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EP_Cap_Structure.pdf
Summary
Purchasing EP Energy's (EPEG) 8% 1.25 Lien Notes (CUSIP: U2937LAC8 or 268787AE8) at 45% of Par presents an attractive opportunity to earn an equity-like approximate 18% current yield in a significantly de-levered oil and gas company with attractive assets. Pursuant to a restructuring transaction that reduces its debt by more than $3.3 billion and reduces debt service charges by approximately $265 million, EP should be able to generate positive free cash flow at current NYMEX strip