Friday, May 4, 2012

Latest Updated GMX Resources (GMXR) Cap Table

Here's the latest according to what I have:

Shares Outstanding 71,987








Face Amount Price Market Value Interest Exp
Cash, as of 3/31/11 -71,079 1.00 -71,079
4.5% Senior Note due 2015 86,520 0.49 42,395 3,893
5% Senior Note due 2013 54,672 0.77 42,097 2,734
11.375% Senior Note due 2019 1,970 0.50 985 224
11% Senior Secured Note due 2017 288,620 0.80 230,896 40,407
Total Debt 360,703
245,294 47,258
9.25% Series B Cumulative Preferred 79,418 0.52 41,297 7,346
Enterprise Value through Preferreds 440,121
286,592 54,604
Common Stock 103,661 1.44 103,661
Enterprise Value 543,782
390,252

The senior secured interest expense assumes that they continue to PIK those notes. The EV I come up with is on the low side, as I don't subtract for working capital. 

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