Debt AnalysisI had to create a spreadsheet to understand all of these press releases and get a sense of what things look like at end of Q4 of this year on liabilties.
It is good news getting the revolving part of credit faculty increased by 35M. Very helpful..it's 35M more we can take from non revolving and put onto revolving.
Getting rid of the non-revolving part to ZERO is obviously the goal by Nov 30 of 2022.
Going to be very achievable. I have OBE with only 50M drawn on the non-revolving term loan at end of Dec 31, 2021 if they were to run full 260M on the revolvling. They wouldnt obviously do this but I want to see how close we are to being free of non revolving.
My guess when we finally refinance it will be:
260M revolving that is extendible (but we would be drawn less then this on Nov 30, 2022) but I think total available on senior debt will be up to 260m. The more we FCF in 2022 the less we have to draw on this.
40M subordinated debt like debenture or notes. No convertible feature then high interest.
300M total next year Nov 30, 2022.
Now for the numbers...things are looking really good if we can just even hold at 70 WTI.
Such a clear path to a 8-10 dollar stock and we are getting close to debt to be a old issue.
People may question why I have total debt at 409M and we have lower commodity prices...well we have to factor the extra few M from the over allotment from the broker....that will help.
Possible we can beat 409.3M I have for total debt if commodity prices can get stronger soon.
| | | Notes |
| | Q3 Financials(M) | |
| Syndicated Credit Faculty | 340 | Drawn |
| USA dollar notes | 58.9 | In Cad |
| | | |
| Total Debt | 398.9 | |
| | | |
| | | |
| Debt Available | 225 | Revolving Credit Faculty |
| | 215 | Non-Revolving Credit Faculty |
| | 440 | |
| | | |
| | | |
| | | |
| Prop Deal | | |
| Matures Dec 30,2022 | 16.3M | Non Recourse Loan with Calgary Bank |
| | | |
| | | |
| Today's News | | |
| | | |
| Debt Available | 260 | Revolving Credit Faculty |
| | 155 | Non-Revolving Credit Faculty |
| | 415 | |
| | | |
| At Q4 estimate | | |
| Dec 31,2021 | Debt | |
| | 260 | Revolving Credit Faculty |
| | 50 | Non-Revolving Credit Faculty |
| | 310 | Total on Syndicated Faculty |
| | 54 | Cad dollars and are the usa senior notes |
| | 16.3 | Prop Non Recourse Loan with Calgary Bank |
| | 29 | Working cap deficit |
| | | |
| | 409.3 | Total |