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    Jay Spencer

    Managing Director and Senior Credit Analyst at Stifel, Nicolaus & Company, Incorporated

    Jay Spencer is a Managing Director and Senior Credit Analyst at Stifel, Nicolaus & Company, specializing in high yield credit research for the energy, electric utilities, and metals & mining sectors. He has covered most major high yield issuers in the shale industry since 2009, and previously analyzed high yield corporate bonds at TIAA-CREF, with coverage spanning gaming, lodging, food and beverage, retail, and periodically forest products and metals & mining. Spencer began his career with roles at GE Capital and Moody’s Investors Service before joining TIAA-CREF, and he moved to Stifel’s high yield research team after six years at TIAA-CREF. He holds a BA in political science from the University of Virginia, an MBA from Carnegie Mellon University, and is a Chartered Financial Analyst (CFA).

    Jay Spencer's questions to NATURAL GAS SERVICES GROUP (NGS) leadership

    Jay Spencer's questions to NATURAL GAS SERVICES GROUP (NGS) leadership • Q4 2024

    Question

    Jay Spencer from Stifel inquired about the current lead times for key components like engines, electric drives, and compressors, and asked about the expected pacing of the $95 million to $120 million growth CapEx throughout 2025.

    Answer

    CEO Justin Jacobs detailed that lead times remain long: ~9 months for engines, 6-9 months for compressor frames, and over 9 months for fabrication, which is the main bottleneck. He stated that 2025 CapEx spending will be weighted to the second half of the year but will be more ratable than unit deployments due to advance spending and some slippage from Q4 2024.

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    Jay Spencer's questions to Berry Corp (bry) (BRY) leadership

    Jay Spencer's questions to Berry Corp (bry) (BRY) leadership • Q3 2024

    Question

    Jay Spencer sought details on the new $545 million term loan, asking about its closing timeline and effective status. He also questioned how securing a new RBL facility would affect the term loan's commitment size and whether the loan includes amortization.

    Answer

    CFO Michael Helm confirmed the term loan commitment was signed and is effective, with a goal to finalize all financing well before year-end. He explained that the term loan provides full liquidity, making a new RBL optional. If an RBL is secured, it would replace a $95 million liquidity component of the term loan on a dollar-for-dollar basis. Helm also confirmed the main $450 million portion of the term loan has a 10% annual amortization.

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