I use to enjoy posting on this board.....Ferret I did not mention any names in my post but based on your caustic reply it is very obvious that your conscience is getting the best of you. OF COURSE bank debt that is fully secured is going to be priced cheaper than high yield bond issues. Ithaca is not Intel corporation or IBM corporation. If they issue debt in the bond markets it is going to get priced in the range it did. One could have estimated this quite accurately prior to the issue as their reserves based primary bank facility takes first precedence in default and is fully secured. That is why it is price at a LIBOR plus a relatively small adder. Sorry I ticked you off but I am just frustrated that junior investors like yourself try to purport yourselves as actually understanding the debt markets. I do not post to gain your blessing or affirmation that my post does or does not have credence. I post to help investors understand the story better so they can make good investment decisions. I have never rated a post on these boards in the six years I have posted here. Instead of posting the type of fuddle duddle you just did, find some good info that you can share and try and stay in you wheelhouse as it is obvious that you are easily "topped out" when it comes to a number of investment perspectives. It is little wonder that a lot of the quality posters hesitate to post on this board of late. If the shoe fits ferret....wear it! I have other ways to spend my spare time but if there is an improper tone on the board based on incorrect information I do at times post for this purpose or if significant news is released otherwise I try to limit my posts.....perhaps you should do the same....especially ones like you just did. I like the company....sorry ferret! BTW, Just for the record I reduced my very large position by 40% after the second postponement so I am not "in love" with the stock as you often say of those that see the glass as half full.