RE: RE: Bankers in controlBanks don't like to take on ANY form of risk and will throw just about anyone else under a train ahead of putting themselves at risk. Agree. Scum.
It would have been better if the bankers didn't force the company's hand as they appear to have done. There were some really good deals to be had on cheap debt buybacks that would, in my opinion, have been a better long term use of cash. I was hoping for something like 250-300 million spending on bank debt and more buybacks on cheap pref shares, MTNs, etc. This would have taken a bigger piece of the financing load off the company faster.
However, regardless, the debt picture looks a lot better and about 30 million in financing charges will be saved a year (across all the different forms of debt that were addressed this quarter and last). It looks like they are set on digging themselves out of the hole they are in and maybe the SP manipulation is finally going to ease up now.