LOI and 100 Million Credit FacilityBoth are still very much possible and both currently in the works with the credit facility sounding more like a sure thing though nothing to definitively indicate or cast strong doubt at this time that the LOI wall fall through. It's all a question of interpretation and in some cases, a strong personal bias!
Paul Stewardson
...Just wondering, can you update us in terms of the acquisition target under LOI that you guys announced on November 22. Is that still on track to close in the next couple of weeks here as originally guided? And just also in terms of that press release talked about increasing the debt facility, is that on track to grow that to $100 million as well?
Hardik Mehta
So the LOI still under works. There were some delays in terms of working through that. We are trying to also walk through some quality of earnings information on that. So it's work in progress right now. That's all I can say.
As far as the line of credit, we do have a soft commitment letter from our lending partners, however, so that we are not burdening with the full cost associated with such a large facility. We plan to get into a definitive agreement only when we are ready to draw on it. So that's the status of the large facility.