It sure does look like a vote of confidence by Apollo, but I'm curious, how are you reading this new agreement? It appears on the surface to be saying that NEW borrowings will go to 9% from 18% and even this is only a temporary rate until January. Is it then saying that borrowings already in place will remain at 18%? It also says MILL can prepay "new" borrowings without penalty on a temporary basis. Does that imply that prepayment without penalty is not an option on pre-existing borrowings with Apollo? Yeah, I know I should do my own DD but maybe somebody knows.....
Take this comment with a grain of salt as I know very little about Apollo but no reduces interest rate from 18% to 9% without a good reason. Apollo just gave up a 100% return and they didnt do it for nothing. Mill convince them. With a 64 day short interest, I bought 4,000 shares and and will load the truck today with options.
This just prevents new C issues. Guess I'll go buy some C now...was waiting to see if there were new issues. Based on what you said I think they will avoid new C issues with this amendment. Just my take.
My take is this: Apollo appreciates MILL's business, and sees MILL growing very fast. MILL Mgt appreciates Apollo's help in the past..to get MILL going! NOW things have changed...so they have agreed as "partners" to amend the current arrangement ....temporarily, with a view on further changes to make the situation more equitable for each! Net result, they both want to work together for each other mutual benefit...because it has been mutually beneficial!