And will probably have $650 M or so at year end 2010. That's a ONE THIRD reduction in 3 years...a 3 year time period in which we had the WORST recession since the Great Depression! I think this shows, more than anything, that the sudden "hand-wringing" on the Street, about this company, and this industry....when we've gone from alarming revenue declines, to projections of "slow and steady" low to mid single digit gains for the next few years, is patently absurd. Where is everyone now that loved it at $10, 12, and $15-16? Have the fundamentals changed IN THE LEAST?
I didn't say that ETM will be unable to refinance.
I just pointed out that CMLS's case is not a refinance. They were about to violate the covenant ratio last year. So they negotiated with their lenders to suspend that ratio temporarily. As the result, they made a big payment of $39M of their debt and their interest rate was increased, and they have to dedicate all of their excess free cash flow to debt payment until they are in compliance again.
ETM has stronger cash flow than CMLS and less leverage ratio. ETM should be in a better position to negotiate.