Vamos a ver cuánto se cumple de todo esto. No digo que esté mintiendo, ni mucho menos, pero en estos tiempos los bancos son los que mandan y hay que tener un extra de cuidado
"And let me spend a little bit of time going through this because this is obviously an important topic in current environment for all companies. On the left-hand side, you can see the 31 of December 2019, our cash balance, $375 million, split between unrestricted cash and restricted cash. For those less familiar with the group, a certain portion of our cash is tied up with LTs, vessel financings and other debts and pieces, and we spread that.
During the quarter, we had operating cash flow of $86 million. That’s defined at the back, and I’ll spare you the detail.
We had a net CapEx of minus 1, that is CapEx that we’ve spent less the debt drawn down to fund that CapEx, so minus one. It’s not that we haven’t been spending CapEx. We have. Golar is very much a growth business that is building out assets, but we’ve netted that off against the drawdown. You’ll see the debt service that remains reasonably stable for the quarter.
And the two key movements to note is during the quarter, we repaid $70 million out of $100 million balance outstanding on a margin line, leaving a $30 million balance left at the end of the quarter. So that’s a $70 million margin loan repayment. And in addition, for those of you who’re familiar with the group, remember, we had a total at swap in place, which was part of the buyback program. That was unwound during the quarter, and that saw a repayment of $73 million. So we closed the quarter with $235 million in cash, split between restricted and unrestricted cash. For those of you who are interested, you’ll see the reduction in restricted cash, which is associated with the change in the total return swap that I just mentioned.
What about the remainder of 2020? Well, we are exploring three things, which we will describe at the end in terms of financing. We are looking at refinancing the existing $150 million bilateral loan, which is due in November 20, and the remaining $30 million balance outstanding on the margin loan that is due in August of 2020. We have plans for that. We’re in detailed discussions with a number of banks. And we feel that, that refinancing is very much routine. One can never say everything – we’re not complacent in this current environment, but we see a positive about that outcome.
Secondly, we want to preemptively focus on the refinancing of one of our vessels, Golar Steel, where the financing is maturing in January 2021. We had detailed discussions with a specific leasing company, and we have term sheets that are bouncing between us, and that is up for credit approval with them very, very shortly. And then finally, you will have seen in the press release that there are two vessels where we’ve had approaches [indiscernible] companies, and we’re opportunistically exploring discussions. And those discussions are both very well advanced.
So it is fair to say, those three groups of refinancings are important. But we do feel that they are routine. And when we look at them alongside the anticipated CapEx and operating cash flow, that we feel we will earn we feel we have sufficient funds for group needs. I would make the point that in the current environment, forecasting out much further is difficult in the current environment, but we have a fairly detailed approach to cash flow forecasting and a fairly conservative approach to how we stress test that against shipping rates.
So with that, as a conclusion, I apologize for the detail. But in the current environment, we thought it was important to be significant and clear. Let me turn back to Iain now to take you through the division-by-division review."
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