Research Industry and Issuer Coverage LOS ANGELES 10100 Santa Monica Boulevard Credit Trading Desk Analysis Coverage Los Angeles, CA 90067 (310) 246-3700/(800) 929-2299 As of April 30, 2020
NEW YORK Capital Structure, Publishing and Desk Analysis 277 Park Avenue New York, NY 10172 Edward P. Mally, CFA Head of Institutional Research Group, (212) 351-9700/(800) 371-7087 Distressed/Special Situations/Event-Driven LONDON Security/Technology/Chemicals/Metals/Mining Imperial Capital (International) LLP Saro Bos European Distressed/Special Situations Desk Analysis One Eagle Place London SW1Y 6AF Mary Ross Gilbert, CFA Consumer/Retail, Food/Restaurants +44 (0) 207 650 5400 Irene Haas Energy (Exploration and Production)/Midstream
MILAN Peter Kawada European Distressed/Special Situations Desk Analysis Via Dante 16 Asif Khan Distressed/Special Situations/Event-Driven Desk Analysis Milan, Italy 20121 +44 (0) 207 650 5407 Kirk Ludtke Auto-Related/Media/Middle Market Leveraged Loans Kevin O’Brien Financials/Payday Lenders/Coal/Power Generation CHICAGO 200 South Wacker Drive Jason Wangler Energy (Exploration and Production)/Energy Services Chicago, IL 60606 Booker Smith Distressed/Special Situations/Event-Driven Desk Analysis (312) 674-4721 Megan Barnett Crossover Debt Securities HOUSTON Reed Motulsky Associate 1330 Post Oak Boulevard Houston, TX 77056 Credit Trading Desk Analysis (713) 892-5601 David Havens Global Banks and Insurance MINNEAPOLIS 60 South Sixth Street Amy Hazelton Global Bank Hybrids, Industrial Hybrids Minneapolis, MN 55402 (612) 692-6900 Equity and Industry Analysis
PALM BEACH Irene Haas Energy (Exploration and Production) 3801 PGA Boulevard Jeff Kessler Security and Technology Enabled Services Palm Beach Gardens, FL 33410 (561) 214-7901 David W. Miller Media/Entertainment Jason Wangler Energy (Exploration and Production)/ Energy Services STAMFORD 1 Landmark Square Reed Motulsky Associate, Security and Technology Enabled Services Stamford, CT 06901 (203) 428-3300
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Industry and Issuer Coverage Assignments
Automotive and Auto-Related 15 Companies
Kirk Ludtke Allison Transmission Holdings GM Financial [email protected] American Tire Distributors Goodyear Tire & Rubber (212) 351-9726 Aptiv plc Lear Corporation BorgWarner Inc. Motors Liquidation Delphi Technologies Navistar International Ford Motor Company Service King/Midas Ford Motor Credit Corp. Titan International General Motors Corp.
Business Development Companies 10 Companies
Booker Smith Apollo Investment Corporation Oaktree Specialty Lending Corp. [email protected] Ares Capital Corporation Oaktree Strategic Income Corp. (212) 351-9475 FS KKR Capital Corp. Owl Rock Capital Corporation Golub Capital BDC, Inc. TCG BDC. Inc. Megan Barnett Main Street Capital Corp. TPG Specialty Lending, Inc. [email protected] (212) 351-9437
Chemicals 14 Companies
Edward P. Mally, CFA Aruba Investments/Angus Chemical Koppers Holdings [email protected] Axalta Coating Systems Methanex Corporation (212) 351-9768 Chemours Company Perstorp Cornerstone Chemical Company Rayonier Advanced Materials, Inc. Hexion Inc. TPC Group Huntsman Corporation Tronox Inc. Ineos Group Holdings Venator Materials
Coal/Power Generation 21 Companies
Kevin O’Brien Alliance Resource Partners Homer City Generation L.P. [email protected] Alpha Natural Resources Inc. InterGen N.V. (203) 428-3310 Arch Coal Corporation Murray Energy Cloud Peak Energy NRG Energy CONSOL Energy Peabody Energy Corporation Contura Energy People’s Gas Light & Coke Co Conuma Coal Resources Suncoke Coal Corporation Entegra Power Group, LLC T1 Power Holdings, LLC FirstEnergy Solutions TexGen Power Foresight Energy, LLC Warrior Met Coal, Inc. Heritage Power LLC
Consumer and Advertising-Related 15 Companies
Mary Ross Gilbert, CFA 24 Hour Fitness Worldwide, Inc. Pyxus International, Inc. [email protected] Apex Tool Group, LLC. Revlon, Inc. (310) 246-3757 Cengage Learning Sinclair Broadcast Group, Inc. Clear Channel Outdoor Tupperware Brands Corp. ClubCorp Holdings, Inc. Vector Group Ltd. Diamond Sports Group Vericast Corp./Harland Clarke Dutch Lion B.V. We Work Companies, Inc. Iceland Foods Group Ltd.
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Distressed/Special Situations/Event-Driven 85 Companies
Saro Bos Almaviva SpA NH Hotel [email protected] Atlantia Group Officine Maccaferri +44 (0) 20 7650 5404 Buzzi Unicem SpA PizzaExpress Financing PLC Capita plc Pro-Gest SpA Casino-Guichard Perrachon SA Rallye SA Deutsche Lufthansa AG Rekeep SpA Dignity Finance PLC Saipem SpA easyJet plc Schmolz + Bickenbach European TopSoho Sarl Seadrill Ltd. Fairhold Securitisation Seadrill Partners Greenyard SGL Carbon Intu SGS Finance Shop Direct Ltd La Financiere Atalian SAS Steinhoff International Holdings NV Lecta SA Synlab Bondco Plc The Lycra Company Takko Fashion S.a.r.l. Marks & Spencer PLC Unique Pub Finance Moby S.p.A. Wirecard AG New Look PLC
Peter Kawada Adient Plc. Intralot SA [email protected] Aston Martin KCA Deutag UK Finance plc +44 (0) 20 7650 5408 Auchan Holding Klöckner Pentaplast Carnival Corp. Kosmos CMA CGM Obrascon Huarte Lain, S.A. Consus Real Estate Play Tech Distrib Internacional de Alimentacion Pure Gym EnQuest plc Tullow Oil PLC Galapagos SA Vallourec SA Grupo Aldesa
Asif Khan(Desk Analysis) Commercial Barge Lines McDermott International [email protected] Ferroglobe PLC Steak ‘n Shake/Biglari Holdings (212) 351-9737 Intrado/West Corp. Trilogy International Joerns Healthcare
Booker Smith American Shipping Company ASA New rue21 Inc. [email protected] APTIM Overseas Shipholding Group (212) 351-9475 Cenveo Playa Hotels & Resorts NV Cooke Omega Starbucks Corporation Eletson Holdings, Inc. StoneMor Partners Enova International Syncreon Group B.V. Exela Technologies, Inc. TNT Crane HC2 Holdings Trident Holding Company, LLC MDC Partners Ulterra Holdings, Inc. Mindgeek (Manwin Licensing Intl) Vertiv Group MPLX LP Wabtec Corporation Navios Maritime Holdings WillScot Corp.
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Energy, Exploration & Production (Equities) 9 Companies
Irene Haas Bonanza Creek Energy, Inc. Parsley Energy, Inc. [email protected] Magnolia Oil & Gas Corporation PDC Energy, Inc. (713) 892-5606 Matador Resources Company Pioneer Natural Resources Corp. Montage Resources Corp. WPX Energy, Inc. Noble Energy, Inc.
Energy, Exploration & Production and Oilfield Services (Equities) 12 Companies
Jason Wangler California Resources Corporation HighPoint Resources Corp. [email protected] Continental Resources, Inc. Kimbell Royalty Partners, LP (713) 892-5603 Diamondback Energy, Inc. Northern Oil & Gas, Inc. Earthstone Energy, Inc. Pure Acquisition Corp./HighPeak Frontera Energy Corp. Solaris Oilfield Infrastructure, Inc. Gulfport Energy Corp. Viper Energy Partners LP
Energy, Exploration & Production and Midstream (Capital Structure) 26 Companies
Irene Haas Antero Midstream Corporation Magnolia Oil & Gas Corporation [email protected] Antero Resources Corporation Matador Resources Company (713) 892-5606 Apache Corporation Montage Resources Corp. Ascent Resources Utica Holdings Noble Midstream Partners Callon Petroleum Company Occidental Petroleum Centennial Resource Development Parsley Energy, Inc. Cimarex Energy Company PDC Energy, Inc. EQM Midstream Partners LP Pioneer Natural Resources Corp. EQT Corporation Range Resources Corporation Extraction Oil & Gas, Inc. Southcross Energy Partners Great Western Petroleum, LLC Southwestern Energy Company Hess Corp. Western Midstream Partners LP Hess Midstream Partners LP WPX Energy, Inc.
Energy, Exploration & Production and Oilfield Services (Capital Structure) 32 Companies
Jason Wangler American Midstream/Third Coast Expanse Energy Solutions [email protected] Archrock, Inc. FTS International, Inc. (713) 892-5603 Athabasca Oil Corporation Gulfport Energy Corp. Bruin Oil & Gas Inc. Indigo Natural Resources LLC Buckeye Partners LP HighPoint Resources Corp. California Resources Corporation MEG Energy Corp. Chaparral Energy, Inc. Moss Creek Resources Holdings Chesapeake Energy Corp. Murphy Oil Corporation Citgo Holdings Northern Oil & Gas, Inc. CNX Resources Corp. Oasis Petroleum Comstock Resources, Inc. PetroQuest Energy, Inc. Crestwood Energy Partners Tallgrass Energy, LP DCP Midstream, LP Vine Oil & Gas Denbury Resources, Inc. Viper Energy Partners Diamondback Energy W&T Offshore EnLink Midstream, LLC Yuma Energy, Inc.
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European and International Banks (Credit Trading Desk Analysis) 33 Companies
David Havens Allied Irish Banks Itau Unibanco [email protected] Banco do Brasil Liberbank (212) 351-9457 Bank of Nova Scotia Lloyds Banking Group Barclays Norddeutsche Landesbank BBVA Nordea Bank Amy Hazelton BNP Novo Banco [email protected] Caixa Geral Permanent TSB (212) 351-9722 Commerzbank Provident Financial Coventry Building Society Royal Bank of Scotland Credit Agricole Sabadell Credit Suisse Santander CYBG plc Societe Generale Deutsche Bank Standard Chartered HSBC UBS HSH Nordbank Unicredit iberCaja Banco SA Virgin Money Intesa Sanpaolo
Food & Grocery/Restaurants 12 Companies
Mary Ross Gilbert, CFA Albertson’s Companies The Kroger Co. [email protected] CEC Entertainment, Inc. Grubhub, Inc. (310) 246-3757 Dean Foods Ocean Spray Cranberries, Inc. FAGE Dairy Industry, S.A. Stretford 79 plc/ Iceland VLNco Ltd The Fresh Market, Inc. SUPERVALU, Inc. Kraft Heinz Company Yum Brands, Inc.
Healthcare 6 Companies
Edward P. Mally, CFA Acadia Healthcare Quorum Health [email protected] Community Health Systems Sorenson Communications (212) 351-9768 Endo International Tenet Healthcare
Industrials/Equipment Rental 5 Companies
Edward P. Mally, CFA Ahern Rentals Masco Corp. [email protected] Construction Partners Optimas OE Solutions (212) 351-9768 Manitowoc Company
Industrials/Transportation 16 Companies
Kirk Ludtke American Airlines Group Power Solutions [email protected] CNH Industrial Shoes for Crews, Inc. (212) 351-9726 Exide Technologies Systems Maintenance Services Flexi-Van Leasing Titan International Fusion Connect, Inc. TMS International Howden Traeger Grills MAI Holdings/Mark Andy Truck Hero Park Place International, LLC VistaJet
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Insurance (Credit Trading Desk Analysis) 96 Companies
David Havens Achmea BV Liverpool & Victoria Friendly Society [email protected] Admiral Group plc Manulife Financial Corp. (212) 351-9457 Aegon NV Mapfre SA Ageas Markel Corp. Aflac Inc Marsh & McLennan Cos. Inc. AIA Group Ltd. Massachusetts Mutual Life Insurance . Allehany Corp. MetLife Inc. Allianz SE Muenchener Rueckversicherungs AG Allstate Corp. Nationwide Mutual Insurance Co. American Financial Group Inc New York Life Insurance Co. American International Group Inc NN Group NV Ameriprise Financial Inc. Northwestern Mutual Life Ins. Co. AmTrust Financial Services Oil Casualty Insurance Ltd Aon plc Oil Insurance Ltd Arch Capital Group Ltd. Old Republic International Corp. Assicurazioni Generali S.p.A. Pacific Life Group ASR Nederland NV Pension Insurance Corp plc Assurant Inc Phoenix Group Holdings Assured Guaranty Ltd Principal Financial Group Athene Holding Ltd Progressive Corp. Aviva plc Protective Life Corp. Axa SA Prudential Financial Inc Axa Equitable Holdings Inc. Prudential plc Brighthouse Financial Inc. Qatar Reinsurance Co. Ltd. BUPA Finance plc QBE Insurance Group Ltd Caja de Seguros Reunidos Cia de Reinsurance Group of America Seguros & Reasseguros SA Chubb Ltd RenaissanceRe Holdings Ltd Cincinnati Financial Corp. Rothsay Life plc Coface SA RSA Insurance Group plc CNA Financial Corp. Sammons Financial Group Inc. CNO Financial Group Inc. Sampo Oyj CNP Assurances SCOR SE Credit Agricole Assurances SA Societa Cattolica di Assicurazioni SC Direct Line Insurance Group plc Standard Life Aberdeen plc esure Group plc Swiss Life Holding AG Everest Re Group Ltd Swiss RE AG Fairfax Financial Holdings Ltd Teachers Insurance & Annuity Co. Farmers Insurance Exchange Travelers Inc Great-West Lifeco Inc Unipol Gruppo SpA Groupama SA UNIQA Insurance Group AG Guardian Life Insurance Co. Unum Group Hannover Rueck SE Vienna Insurance Group AG Hanover Insurance Group Inc. Vivat NV Hartford Financial Services Group Voya Financial Inc. Hiscox Ltd Willis Towers Watson plc La Mondiale SAM W.R. Berkley Corp. Legal & General Group plc XL Group Ltd Liberty Mutual Insurance Group Zurich Insurance Group AG Lincoln National Corp.
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Industrial Hybrids (Credit Trading Desk Analysis) 31 Companies AerCap Preferred MPLX LP Amy Hazelton BHP Billiton National Rural Utilities Cooperative [email protected] BNSF Funding Trust I NBCUniversal Enterprise (212) 351-9722 Buckeye Partners LP Nextera Energy Capital Centaur Funding Corp. Plains All American Pipeline Centerpoint Energy Inc. PPL Capital Funding Inc. CIT Group Inc. Southern Cal Edison DCP Midstream LP Southern Company Dominion Energy Inc. Southern Union Company Emera Inc. Summit Midstream Partner Enbridge Inc. Textron Financial Corp. Enel Spa TransCanada Energy Transfer Operatng Viacom Inc. EnLink Midstream Partner Vodafone Group Plc Enterprise Products Operating Wec Energy Group Inc. General Motors Financial Company
Media 5 Companies
Kirk Ludtke Fuse Media/NuvoTV Shutterfly [email protected] Global Knowledge Training LLC Urban One, Inc. (212) 351-9726 iHeart Communications
Media/Entertainment (Equities) 14 Companies AMC Entertainment MSG Entertainment David W. Miller AMC Networks, Inc. MSG Sports [email protected] Cinemark Holdings, Inc. MSG Networks (310) 246-3682 Discovery, Inc. NetFlix, Inc. Lamar Advertising Outfront Media Lionsgate Entertainment ViacomCBS, Inc. MGM Holdings Walt Disney Company
Metals/Mining 14 Companies American Gilsonite Hi-Crush Partners Edward P. Mally, CFA Baffinland Iron Mines Corp. Kaiser Aluminum [email protected] Boart Longyear Ltd Nemaska Lithium (212) 351-9768 Cleveland-Cliffs New Gold, Inc. Essar Steel Algoma Inc. Sherritt International First Quantam Minerals Taseko Mines Freeport-McMoRan Inc. Teck Resources Ltd.
Payday Lenders/Financial Services 13 Companies 4Finance Holding SA goeasy Ltd. Kevin O’Brien CCF Holdings Inc. IEP, Inc. [email protected] CNG Holdings Jeffries Finance LLC (203) 428-3310 CURO Group Provident Funding Associates DFC Finance Corp Quicken Loans Inc. Enova International TMX Finance Freedom Mortgage Corp.
Real Estate and REITs 3 Companies
David Havens CBL & Associates, Tanger Properties [email protected] Service Properties Trust (212) 351-9457
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Retail 19 Companies
Mary Ross Gilbert, CFA 99 Cent Only Stores, Inc. Macy’s, Inc. [email protected] Bed Bath & Beyond, Inc. Matalan Finance plc (310) 246-3757 Beverages & More, Inc. Michaels Stores, Inc. BI-LO Holding Neiman Marcus Group, Inc. Dillard's Nordstrom, Inc. Guitar Center, Inc. Party City Holdings, Inc. HEMA Bondco I B.V./Dutch Lion B.V. Rite Aid Corporation J.C. Penney Company, Inc. Stretford 79 plc/ Iceland VLNco Limited J.Crew Group, Inc. Tailored Brands, Inc. Jo-Ann Stores, Inc.
Security—Physical & Monitoring 8 Companies
Edward P. Mally, CFA ADT, Inc./Prime Security Services Interface Security Systems [email protected] APX Group Holdings/Vivint Interface Special Holdings (212) 351-9768 Central Security Group Monitronics International Diebold Nixdorf, Inc. Resideo Technologies
Security and Technology Enabled Services (Equities) 18 Companies
Jeff Kessler ADT, Inc. G4S plc [email protected] Alarm.com Holdings, Inc. Identiv, Inc. (212) 351-9701 Allegion plc Napco Security Technologies, Inc. AXIS Communications AB NICE Systems Axon Enterprise Inc. Resideo Technologies The Brink's Company ShotSpotter, Inc. Brinks Home Security Verint Systems Digimarc Corporation Vivint Smart Home FLIR Systems Inc. Zebra Technologies Corporation
Technology/Semiconductors and Storage/Other 13 Companies
Edward P. Mally, CFA Advanced Micro Devices Seagate Technology [email protected] Blackboard SES SA (212) 351-9768 Exela Technologies, Inc. Unisys Corp. Getty Images UTAC Holdings Global A&T Electronics Veritas Holdings Ltd. Micron Technology, Inc. Western Digital Corp. Rackspace Hosting, Inc.
Telecommunications and Telecom-Technology 15 Companies
Asif Khan (Desk Analysis) Avaya Inc. Infinera Corporation [email protected] Casa Systems Inmarsat (212) 351-9737 Cincinnati Bell Intelsat Consolidated Communications Internap Corporation Frontier Communications Maxar Technologies Global Eagle Entertainment Sabre Corp. Gogo, Inc. Trilogy International GTT Communications
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Travel & Leisure 11 Companies
Kevin O’Brien Affinity Gaming Norwegian Cruise Line Holdings Ltd. [email protected] AMC Entertainment Holdings Inc. Red Rock Resorts, Inc. (203) 428-3310 Carlson Travel, Inc. Royal Caribbean Cruises Ltd. Everi Payments, Inc. Scientific Games International Expedia Group Viking Cruises Ltd. Merlin Entertainment Ltd.
U.S. Banks/Financials/Related (Credit Trading Desk Analysis) 27 Companies
David Havens American Express Co. Legg Mason Inc. [email protected] Bank of America Corp Leucadia National Corp. (212) 351-9457 Bank of New York Mellon Corp. Morgan Stanley California Municipal Income Fund M & T Bank Corp. Citigroup Inc. Northern Trust Corp. Amy Hazelton Capital One Financial Corp. PNC Financial Services Group Inc. [email protected] Fifth Third Bancorp State Street Corp. (212) 351-9722 Gabelli Equity Trust, Inc. SunTrust Banks Inc. General Electric Co. Sutton Capital Partners Goldman Sachs Group Inc. Synchrony Financial Huntington Bancshares Inc. Truist Financial Jefferies Group LLC US Bancorp JPMorgan Chase & Co. Wells Fargo & Co. KeyCorp
This publication lists companies on which we have previously published research reports, notes and briefs. These published research reports, notes or briefs may be obtained from our Web site (www.imperialcapital.com) or your account executive. No investment decision should be made in issuers with published research reports without first reviewing those related research reports. This summary is for informational purposes only and is not limited to companies on which we have published or may publish research now or in the future. Under no circumstances is it to be used or considered as an offer to sell or a solicitation of an offer to buy any security, bank debt or trade claim. While the information contained in this summary is believed to be current as of the date hereof, we do not represent or guarantee that the summary is current or complete, and it should not be relied upon as such. We reserve the right to add or drop coverage of a company or industry, or change the analyst covering any particular company or industry at our sole discretion. Decisions to publish or terminate coverage are based on a variety of factors. As a result, coverage of such issues frequently may be characterized by either isolated reports, long periods between reports, or no reports at all. Imperial Capital’s and Imperial Capital Asset Management’s views of a security, issuer, industry or sector may change without the issuance of a new report. If you would like to know whether Imperial Capital’s or Imperial Capital Asset Management’s views have changed, please call us at (310) 246-3700. Please contact your Imperial Capital account representative for copies of any available research reports, or visit www.imperialcapital.com. Imperial Capital, LLC is a member of FINRA (www.finra.org) and SIPC (www.sipc.org) © Copyright 2020 Imperial Capital, LLC and Imperial Capital Asset Management, LLC.
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