Ensco Rowan: Post-Tender Valuation Update [Seeking Alpha]
ENSCO (ESV)
Last ensco earnings: 5/1 06:53 pm
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US:NYSE Investor Relations:
enscoplc.com/investors/default.aspx
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Source: Seeking Alpha
Ensco Rowan: Post-Tender Valuation Update Summary The tender offer for Ensco Rowan Senior Notes was more successful than expected. A brief overview of the tender is provided. Book-based valuation is updated for the tender. The liquidity analysis is updated for the tender with some adjustments to taxes and expected interest income. An alternative valuation analysis is provided to cross-check the book-based valuation. Ensco Rowan (NYSE: ESV (Source: Company press release and Author calculations) Some readers commented in my previous report that the tender would not be successful due to the large discount to par value offered. I countered that as an individual investor with a relatively small holding, a hold-out strategy could be sensible, but that institutional investors were likely to tender their notes due to Lender Fatigue and Agency Conflicts. Many of these notes were investment-grade at issuance. Investment-grade corporate mutual funds are not well structured to handle distressed d
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