$1.29 billion of CPG debt is in USD. I don't see how they are going to be able to cover there debt payments, pay for their Capex and pay their dividend. With expected FFO based on a higher oil price, they might sqeak by in the 4th quarter but the 1st quarter of 2015 will be ugly.This is their debt situation from the 3rd quarter MD&A. They also did a $800 million financing in the 3rd quarter.
Net debt is calculated as long-term debt plus accounts payable and accrued liabilities and dividends payable, less cash, accounts
receivable, prepaids and deposits and long-term investments, excluding the equity settled component of dividends payable and
unrealized foreign exchange on translation of US dollar senior guaranteed notes.
The Company has a syndicated unsecured credit facility with sixteen banks and an operating credit facility with one Canadian
chartered bank totaling $2.6 billion. The syndicated unsecured credit facility includes an accordion feature that allows the Company to
increase the facility by up to $500.0 million. As at September 30, 2014, the Company had approximately $955.7 million drawn on
bank credit facilities, including $0.2 million outstanding pursuant to letters of credit, leaving unutilized borrowing capacity of
approximately $1.64 billion.
The Company has closed private offerings of senior guaranteed notes raising gross proceeds of US$1.29 billion and Cdn$182.0
million. These notes rank pari passu with the Company's bank credit facilities and are unsecured with original terms of maturity from 5
to 10 years. Concurrent with the issuance of US$1.26 billion senior guaranteed notes, the Company entered into CCIRS with a
syndicate of financial institutions. Under the terms of the CCIRS, the amount of the US notes was fixed for purposes of interest and
principal repayments at a notional amount of $1.29 billion. Concurrent with the issuance of US$30.0 million senior guaranteed notes,
the Company entered a cross currency principal swap which fixed the principal repayment at a notional amount of $32.2 million.