Afren - Distressed

As expected, Afren have received a deferral of the US$50m amortisation of their EBOK RBL, they have exercised a 30 day grace period for the payment of the coupon on the 2016 bond, and Seplat have received a two-week extension from The Takeover Panel as they weigh making an offer.

Bonds are keenly priced to Street assessment of recovery value, but it's a cheap 1st Lien option on the Brent oil price over the next month - which has been supported by the falling US rig-count and not been hit by the on-going strikes at 10% of US refining capacity, and should cause further WTI/Brent spread widening if it is prolonged. The last nationwide work stoppage in 1980 lasted three months.

We await the/a Seplat offer, but with lifting costs + SG&A at US$35/bbl - someone will put debt and equity into the biz, and the existing bonds are value up to about 50c, targeting short-term catalysts and IRR's of 50%.

 

Repellat praesentium nostrum maxime voluptates quae consequatur fugiat. Praesentium molestiae molestias quisquam fugit fugiat quis. Ad esse aut fuga sapiente aut molestias. Aut quod possimus esse laboriosam veritatis quasi.

Et deserunt nihil laboriosam aut. Excepturi voluptates dolor rerum recusandae. Doloribus nisi quis natus quia maxime quis corporis.

"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
Betsy Massar's picture
Betsy Massar
99.0
5
CompBanker's picture
CompBanker
98.9
6
dosk17's picture
dosk17
98.9
7
GameTheory's picture
GameTheory
98.9
8
DrApeman's picture
DrApeman
98.9
9
kanon's picture
kanon
98.9
10
bolo up's picture
bolo up
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”