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From the 2023 results.....
"On 20 December 2023, the Group repurchased $141 million nominal value of Senior Notes due 2025 for $130 million cash consideration through a Modified Dutch Auction. The cash consideration was funded through an equivalent drawdown under the Glencore facility. A gain on early bond redemption of $10 million is recognised as other income in the Income Statement.
The Group's total drawn debt reduced to $2.1 billion, consisting of $493 million nominal value Senior Notes due in March 2025, $1,485 million nominal value Senior Secured Notes due in May 2026 and $130 million outstanding under the Glencore facility."
Hi stadium, I do not know is the short answer but a few points:
The cost of the facility is 10% over whatever short term rate over the drawn period, we can reasonably assume that by March 25 short term rates will be much less than 5 percent so overall cost will be less.
In addition the facility can be partially repaid at any time with cash flow, so when you draw it you are not bound to pay for the full 5 yrs and if you use cash flow to part repay you no longer have the related cost.
If things continue to go the way they are TLW could in the next few months be able to get cheaper funding from the market, as cfo said there are a multitude of refinancing options that they will monitor, stay put.
Hope this is useful
J. Bond do you think Tullow will draw down the Glencore 15.31% loan facility? It is an additional £28m bottom line cost on the 25 bond.
Are we going to see a three day green streak. Would be some time since ive seen that. This stock does seem to be a huge momentum stock. Are we onto something friends?
Brent just past $87
On the main lse page for any stock, if you look at the info on the main overview page you will find the market size (75,000) in tullows case.
At 31 December 2023, Tullow's hedge portfolio provides downside protection for c.60% of forecast production entitlements in the first half of 2024 with c.$57/bbl weighted average floors; for the same period, c.40% of forecast production entitlements is capped at weighted average sold calls of c.$77/bbl. In the second half of 2024, Tullow's hedge portfolio provides downside protection for c.45% of forecast production entitlements with c.$60/bbl weighted average floors; for the same period, c.20% of forecast production entitlements is capped at weighted average sold calls of c.$113/bbl.
If oil stays at these prices or above into H2 and beyond then there will be a significant increase in free cash flow
The price of oil looks like it is trying to go to higher highs ...The Ukrainian Drone attacks on the Russian Oil Facilities looks like this will do more for Tullow than any board room plan to return the company to it's former glory ....
P s .....Can you believe these oil Refining Facilities Are owned by Russian Oligarchs which means the Russian State is not really responsible for their security though it will seriously hit Russia in the pocket if Russia cannot export refined oil products!!!..
C'mon guys if you get offended by a joke you probably shouldn't be online. Why remove it? A stock this volatile probably isn't for you if you're worried about comments offending you on a share chat. Long live the banter and love live JMAX's schizophrenia
Many moons ago young JMAX. I'm sorry to always send for you in these abhorrent attacks, but i know you can take a joke as well as give one so i am sure it'll all be water off a ducks back.
Joey, maybe you should try it :)
JMAX... what have you done to Elon, it seems as though hes taken a leaf out of your book? Great for investors though, he says. Tesla shares are going to horse rocket.... I mean sky rocket, sorry.
Well well. As I always say, the fixed income market is much more sophisticated than the equity one, and since my last post of a few days ago both the 25 and 26 have posted gains of about 4 points despite a rise in USD yield curve, a remarkable rally in terms of price and spread. Not only the 25 at 97.5 confirms the view that redemption at par is a certainty but the 26 at 94.5 is a testament to market beliefs that refinancing is now perfectly doable. This in my personal view clears the way for sustainable equity appreciation in time. I would argue that investors should start building up on TLW equity on any corrections thru 2024 because we are potentially looking at this share to explode from 2025 onwards, even without Kenya gift. Rahul has just to keep doing his cautious job, I am long and wrong at 50 but looking to average down at any blip, which will happen no doubt as we all well know 😉
Support and resistance is only effective until it isn't. The SM is news driven.
Yes, we've gone up almost 5% today because there is bad news on the horizon ...... SMH
Bears have turned 30p into resistance and there will be large sells as we approach the 30p mark, that's normal.
Every day is a school day ....
I think I now understand why you see some penny stocks rocket and then people get stuck being unable to sell them when they tank after a day or two of rises. I assume on the way up when there is feverish demand the MM's keep providing the stock as it is increasing in price and they are making money off it. However, when it starts to tank they just stick to the minimum requirement, so you can't sell any big volumes over the minimum requirement as no one wants them.
Could of course be I'm misunderstanding all this but seems like a logical explanation to me anyway....
Are the sells shorts, closing their positions, or has someone got the heads up there's bad news on the way? Let's hope I'm wrong. LTH
Looks like this is 75,000 shares for Tullow
https://www.fidelity.co.uk/factsheet-data/factsheet/GB0001500809-tullow-oil-plc/key-statistics
I've just looked it up. Here's a link describing normal market size and how it relates to MM's
https://www.investopedia.com/terms/n/normalmarketsize.asp
When we all come together its beautiful. Despite all the mud slinging we are a good bunch
A good website
https://www.investopedia.com/terms/m/marketmaker.asp
In very liquid markets you can get trades off well above normal market size, whether it's MM's or individuals taking/providing those shares I don't know. If liquidity is not that great, it's sometimes hard to even move the normal market size. It's why it's often best to stick with popular shares on main markets. Makes it easier to get in and out and the spreads are normally reasonable.
Big sells go through, and some are off book. The best to ask would be SB, if he's still around.
Not sure about that Hopeful, you'd struggle to get the MM's to take a million shares in many markets. They are obliged to trade, but I think it's only up to the normal market size. in many markets that might very well be 10,000 shares. There must be someone here with specific experience in that.