the SPO was for a lot less shares than I thought it would be and closer to the number he gave but less than that so far also. I think that is why the market is reacting so well to this SPO on share price.
Well, not really. First I predicted 25M, that would have been necessary to reach their target, but they stopped short, for reasons we have discussed aplenty. And I predicted an offering price in the $19.50 range, well off. And, I don't "count coup", these are just opinions, not prophesy, I don't expect sainthood if I'm right, or burning at the stake if I'm wrong!
They took in just enough to drive down the debt and pay off the remaining quickly from cash flow while not affecting the coverage ratio too much. Shorts are covering because they can't get enough shares from the secondary to cover at a discount, ie they are screwed. And, we don't see much dilution. Smart across the board.