getting an annoying but trivial rise out of Stinkyfingers .......
anyone remember back when I asked about the cost of the new financing?
It's 8 points over prime, plus 2% per annum on any unused portion.
I'm a financial intermediary (fancy term for loan broker). That's called a "hard money" deal. Meaning its hard to do, you pay a robust premium, and you're now dealing with the lender of last resort. This is not money you want to stay borrowed in for any longer than is absolutely necessary.
I'm pleased the deal got done. It preserved jobs, got the GE Capital monkey off the corporate back, and hopefully set the stage for a comeback. And just to placate StickyFingers I even bought a few shares. Its lunch money, but now I have a vested interest.