EXPM:HRTFF - Post by User
Comment by
MudCreekeron Jul 30, 2021 11:40pm
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Post# 33636584
RE:News
RE:NewsI'm left wondering about two things:
1) What did Harte have to give BNPP to get their "forebearance"? I find it hard to believe that BNPP would suddenly, out of the goodness of their hearts (their tiny little black hearts), just say, "A little tight this month? No sweat. See you in September." There's no mention of the other side of the deal in the nr.
2) Is this technically still a default, since they missed an agreed upon capital repayment, or does BNPP's forebearance turn this into a non-default? This is material because the terms of the Appian loan have a clause that, in the event of a default (including a default on the BNPP facility) jacks up the interest rate by yet another 5%. Last month it looked like the term that raised it 4% for missing operating targets had kicked in, a default would add another 5%, for a total of 23%. Even more dilution. The lawyers will know, but we'll probably have to wait for Sedi to show how many shares Appian gets ths month.