Re: Cobas AM: Nueva Gestora de Francisco García Paramés
Aquí va uno por cierto en el que Myntzmier explica de dónde proviene su tesis, lo que decían desde Teekay en 2016, y lo que sabemos que dicen ahora. Lo siento, en inglés. Si alguien quiere traducir:
Just for some background context, management actually guided for the thesis I've proposed. I didn't randomly make up something. They then switched CEOs, got shellshocked when $TOO went down the crapper, and totally shifted gears...
Here's just a bit of the context.
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February 2016:
seekingalpha.com/...
"We consider the distribution reduction to be temporary and anticipate we will restore our distributions once the energy capital markets return to more normalized levels, however, with larger distribution coverage ratios than before."
"and in order to use the equity markets again, obviously we have to restore the distributions. But we believe in talking with investors, when we come back, instead of our coverage ratio that we had closer to 1.05, that will have to be a little bit higher because investors will want to see a greater buffers given the uncertainty and volatility that they see in energy markets."
"I will just reiterate that now that we temporarily cut the distribution we don't have liquidity gap and we can reallocate those cash flows to fund our CapEx needs. So that’s obviously the reason why we cut the distributions and in the meantime, as Peter alluded to our distributable cash flow per unit will increase over this time as projects deliver, so does increase the capacity for us to restore the distribution and at the same time have bigger cash distribution coverage ratios and in terms of the timing of that, of course we can't really say exactly when -- obviously when we store our distributions, the expectation is that the markets will be more normalized and we would again be able to access the capital markets to fund our future CapEx requirements."
August 2016:
"it is 8 months closer because 8 months has happened since we unfortunately had to temporarily cut the distributions. So but we continue to believe it was the right thing to do because we've been able to use the money saved on the distributions to as the equity for the down payments. And as I said in my prepared remarks, that puts us in a position now that we have made the down - we've used that money that we've saved to make the down payments, and that has saved us from some dilutive equity issues. And so without being drawn on the time, we expect to restore our distributions, as we complete the financings that I talked about."
"Peter Evensen
All right. Thank you all very much. As you've heard, we've made a lot of progress both in taking delivery of our new MEGI LNG's as well as on our top priority of completing the financings, which is a necessary requirement before we can restart distribution. "
November 2016:
seekingalpha.com/...
"Wayne Cooperman
Okay. So at the daughter companies you kind of are continually doing these financings whether it’s preferred stock or common stock, and it just seems like the IDRs of the potential IDRs kind of gets keep - gets pushed further and further out of the money, I just wonder if you could comment on that and if you guys have just sort of reconsidered the whole daughter structure entity structure as a lot of the other companies are doing.
Peter Evensen
Yes, thanks Wayne. I look forward to coming to see you as we transition and introducing Kenneth to you as well as other competitors. No, we haven't changed our policy. In fact if you look at the preferred equity issuance at Teekay LNG, we thought that was the best issuance rather than issuing common equity because that will honor DCF per share basis be more accretive, and so that just helped us complete the financings, but that was a much better or equity issuance for limited partner holders of Teekay LNG then issuing new equity.
We’re trying to limit the amount of equity that we’re issuing at the daughter companies, so that as we benefit from the rebound we’ll have higher DCF per share. And that was the whole essence of temporarily cutting the distributions last December, that if we hadn't cut the distributions we would have been forced to issue a lot of equity at subpar levels."
February 2017:
seekingalpha.com/...
" But I think when you look at free cash flow going forward and sources of to delever the parents balance sheet there's kind of three main sources or catalyst. The first one is increasing distributions from daughters as you said including some inter-company loans from TOL, that's number one."
May 2016:
seekingalpha.com/...
"the completion of the financing initiatives we have talked about today will position both partnerships to increase their distributions in the future, which will benefit our IDRs and allow us to revert back to a high dividend GP. Importantly, unlike other early phased GPs where it can take several years to get the distributions up the IDR steps, we have the ability to get there quickly to unlock the GP value, because of the current high coverage ratios of our two MLPs and the stability of the underlying cash flows, which continued to grow as I have talked about."
