KCA Deutag - comment

KCA Deutag held a shortened conference call for their Q2 results.  Bluntly no one cares, as we wait for the closure of the Helmerich & Payne bid to be completed, likely before year-end.  Q2 numbers were strong, but in the limited commentary given by the CFO Q3 is likely to be a little lighter.  All of the debt will be repaid on or close to closure date. So it doesn’t matter that leverage has crept up - due to working capital outflows and probably weaker Q3 numbers ahead.  Bondholders, PIK holders and equity holders - and us - are just waiting for the deal to close.