Re: Cobas AM: Nueva Gestora de Francisco García Paramés
Viene en la earnings call del cierre de fin de año 2017.
Creo que se puede encontrar en su propia página. Uno de ellos ya están en conversaciones para venderlo.
Yeah. With the capital raises in January, first of all, we felt it was a prudent thing to do. As you've seen, financial strength is across the Teekay Group, and in fact, is one of our strategic initiatives. This allows us to delever the current balance sheet and increase our liquidity, which is over $500 million now. And it does give us a lot of financial flexibility and a lot more options to address our liability management going forward, and as you mentioned the 2020 bonds.
And so this allows us to right size the balance, and ultimately refinance the smaller amount of the bond. So for example, if we were to be able to reduce our bond down to, say, $300 million, that would save annual interest expense of more than $25 million, which obviously increases our free cash flow, so for example.
So in terms of addressing the bond, this is something that we are discussing with our banks and our board on our liability management strategy over the course of this year. We do have some time though. But we're going to look at through a number of alternatives and choose the one that's going to be - that's just going to create the most value over the long-term.
But I think this gives us an opportunity to work from a position of strength. Our free cash flow is improving, as you noted, but our asset coverage is also improving, given that our Daughter companies have stable capital structures, their cash flows are increasing. Another potential source of capital, of course, is our three FPSOs. And if we're able to sell some of those over the next couple of years, that's another source of delevering
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