RE:The "Seller"....debt vs. divi, buyback, acquisitionInteresting observation on the SPV owner. 50% would have come off restriction July 21st with the remainder coming off December 21st.
It also doesn't make sense to me that they haven't paid off the debt but I imagine they will do so in the coming quarter - it may be tied to the marketing agreement with Trafigura. They repaid ~$20mm last quarter and only have ~$30mm outstanding.
A buyback probably makes more sense than a dividend at these prices and is more tax effective.