They just paid off 700 million and got 550 million in additional capital BK LOL
this deal adds value, reduces debt , adds liquidity. $18 plus per share for debt when the stock is at $ 4 shows the quality of Suns portfolio and value.
$ lots of bang for buck dave they got more than $18 bucks per share valuation. When stock recovers with news this year they will pay this off early. IMO relax 50% of float is short.
Borrow 725 million at 10%, use to pay loan of 170 million leaves 555 million in bank, warrants for 28.7 million shares. That transaction valuation is at $25 per share. They also exchanged 738 million in debt for 39.8 million shares. Thats $18.50 per share, there are some preferred as well but you get the point.
Actually it seems with 67.7 million plus some preferred and 1.463 billion in debt reduction and cash it seems closer to $20, math is approx correct me if I'm way off.
1/2 the float is short 120 million +, the rest held by institutions and insiders. 120% owned Lots of naked shorts, a squeeze probably takes us to 10 bucks short order. So not yet.
Agreed, Company worth north of 21/2 bucks per share IMO and Piper Jaffrey and others. $3 "PT is based on our estimate of NEOT's cash per share by year-end."