RE:RE:RE:RE:RE:Where did 100 million goUnless you work at the company and have direct access to the company's books/ledgers (you're not going to get the exact composition of A/P)
As for lines of credit and collateral, the Q2 2020 MD&A (Liquidity and Capital Resources) pg. 13-14 breaks things down:
Credit Facility
In the second quarter of 2020, the Company’s banking syndicate has renewed the reserve-based credit facility (the “Credit Facility”) until November 30, 2020. The credit facility has been reduced to $40.7 million which reflects the currently outstanding letters of credit for transportation commitments. If the revolving period is not extended in November 2020 any outstanding letters of credit would be cancelled at the end of the non-revolving term, being May 31, 2021. The borrowing base is determined based on the lender’s evaluation of the Company’s petroleum and natural gas reserves and their commodity price outlook at the time of each renewal.
Under the terms of the Credit Facility, Athabasca is required to contribute cash to a cash-collateral account equivalent to 101% of the value of all letters of credit issued under the Credit Facility. As at June 30, 2020, $41.1 million of restricted cash was held in the cash-collateral account (December 31, 2019 - $nil) of which $31.2 million was current and $9.9 million included in non-current restricted cash. The Credit Facility is secured by a first priority security interest on all present and after acquired property of the Company and is senior in priority to the 2022 Notes. The Credit Facility contains certain covenants that limit the Company’s ability to, among other things, incur additional indebtedness, create or permit liens to exist, make certain restricted payments, and dispose of or transfer assets. The Credit Facility also contains certain maximum hedging limitations. The Company is in compliance with all covenants. As at June 30, 2020, the Company had no amounts drawn and had $40.7 million letters of credit issued under the Credit Facility which bear interest at 0.5%.
As at December 31, 2019, the Company had no amounts drawn and had $39.4 million of letters of credit issued under the Credit Facility. Cash-Collateralized Letter of Credit Facility
Athabasca maintains a $120.0 million cash-collateralized letter of credit facility (the “Letter of Credit Facility”) with a Canadian bank for issuing letters of credit to counterparties. The facility is available on a demand basis and letters of credit issued under the Letter of Credit Facility incur an issuance fee of 0.25%. As at June 30, 2020, Athabasca had $109.7 million (December 31, 2019 - $109.5 million) in letters of credit issued under the Letter of Credit Facility.
Under the terms of the Letter of Credit Facility, Athabasca is required to contribute cash to a cash-collateral account equivalent to 101% of the value of all letters of credit issued under the facility. As at June 30, 2020, $111.0 million of restricted cash was held in the cash-collateral account (December 31, 2019 - $110.6 million) all of which is included in non-current restricted cash.
Unsecured Letter of Credit Facility
Athabasca maintains a $30.0 million unsecured letter of credit facility (the "Unsecured Letter of Credit Facility") with a Canadian bank which is supported by a performance security guarantee from Export Development Canada. The facility is available on a demand basis and letters of credit issued under this facility incur an issuance and performance guarantee fee of 2.7%. As at June 30, 2020, the Company had $27.4 million of letters of credit issued and drawn under the Unsecured Letter of Credit Facility (December 31, 2019 - $24.8 million). Ibribr wrote:
Anyone can read statements. Would be impressive if you actually understood them and can explain the following. 1) why is the accounts payable increased by 35 million in the last quarter? 2) why are there so many lines of credit and certificates etc. Which require 100 or 101% cash collateral.