RE:RE:RE:Amazing Q4 resultsYes. That was a question asked by one of the analysts in the CC today, along the lines of "as you are largely cash-positive...."
Pro forma combined net debt after Q3 was $946M. With WFT coming in a $544M in Q4 and OSB doing $380 or so, that largely takes care of it. Page 22 below.
https://www.westfraser.com/sites/default/files/presentations/pdfs/West%20Fraser%20Norbord%20Investor%20Presentation.pdf
It's not what I expected, but I was lazy and didn't read the 300 page deal that came in the mail. I along with many here expected BAM with their 43% in Norbord to gift themselves a massive Q4 special div. I was really surprised seeing the paltry $0.60/share issued.
It turns out they have a proviso that will restrict both companies pre-merger from "excess dividends" defined at $0.60 for OSB and $0.30 for WFT. They could do what they wish of course, but there was a mathematical penalty that would adjust the exchange ratio down from 0.675 if that happened. So the incoming entities came in with full bank accounts,. I suppose it makes sense and may imply Brookfield is sticking around, and it also pays for the 2021 NCIB they announced. They'll need at least $600M to buy back that 5%, likely as much as $900M if my thinking on where this may go is correct.