Post by
kcac1 on Nov 06, 2024 11:59pm
From MD & A
"Unlocking Value from the Sum of Its Parts
Together with the financial advisor, Goldman Sachs, the Company continues to advance its strategic alternatives review efforts for its standalone and growing Colombian Infrastructure business. This process is actively ongoing with a virtual data room open and discussions with interested third parties underway.
The Company remains particularly excited about the long-term prospects of its port business, Puerto Bahia, and its strong pipeline of catalysts including the Reficar connection as well as the recently announced LPG import project with its JV partner, Gasco Soluciones Logsticas y Energticas S.A.S. (“GASCO”).
With respect to its Guyana assets, the Company and its joint venture partner remain committed to the potential development of the Corentyne block as supported by the recent discoveries. While the Company continues to remain confident about the potential of the Corentyne block, the Company is reviewing all available alternatives to safeguard its interest in the block and Guyana.
Subsequent to the quarter, S&P reaffirmed the Company’s credit rating at B with a Stable Outlook, reflecting Frontera’s the strong credit quality and financial position, underpinned by the Company’s low leverage.
The Company ended this quarter with total debt of $531.2 million and a healthy cash position (including restricted cash) of $240.3 million. These strategic alternatives review processes are central to the Company’s efforts to streamline its business and unlock the inherent value from the sum of its parts and drive value for shareholders. There can be no assurance that these strategic review processes will result in a transaction"