Cardinal has one of the Best Debt Profile.At the end of Q3 22 Cardinal brought their debt down from Dec 21 $142M to $42M. Their debt is 0.2x cash flow meaning they can pay it off very quickly but they see more value in buying back shares and paying shareholders dividend.
We still have Q4 to bring that debt numbet down further by how much, cannot really say what they will prioritize. Their debt rates are good for the industry its below.
37% are you brokers, they are talking about interest rate is close to the dividend yield. Their rates are less than 10% most probably. Below are some of their rate info:
Advances under the Facilities are available by way of either prime rate loans, which bear interest at the banks' prime lending rate plus 1.75% to 5.25%, and bankers' acceptances, which are subject to fees and margins ranging from 2.75% to 6.25%. Interest and standby fees on the undrawn amounts of the Facilities depend upon certain ratios. The Facilities are secured by a general security agreement over all of the Company's assets. There are no financial covenants related to the Facilities, provided that Cardinal is not in default of the terms of the Facilities. Cardinal was in compliance with the terms of the Facilities at September 30, 2022.