There are three energy deals in marketing now that are solid but not interesting enough to warrant individual analysis.
Of the three we prefer Cypress (CELP) even though it's a small ($90M) deal being brought by a mid-market group of bankers. In a period of increased US energy activity we like the related service industry and the high yield element of the equity versus pure E&P which builds NAV over time. A yield of close to 8% at the mid-point gets our attention.
Below are a few aspects of each deal and a . . .