Yasch22 wrote: Ceremony: this is your most accurate post out of your prodigious output of the past couple of days:
in q1 peyto REDUCED the balance of the BANK CREDIT FACILITY by $115m
in q1 peyto INCREASED their Senior unsecured notes by $100m.
peyto reduced debt in one area
and increased it in another area.
the net result is a reduction in debt of $15m.
That's exactly what I've been saying. There are two relatively minor differences in our reading of the numbers. One has to do with timeline, where I emphasize that addition of the $100m in senior unsecured notes was a transaction initiated in December of 2017 (obvious!) and signed+announced on January 2. Since Dec.31/Jan.2 Peyto paid off $115m of its bank credit facility.
A second minor difference has to do the timing of the payment of $31m over and above the $84m Peyto paid off since Dec. 31. I think it's as plain as the nose on your face that this $31m was paid off on or shortly after the $100m was transferred to Peyto's accounts.
The senior unsecured notes amounted to $520m as of Dec. 31, and $620m as of Jan. 2 & March 31.
As of December 31st, the "BANK CREDIT FACILITY" was $765m. As of March 31, it was $650m.
This is the answer (given once again) to your question: When Peyto announced the $100m of senior unsecured notes, they said "
Proceeds from the notes will be used to repay a portion of Peyto's outstanding bank debt." Note the emphasis on "portion". The Q1 financials reveal that Peyto paid $31m on or shortly after January 2, and then paid another $84m from its record quarter.
You're pretending that Peyto used the entire $100m to pay off the bank credit facility and managed only to pay down another $15m out of profits.
You are completely misreading the SEDAR report. You think you've based your analysis -- or what you call an "estimate" -- on some sort of deep understanding of GAAP accounting, but ... no. All you've got is a conspiracy theory that contradicts what the company is actually saying.