RE: Debt v. Grant Anott
thank you for your quick calculations.
However, you didn't take cashflow after interest payments into account as well as a more detailed deadline of debt.
Below is a more detailed debt profile (if a number is missing, please let me know) derived form Q1 financials in same order (more or less) as mentioned in reporting
55M due on grant payment
15.5M due on grant payment
2.9M due 15th of January 2013 à 20% corporate bridge loan
0.8M due 15th of January 2013 à 25% corporate bridge loan
6.6M due 31st of December 2012 à 20% corporate brdige loan
5.1M due 31st of December 2012 à 25% corporate brdige loan
2.2M due 13th of November 2012 à 12% corporate brdige loan
2.2M due 30th of June 2012 à 12% corporate bridge loan
16M due 23rd of December 2018 à 6.7% Kingman loan (18y amortization, 0.9M per year)
12M due financial close Yabucoa à 6% project vendor financing
5M due in 2012 (31st of July and 30th of October)
this gives us the following back of the enveloppe cash needs for Q2 Q3 Q4
+3M cashflow after intrest Q2
+78.3M grant in
-55M Rabo bridge repayment
-15.5 vendor financing repayment
-2.2 bridge loan repayment Q2
+3M cashflow after intrest Q3
- 2.5M windstar/kingman loans q3
end of Q3 9.1M surplus
Q4
------
-6.6M bridge loan repayment (31st of December 2012)
-5.1M bridge loan repayment (31st of December 2012)
-2.2M bridge loan repayment
+3 M cashflow after intrest Q4
-2.5M windstar/kingman loans Q4
end of Q4 surplus : -2.3M
So according to me no additional financing needs until 30th of December 2012
You can argue about the Quarterly cashflow after intrest. I'm open for more accurate input but I think I am being conservative.
Also, I don't think it will be that hard to renew a corporate bridge loan at 20-25% for an amount of 2.3M if needed.
Please comment on this post.
Thanks!
B