RE:RE:Any idea why today jump up 8%?In addition to these entities controlling the debt, CANSO owns 31% of the equity, Goldentree 20% and Polar owns another ~9%. At this point, it is essentially a private company with public securities. An ideal scenario will be to access a secured bank line (tough sell given history but I think doable) plus unsecured bonds with restrictions on dividends, cash controls, etc. (prevents bad acquisitions). This could bring the cost of debt down below 6% in aggregate (hopefully). The investors will want a piece of the savings so I expect there to be a special distribution as part of the refi (debt and equity). For instance, if future dividends are restricted in order to nake the bonds more attractive, its not unreasonable for the equity holders to want a special distribution. Will be interested to see what happens.
Good luck