03-31-2014, 09:09 PM
Problem is the link to the 4th qtr financials on the website seems to be messed up. It brings up the 2Q financials. The notes to the financials are not included with the link on the main page so until they get the link on the Financials page fixed we can't see what the notes disclose. Haven't looked at SEDAR or SEC sites yet.
It appears based on what they do disclose that they have drawn $100 million on the Credit Suisse line at YE. Higher than I thought it would be since they did not spud anything until this month. In the notes it will give any terms on that note and whether they have to pay it back still immediately now that the deal is closed. They do use language about the $401 million that I think confirms they have not actually received the $401 million. My reading of the SPA indicates that they will not get that until Wednesday "on the 5th Business Day following Completion". Completion was the date of the SPA which was March 26. Until they receive that cash the deal is not final IMHO. Will have to see what they say about that in the CC.
It appears based on what they do disclose that they have drawn $100 million on the Credit Suisse line at YE. Higher than I thought it would be since they did not spud anything until this month. In the notes it will give any terms on that note and whether they have to pay it back still immediately now that the deal is closed. They do use language about the $401 million that I think confirms they have not actually received the $401 million. My reading of the SPA indicates that they will not get that until Wednesday "on the 5th Business Day following Completion". Completion was the date of the SPA which was March 26. Until they receive that cash the deal is not final IMHO. Will have to see what they say about that in the CC.