>> Why even bother with borrowing money? Why can't they just be without leverage?
First, though they have had natural attrition happening to make all their payments, there may be investments that they'd rather not need to close in order to make future payments.
Second, the bond debt's income protection provision made it a loosing game to refi while that balance was high. With the balance now at only $11M with a complete amortization due in August, the penalty become negligible.
Third, interest rates are at historic lows and ACAS's debt rating is improving. It's a good time to lock in a good deal which provided flexibility on exits.