Sherritt International Corp T.S

Cash in Canada

[CPA023]

As at June 30, 2023:

Cash in Canada                                                            83.3  M

After June 30, 2023:

Cash from sale of cobalt in inventory                            13     M
Payment of interest on 2029 Notes                             (  3.4) M
Next payment of interest on 2026 Bonds                    (  9.4) M

Cash available for repurchase of bonds and notes      83.5  M

But at June 30, 2023, there is a balance of 59 M of revolving loan and no cash to be received from the GNC receivable before 2024.

So not sure that Sherritt will want to redeem bonds and notes before the end of 2023.

[FrozenInOntario]

They have to redeem $ 28 million of 2026 at par this fall. 

[CPA023]

I idi not take into account that 28 M of redemption in my calculations as the minimum liquidity threshold of 75 M will be known only in October 2023

[VerificateASAP]

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[FrozenInOntario]

You are right.  However, their current cash position would be around 91 M if you add back the 7.8 M used to buy back the 2029.   GLTA