RE: RE: RE: warrants Had to do some re-reading. Memory is deteriorating.
MB is paying down debentures, not buying back warrants. My bad.
Original 2010 deal of $141M Debenture @ 10% due June 15, 2015.
Paid down $20M in Q2 2011
Paid down $7.1M in Q1 2012
Scheduled to pay down $7M and $14M in Q2 2013 and Q2 2014.
If all goes well, then have almost $92M owing in Q2 2015.
In Q1 2015 warrants expire but can be exercised until then at a price of $9.94 ($9.94 x 12.2M shares = $121M capital raise if share price is greater than $9.94. vs. current trade of $9.50). That could leave an extra $30M in cash with no Long Term Debt.
I also found it interesting that when they pay down their debenture, they can turn around and borrow 50% of that amount on their Asset Backed Loan