ESV 7 ¾ 02/01/26

Ensco Rowan plc

Credit, Energy


Publicly traded companies mentioned herein: Ensco Rowan PLC (ESV)

Highlights

EnscoRowan (ESV) announced the completion of the Ensco/Rowan merger in April 2019. The presenter is long the 7 ¾ 2026 unsecured bonds in the mid-70s and believes there’s upside potential to the 90s based on a long liquidity runway to work with (and generally improved financial position to work from), offshore capex and production growth, replacement value, and an uptick in utilization in Q1 ‘19. As recently as October 2018, these bonds traded in the high 90s.

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Idea Discussion

Commentor 1 - 2 weeks ago

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