What is Connacher’s total debt?
As at September 30, 2010, the company’s total debt, as reflected in its financial statements, consisted of US$200 million of 11.75% first lien senior secured notes, US$587 million of 10.25% second lien senior secured notes; and $100 million of 4.75% unsecured convertible debentures. Connacher’s strategy is to pre-fund its major projects to ensure liquidity to complete its capital plans. Our long-term debt contains no financial maintenance covenants. Our first maturity is our $100 million convertible debentures in June 2012. The balance of our long-term debt matures in 2014 and 2015. We are “growing into our balance sheet” as we ramp up our bitumen production from Pod One and Algar.
