RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:BNNCTS is not alone in this regard with regard to debt load. There are a number of Canadian small cap tech firms who have taken on too much debt over the past few years in my view. This makes current debt renewals upon maturity or new borrowings come with higher interest rates. Also, if your company is small and has a high debt load, those insititutions that are willing to lend you more money will likely add a sizeable premium to your interest rate to compensate them for added risk.
Equity raise? Sure, if you are willing to issue new shares at (or slightly below) the trailing 30-day weighted average share price (or however the company and the underwriters / private placement party agree on calculating the purchase price per new share issued).
Given the above, small cap Canadian companies with large debt loads that have seen their share prices drop significantly are caught between a rock and a hard place. This is what happens when you go on an acquisition spree while carrying too much debt.
Further, the BOC will likely continue to raise interest rates, so any existing debt coming up for renewal will get even more pricey.
Would not be surprised to see companies like CTS sell off some assets to raise cash over the next year or so.