GREY:CSOSF - Post by User
Post by
DTM5on Oct 11, 2010 9:41pm
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Post# 17552413
I give credit where credit is due!
I give credit where credit is due!Pardon the pun.
The new ABL facility looks like a good move. Cuts their current interest cost by 3% (approx 250K per year) and aligns them with a lending structure that is more appropriate for their requirements.
With 8.6 million as debt ( 1/2 of what it was a year ago and now cheaper to carry!) I will admit the company is really getting its act together. I'd like to day "it took long enough!" but I won't. :)
And its with a very credible lender - Bank of America.
Next to eliminate is the Mez debt - Thats not due for a year (I think) so there is nothing they can do there but carry it, but at least we know (barring catastrophe) that it will be eliminated next year.
I don't want to jinx it, but this company has really turned the corner. Better days are upon us!