The BTE team DON'T BE FOOLED IN SELLING BTE SHORT....DON'T BE FOOLED IN WALKING AWAY FROM THIS GREAT OPPORTUNITY TO MAKE 100%-200% OR MORE.....
They went to the market at the right time.....fetching $17ish/share for over $600M cut to their short term bank debt....
These guys are smart enough to know what kind of game the shorts are playing.....certainly would be nerve racking to short at current level.....
Only 200M float...debt covenants are within reason.....Long term debt is 1.34B....short term bank loan of 192M.....credit facility of $1B-Cdn & $200M-US.....(these credit lines were approved and extended beyond June 2019).....These facilities do not require any mandatory principal payments prior to maturity and can be further extended beyond June 2019 with the consent of the lenders. As at June 30, 2015, they had approximately $1.05 billion in undrawn capacity on these facilities.
Amendments made to the financial covenants contained in their unsecured revolving credit facilities in February 2015 provide them with increased financial flexibility. As at June 30, 2015, their Senior Debt (1) to Bank EBITDA (2) ratio (twelve months trailing) is 1.72:1.00. Their revised financial covenants allow this ratio to reach a maximum of 4.75:1.00 through June 2016 and 4.50:1.00 through December 2016.