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Strategies & Market Trends : Value Investing

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To: Jurgis Bekepuris who wrote (55431)	7/10/2015 7:08:15 PM
From: E_K_S	Read Replies (1) of 78702

Re: EXCO Resources Inc. (XCO) 9/15/2018 - 7.5% coupon ( cusip: 269279AD7) Started small position w/ 5 $1K bonds face value at a price of $585.00/bond The YTM is 28%. Interest is paid 2 time a year (Sept/March) $75.00 interest/year per bond This is the distressed senior debt of XCO Resources a NG an E&P company. Wilbur Ross is an early investor w/ 11.5% of the common shares. A new CEO was recently brought in (Wilder) w/ a track record of turning these E&P's around. He is a large share holder too w/ a vested interest in common shares and warrants that vest in 3 years. My bet is that the debt will be paid off at PAR (matures 9/2018). Both Ross and Wilder have deep pockets to backstops the common from becoming worthless. I suspect they may dilute the common a bit more if necessary but XCO's assets have good value and 'proved' reserves. EKS

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