Net debt really a 250 million surplus with Tpz sharesTOU has negative net debt and has a billion dollars worth of TPZ shares on the balance sheet that pay 50 million a year in dividends. So if you look at the presentation Dec 31 debt was .8 Billion, but if you take TPZ shares into account they have 250 million in share equity on the balance sheet.
So the dividends from TPZ are above 5%, so as long as their debt is less than a billion, and their bank rate is less than 5% they haven't any net debt service charges.
On a net net basis they have no interest charges with TPZ dividends taken into consideration.
IMHO