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trend will be second lien deals. E&P bond indentures are written with relatively open language around the way credit facilities are defined and the Deutsche Bank Securities Inc. Page 15 CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0044558 CONFIDENTIAL SDNY_GM_00190742 EFTA01357782
$500 million agreement whereby GSO will earn up to a 15% RoR on wells drilled by LINE in exchange for providing 100% of the upfront drilling costs. EXCO Resources (XCO) led the way on transactions like this; it struck a similar agreement with KKR & Co (KKR) in July 2013 in the Eagle Ford. Rightly so, we belie
131% 161% 146% 131% CHK Chesapeake Energy Etal (Positive)/88. (Positive) 54.000 $4.000 64.000 $3,937 98% UM% 162% 137% NM 162% 137% Deutsche Bank Securities Inc. Same 04~4. EMS (II Anrpen was o' Mrs brolly. rho 1,043 now. wow thew is no ?noisy in ow &alarm tore War 20:6 fa fricton • mabger non Pas .n$n 05000
,247 62% 86% 73% 60% 83% 67% 52% PM Penn Virginia Caal(Stable)/8-(Stable) $438 $450 $438 $498 114% 81% 72% 64% 75% 63% 52% XCO EXCO Resources BliStable)/CCC*(Stable) $900 NA $900 $789 88% 71% 68% 64% 66% 62% 58% BCE( Bonanza Creek Energy 81(Stable)/11.(Stable) $450 $400 $4
it to that increased liquidity either because there's a perception that more capital is needed or on a macro basis, that we just aren't there yet. Deutsche Bank Securities Inc. Page 41 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0044584 CONFIDENTIAL SDNY_GM_00190768 EFTA01357800
r side of this commodity and credit cycle. In particular, we see more value in the "higher quality" B/CCC credits like Halcon (HKUS, BUY-rated) and EXCO Resources (XCO, BUY rated). Given this lower-quality bucket has led the way down in energy, we believe upside/downside is more positively skewed there. We un
-o 'Figure 65: EXCO Resources Benchmarks 0 0) Deutsche Bank Securities Inc Patois44mM 50% 41% 40% 30% 0% 1$154% 20% 10% 0% .10% .70% 190 190 170 150 15 140 130 120 SI 0 100 3600 300% 150% 141[1* Ts
-o 'Figure 65: EXCO Resources Benchmarks 0 0) Deutsche Bank Securities Inc Patois44mM 50% 41% 40% 30% 0% 1$154% 20% 10% 0% .10% .70% 190 190 170 150 15 140 1
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