Just a stop gap measure until they can get a larger credit facility in place...which I would expect to happen sometime this quarter. That is why they put the no penalty prepayment provision in.
Investing in MBND equity near $2 does not seem too risky to me. They have guaranteed revenue coming in from DIRECTV every quarter and the MDU and EE&C segments are growing nicely at 20%+. Only 8 times forward earnings (probably closer to 4 or 5 times earnings if they capitalize the leases) and barely above book value.
Hopefully they do complete the credit facility and with reasonable terms.....the concern is that if you listen to the last 3 or 4 cc's Mandel specifically says that they are in negotiations and hope to announce the agreement soon. A substantive announcement would probably be worth a 5-10% upward stock price move especially if it involves significant cost savings (i.e. lower interest rate)..