RE:RE:Bond quotesThanks for this.
Sherritt offered 55 for the last tender offer. Not too sure when that trade took place at a lower price.
Still find it interesting that the 2026 were bought back close to par at 90 and that almost no juniors were tendered. This would hint that the price offered by Sherritt was too low. It would imply that the bond market believes that cash flow from operations and the settlement of the cuban receivable will more than cover all the notes O/S.
As to the interest, yes, why should they pay cash when the can issue other notes in lieu and then buy them back at 55% of their value. Way less costly. However, if not enough are tendered, this become a quite costly financing.
Anyway, if the financial situation is now ok, makes the common an attractive speculation at this price.
GLTA