Last Update

2015-07-24T00:00:00.000Z

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Mr. Kip D. Penniman Jr.

HQ Phone: (802) 229-0544

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KDP Investment Advisors

24 Elm Street

Montpelier, Vermont 05602

United States

Company Description

KDP Investment Advisors, Inc., is a leading independent organization analyzing the high yield market. KDP provides Buy/Sell/Hold recommendations on the debt offerings of a broad cross section of the high yield market, including the largest issuing compani ... more

Find other employees at this company (13)

Background Information

Education

B.A.

University of Colorado

Web References (198 Total References)


KDP Asset Management Company

www.kdpam.com [cached]

Kip D. Penniman, Jr., CFA

...
Kip D. Penniman, Jr., CFA
Kip D. Penniman, Jr., CFA, Vice President, Credit Analyst. Responsible for the analysis of high yield issues within the metals/mining, steel, and auto/auto related industries. Before joining KDP Investment Advisors, he spent five years as an Associate equity analyst with Brundage, Story & Rose, LLC Investment Council in New York City. He received a B.A. from the University of Colorado in Boulder.


For Many, GM’s Fate Is Clear, Detroit Free Press | Craig J. Litherland

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Kip Penniman, an analyst with KDP Investment Advisors, said in a note that GM was headed toward bankruptcy with or without bondholders participating in the exchange.

"Unfortunately, bondholders have been set up to take the blame for GM's descent into bankruptcy despite the fact that the automaker has been hamstrung for years by unsustainable legacy liabilities, uncompetitive labor contracts, excessive domestic manufacturing capacity, a bloated dealer network, product pitfalls and a suppressive bureaucratic management structure," Penniman wrote.


The St. Louis-based company is hampered ...

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The St. Louis-based company is hampered by the location of its mines, according to Kip Penniman, an analyst at KDP Investment Advisers Inc. in Montpelier, Vt.

"Patriot is small, they operate primarily in Central Appalachia, which is facing the greatest share loss to natural gas, they have a material retiree health care burden and sizable legacy liabilities related to their spinoff from Peabody Energy, they've reported losses and burned free cash flow for years," Penniman wrote in a May 18 email.
...
Postponement of the financing "does not change the asset value (coal in the ground) that the loan will be securitized by," Penniman wrote in the email.
...
The St. Louis-based company is hampered by the location of its mines, according to Kip Penniman, an analyst at KDP Investment Advisers Inc. in Montpelier, Vt. "Patriot is small, they operate primarily in Central Appalachia, which is facing the greatest share loss to natural gas, they have a material retiree health care burden and sizable legacy liabilities related to their spinoff from Peabody Energy, they've reported losses and burned free cash flow for years," Penniman wrote in a May 18 email.
...
Postponement of the financing "does not change the asset value (coal in the ground) that the loan will be securitized by," Penniman wrote in the email.


"The company needed to address its ...

www.hispanicbusiness.com [cached]

"The company needed to address its balance sheet and it needed to repay the U.S. and Canadian governments -- that is the primary goal of this loan and bond offering," said Kip Penniman, a credit analyst with KDP Investment Advisors.


Investor documents show Evraz North America facing $3 billion in debt

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"Simply stated, a highly leveraged balance sheet does not pair well with a deeply cyclical business," Kip Penniman Jr., of KDP Investment Advisors, said in a report on Evraz America's quiet attempt, which it abandoned, to raise $650 million in junk bonds.

...
Penniman, the KDP analyst, reviewed Evraz in light of the deal. He noted Evraz North America generated above-average steel-industry margins. He granted that Evraz's rail, oil, gas and infrastructure markets could be somewhat less cyclical than auto and construction. But, he wrote, the steel industry is, by its nature, deeply cyclical.
"In the past downturn in 2000-2001, numerous steelmakers collapsed under the weight of their debt loads," Penniman wrote. "Oregon Steel, now part of Evraz North America, was conservatively capitalized during that down cycle and survived as a result."
With $3 billion in debt, Penniman wrote, the company's capital structure "remains high risk.

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