at Goldman by analyst Neil Mehta, given given a more constructive outlook for the California refining market, underappreciated value in non-refining assets, including retail and midstream businesses, limited risk from higher INs and lower Brent-WTI, and attractive valuation. The analyst raised his price target on Tesoro shares to $100 from $96. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/26/16
DBAB
07/26/16
UPGRADE
Target $20
DBAB
Buy
Calpine upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank analyst Abe Azar upgraded Calpine (CPN) to Buy citing valuation following the year-to-date underperformance relative to peers Dynegy (DYN) and NRG Energy (NRG). The analyst views the current valuation as "reasonable" and calls Calpine lower risk. He raised his price target for the shares to $20 from $18.
08/05/16
RHCO
08/05/16
NO CHANGE
RHCO
Dynegy weakness appears overdone, says SunTrust
After Dynegy reported roughly in-line Q2 EBITDA, SunTrust analyst Ali Agha notes that the company's stock has fallen 32% over the last two months. The analyst notes that power prices have been "relatively flat" over this period, and he believes that Dynegy has a number of positive catalysts going forward. The analyst trimmed his price target on the shares to $20 from $21 but keeps a Buy rating.
09/13/16
WOLF
09/13/16
DOWNGRADE
WOLF
Peer Perform
Dynegy downgraded to Peer Perform from Outperform at Wolfe Research

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