RE:RE:RE:RE:debt repaymentI believe $66.1 million of the cash is needed to reduce senior debt to $407 million for the end of 2015.
Assume $75 million debt reduction annually vs $100 million
Still good deleveraging and should be able to raise equity at the end of 2016 or mid 2017 and refi expensive notes with Bank debt.
My target price is $20 based on a 4X 2016 EBITDA - no dividend so don't see it higher.
$25-$30 is reasonable as a takeover price based on a 12-14% OCF yield to the equity.
Good luck