Post by
slimjim11 on Jan 19, 2016 10:42pm
Available Credit Agreements more than cover the Debentures
The debentures trade by appointment only: they are not liquid and as such will be subject to mis-pricing. The company's 2015 annual report details the credit facilities and debts outstanding on pages 23 to 25. "At June 30, 2015, the Company had approximately $172.8 million in borrowing availability under the loan facilities, subject to continued covenant compliance, of the Credit Agreement (excluding the $100 million accordion feature in additional commitments the Company may request under the Credit Agreement)." And from Page 64, the principal amount outstanding of the Convertible Debentures at June 30 2015 was $119,515,000, down from $176,462,000 on June 30, 2014. It looks to me like STB will have no difficulty refinancing those convertibles when they mature.