JKX receives UAH 150 mln loan from Ukrainian bank



18 декабря 2017 года
Конкорд Капитал

JKX Oil & Gas (JKX)


Natural gas E&P firm JKX Oil & Gas (JKX LN) reported on Dec. 18 its Ukrainian subsidiary secured a 12-month credit line for UAH 150 mln (USD 5.4 mln) from Tascombank. The company reported no other details on the loan. Recall, JKX's cash balance fell to a historical low of USD 4.2 mln as of end-June 2017 after it invested over USD 10 mln in CapEx in the first half of the year.



Alexander Paraschiy: We viewed the lack of available liquidity as the key risk for JKX in the short term, so securing some new financing is encouraging news in and of itself. At the same time, we see the company will need more financing merely to cover its nearest financial outflow. Namely, the company is due to pay amortization and coupons on its bonds in the amount of about USD 7 mln in February 2018.



Also, the company owes at least USD 14 mln to Ukrainian authorities (tax payables less compensation due from the government), which is still a risk for the company. All in all, we are looking forward to see JKX resolve its issues with the Ukrainian government, while still remaining skeptical about its future.

Источник: Конкорд Капитал



Компании

все компании