Coal Energy discloses strong solvency position
14 February 2012
Coal Energy (CLE PW) reported yesterday it had USD 11.6 mln in total debt as of end-2011, and negative USD 12.1 mln in net debt.
Roman Topolyuk: We believe this disclosure is related to the company’s preparations to issue PLN 170 mln (USD 53 mln) in bonds. The figures imply Total Debt/EBITDA of 0.18x on projected 2012 EBITDA, and after the company places its bonds, Total Debt/EBITDA will be close to 1.0x and Net Debt/EBITDA at a safe level of 0.6x.
