Friday, October 12, 2012

GMX Resources Q2 2012 Quarterly Report ($GMXR)

Some items I meant to post earlier from the Q2 2012 Quarterly Report:

Our ability to repay our 5.00% Convertible Notes due in February 2013 with cash is also limited under the indenture for our Senior Secured Notes, and these limitations may require us to issue equity in order to pay cash for, or to otherwise satisfy, the payment of such notes at or prior to their maturity.

Our $52.0 million of 5.00% Convertible Notes, $86.3 million of 4.50% Convertible Notes, $2.0 million of 11.375% Senior Notes have fixed interest rates, and our $288.6 million of Senior Secured Notes have an interest rate fixed at either 11.0% per annum or the rate of 13% applicable to a PIK Election.

During the first half of 2012, we entered into separate exchange agreements with various holders of our 5.00% Convertible Notes. Pursuant to these agreements, as consideration for the surrender by the holders of $20,753,000 aggregate principal amount of the 5.00% Convertible Notes, we issued to the holders an aggregate of 11,271,510 shares of our common stock...
Note that the exchange offers have changed the amount of debt outstanding. But they have been talking about using equity for the 2013s, and also doing exchange agreements, for a while now.


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You have been right on with GMXR.

CP said...

Thanks! Have you been trading it?

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I have been short since aug 15 around .82 and have an average of about .77 as I continued to short more.
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CP said...

What are you paying to borrow at IB?

carpet cleaning denver co said...

About 21.08% and it is rounded up to the nearest $1 so I pay about .0175 a month.