Q: In your answer to a question concerning IPO, you indicated debt at $400 million. Their public information indicates year end net debt at $213 - 221 million and 1.1 - 1.3 times Q4 2025 annualized EBITDA. How did you calculate $400 million based on above info?
5i Research Answer:
The public information was as of March 31. But its large Pembina acquisition did not close until April 7. We were making an assumption based on the cost of the acquisition.