Dear DanduIt is normal course of business during a recap event to use a portion of funds to liquify performance and incentive distributions and this partially explains the phrase you are hung up on.
The company is not in danger of bankruptcy so you can toss that bogeyman out the door.
As they stated, a long term note will be redeemed to the tune of 409 milllion, a portion of the balance will be used to pay down the revolver and as you can see through Sedi filings yesterday, some performance and incentive distributions were cashed out.
The latter makes up an insignificant amount so it will be interesting to see how much of the revolver they pay down and/or if buybacks from Juniper will be in play once Juniper is under 10%.
Ok, go ahead and cry about the cashing out performance and incentive distributions like I know you and so many others will.
It's a normal course of business during a recap event.