RE:OBE vs Peers We will know about the refinancing when they disclose the details
Could be any time
To me it means they havnt nailed down what they want yet
Loukas is a tough negotiator
If they are now at net debt of about $330 million
and
If Their focus is to get to 37000-38000 boe and spend $150 million on capex in H2 (meaning they will probably make another $150 to reduce debt down to $180 million ish
Then they may find it easier to continue with syndicated bank debt
The point of locking in long term debt is to get away from bank interference
However when they are swimming in cash and reducing borrowing rather than increasing it - and forecast being debt free a year from now - then why bother refinancing Just pay it all back
Or if they really want $225 million in lomg term debt, why not wait until the end of Q3 when that's all they will need
I will not be surprised if they announce something other than we are expecting - rather like how they dropped their offer for BNE
They have less debt and higher cash flow now than they did last year when they adopted their refinance strategy That means they have options now they didn't have then
If the plan is to sell mid 2023 rather than pay a big dividend, then they may pivot to a zero debt target