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China Mass Media Corp. Message Board

  • fyval fyval Jan 17, 2003 2:52 AM Flag

    Preferreds will be taken out

    All this refinancing is only the beginning. Do you think they want to carry the prefds at current rates? They too, will be refinanced at less than 1/2 current rates & taken out @ par + accrued. Look for this real soon.

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    • and what I don't understand is if the brasscan money came in senior to the preferreds at 15% and then 20% if cmm draws down on the additional amount, what rate of interest will cmm pay to retire the preferreds F & G, which are below the B - which cannot be called until 06. Anyway, whose going to lend more money to these guys ? the bent noses ? guys who'll break their legs if they don't pay each week ?
      c'mon...

    • Preferred B isn't callable until 8/06.

    • I'm not sure the terms of the NEW 15% loan but I do know the rate of interest is 15% and that's $30mm. I do not see then taking out the pref. class for awhile now as it's a big nut. I see them paying dividend number 6 so they don't have to listen to us whine on the board but as with OHI what's the incentive to pay it off first? It's "free" borrowed money every quarter and we carry almost as much risk as common holders now because of the accrued dividends, as I see it.