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High-Yield E&P Asset Coverage (Capital Structures, Cost Positions in Focus)

Published Jan 13, 2016

8 pages (4089 words) — Published Jan 13, 2016

Price US$ 999.00 | Buy this Report Now

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Brief Excerpt:

...Asset Values Reset: Fitch Ratings' analysis of 20 high-yield (HY) exploration and production (E&P) companies focuses on prospects for asset coverage of unsecured debt based on the present value of proved (1P) reserves and other assets, such as cash and derivative assets. The analysis accounts for changes in borrowing bases and capital structures through third-quarter 2015, which have implications for unsecured asset coverage given generally smaller first lien tranches and wider adoption of junior secured tranches. Unsecured Bondholders Pay for Liquidity: Recent subordination of unsecured debt to new junior secured debt had a significant impact on unsecured debt asset coverage estimates at several issuers, including Halcon Resources Corp. (HK), Energy XXI Ltd. (EXXI), SandRidge Energy Inc. (SD), Midstates Petroleum Co. Inc. (MPO), Linn Energy LLC (LINE) and Breitburn Energy Partners LP (BBEP). Junior secured issuance was primarily used to shore up liquidity by providing cash or reducing...

Report Type:

Special Report

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PDF

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MLA:	Fitch Research. "High-Yield E&P Asset Coverage (Capital Structures, Cost Positions in Focus)" Jan 13, 2016. Alacra Store. May 15, 2025. <http://www.alacrastore.com/fitch-credit-research/High-Yield-E-P-Asset-Coverage-Capital-Structures-Cost-Positions-in-Focus-875760_report_frame>

APA:	Fitch Research. (). High-Yield E&P Asset Coverage (Capital Structures, Cost Positions in Focus) Jan 13, 2016. New York, NY: Alacra Store. Retrieved May 15, 2025 from <http://www.alacrastore.com/fitch-credit-research/High-Yield-E-P-Asset-Coverage-Capital-Structures-Cost-Positions-in-Focus-875760_report_frame>

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