RE:RE:RE:Debt Repayment Hi Max. Yes, according to the Notes 7/8 of the financials, one of the covenants of the debt contains a "cash sweep" provision which sweeps 75% of the FCF. They have to use at least 75% of FCF to pay the lenders at $1.05 on the dollar, and only in May and November, while the debt balance is greater than $175M. They can chose to use 100% of the FCF to pay them. They also have an option to pay down 1/3 of the balance at any time at $1.09 on the dollar.
So, in effect, 75% of "free" cash flow ain't actually "free" until debt hits below $175M. This is why the company guidance is "oh, we'll see what we can do once we hit that targed of $175M". Technically, it's not the company's target. It's the lender's target.