KrisEnergy

[opmi]

IPO investors harder to break even liao...

[Contrarian]

Rights Issue at 60% discount to IPO price?

After all the bonds raised, does this sound like equity raising at last resort?

[greengiraffe]

Oil & gas plays on SGX are mickey mouse. When more established companies on traditional commodities hub like asx, nyse and even canadian exchanges are not in favour, can easily forget about this "junior" plays listed here.

Even the ex-ASX delisting that was floated here turned out to be a disaster...

I will stick to my Godfather endorsed BPT. For those who are looking for bluechip name Woodside, WPL is the safe pick.

GG

Rights Issue at 60% discount to IPO price?

After all the bonds raised, does this sound like equity raising at last resort?

[CY09]

Kris Energy seems to be in some trouble by its 50% fall in share price in a month.

Looking at its debt profile, it has US$55 Mil debt with HSBC which is due in 2016. However on B/s, Kris Energy only has US52M cash. Given HSBC action against China Fishery, I wonder will this be a repeat to Kris. This is worsened by Kris's Energy increasing trade payables.

With another round of debt redemption in June 2017, I wonder will there be another round of equity raising.

[brattzz]

"KrisEnergy Ltd, backed by Keppel Corp Ltd and private equity firm First Reserve, said it would raise up to $203.6 million by listing its shares in Singapore, in a sign of improving investor sentiment for fund-raising in the city-state."

After the initial public offering, First Reserve will own a stake of 48.1 percent and Keppel Corp 31.4 percent of the company, the prospectus said
2013


same situation all over again?

[specuvestor]

"KrisEnergy Ltd, backed by Keppel Corp Ltd and private equity firm First Reserve, said it would raise up to $203.6 million by listing its shares in Singapore, in a sign of improving investor sentiment for fund-raising in the city-state."

After the initial public offering, First Reserve will own a stake of 48.1 percent and Keppel Corp 31.4 percent of the company, the prospectus said
2013


same situation all over again?

First backstop from GLC:
(Bloomberg) -- Keppel Corp. says in talks with KrisEnergy to provide irrevocable undertaking supporting latter’s proposed non-renounceable, non-underwritten preferential offering of up to S$140m of senior secured zero coupon notes due 2024.

• Keppel owns ~40% stake in KrisEnergy through a wholly owned indirect subsidiary
  

History going to rhyme again?
http://www.valuebuddies.com/thread-1928-...#pid132185

[opmi]

'Senior secured' - Keppel eats first if Pok.

[cyclone]

KrisEnergy reduces Block A Aceh working interest to 15%

KrisEnergy Ltd. announces it has reduced its working interest in the Block A Aceh production sharing contract to 15% in alignment with its revised business plan to reduce future capital expenditure while maintaining exposure to a high-value gas development in Indonesia.

Proceeds from the transaction will be applied towards funding KrisEnergy’s share of the capital expenditure for the Block A Aceh gas development.

The operator of Block A Aceh, PT Medco E&P Malaka, has acquired 26.6666% of KrisEnergy’s working interest and increased its holding to 85%. The transaction is pending approvals from the Government of Indonesia and the Government of Aceh.

[CY09]

http://www.straitstimes.com/business/kri...nd-holders

Similar story to Rickmers: Company has requested for existing bondhholders to accept a new note of a longer duration and lower interest rate. Similarly, bondholders are dismayed at the poor terms and are pushed back the line if they accept the new unsecured bonds because Keppel will be injecting capital by subscribing to zero coupon secured notes. Based on Krisenergy's latest balance sheet, there is high chance bondholders can get some money back (definitely not their entire prinicpal) if they vote "no" and force a liquidation. This is unlike Rickmer's bondholders predictment.

Personally, i am doubtful if oil will shoot up beyond US70 in this 5 years. I think this is one too many oil exploration company; and bondholders should vote "no" to get some money back. This is because it is likely oil will remain depressed for very long and 2022 will become another 'extend the bond" game; and if they vote "no" in 2022, they will have to contend with the secured notes getting the money ahead of them. Better to cut losses now; otherwise negotiate with Krisenergy to ensure the zero coupon secured notes are ranked behind them in the liquidation queue (wishful thinking on my part

[piggo]

http://www.straitstimes.com/business/kri...nd-holders

Similar story to Rickmers: Company has requested for existing bondhholders to accept a new note of a longer duration and lower interest rate. Similarly, bondholders are dismayed at the poor terms and are pushed back the line if they accept the new unsecured bonds because Keppel will be injecting capital by subscribing to zero coupon secured notes. Based on Krisenergy's latest balance sheet, there is high chance bondholders can get some money back (definitely not their entire prinicpal) if they vote "no" and force a liquidation. This is unlike Rickmer's bondholders predictment.

Personally, i am doubtful if oil will shoot up beyond US70 in this 5 years. I think this is one too many oil exploration company; and bondholders should vote "no" to get some money back. This is because it is likely oil will remain depressed for very long and 2022 will become another 'extend the bond" game; and if they vote "no" in 2022, they will have to contend with the secured notes getting the money ahead of them. Better to cut losses now; otherwise negotiate with Krisenergy to ensure the zero coupon secured notes are ranked behind them in the liquidation queue (wishful thinking on my part

There are some general positivity within the industry that we have reached the bottom with potential for $60-70/barrel in future... attached research from PwC makes for some decent read.