On the back of my envelope, REXX at least looks cash breakeven with natural gas ~10% higher than it is now, which does nothing for their debt other than make it potentially refinanceable. But they (maybe) have a runway of a few years. They are currently burning the furniture to keep warm, but any definitive zero depends at least in part on an opinion of fossil fuel prices, which is a sucker's bet. Though of course there are covenants, operational issues, stupidity...
On the back of my envelope, REXX at least looks cash breakeven with natural gas ~10% higher than it is now, which does nothing for their debt other than make it potentially refinanceable. But they (maybe) have a runway of a few years. They are currently burning the furniture to keep warm, but any definitive zero depends at least in part on an opinion of fossil fuel prices, which is a sucker's bet. Though of course there are covenants, operational issues, stupidity...
ReplyDeleteThere's only $24 million of that 40% ytm note outstanding. Don't know why they don't do a nice debt for equity exchange?
ReplyDeleteEGLT bond 5.5% due 2020, last traded ytm of 37%.
ReplyDeleteThe XCO note due 2018 traded today down to 20 cents; YTM of 278%!
The CIE 2019 note is down to 18 cents; YTM of 100%.
BONT note traded at 34 cents; YTM up to 47%.
EGLT trading around 50 cents for YTM of close to 40%.
ReplyDeleteXCO 2018 has traded recently in high 20s; YTM of >200%. The 2022 note trading close to 20 cents.
The CIE 2019 note still under 20 cents; YTM over 100%.
BONT note last traded 31.3 cents, a YTM of over 50%.