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Linn Co, LLC Message Board

thomasturner999 2 posts  |  Last Activity: Aug 13, 2014 4:01 PM Member since: Jul 10, 2013
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  • Reply to

    Roughly 90% of XCO's Price Movement

    by tradertrend Aug 12, 2014 10:33 AM
    thomasturner999 thomasturner999 Aug 13, 2014 4:01 PM Flag

    You are incorrect. The bonds are not collateralized by the properties. They are unsecured. The bank debt has a first lien on the properties. They get made whole first (which should be no problem). THEN (ignoring second lien debt, complicated JV structures, etc.) the unsecured bonds try and achieve full recovery from what's left. They are unsecured. No collateral.

  • Reply to

    Linn Energy Bonds trading at Large Premuim

    by theironfist8122 Mar 26, 2014 3:36 PM
    thomasturner999 thomasturner999 Mar 26, 2014 6:28 PM Flag

    I agree with your perspective on the bond market in general. And if I were the bond market, I would not be worried about LINE either. That's because LINE could cut the distribution to $0 and have plenty of equity value to survive or get sold - no haircut to debt. However, that would obviously impact an equity security a great deal. So I would not extrapolate risk from the bond perspective to risk from the equity perspective.

LNCO
31.45+0.16(+0.51%)Aug 29 4:00 PMEDT

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