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Friday, February 09, 2018 7:23:08 PM
We have carried a cash balance of approximately this level all year which gives me confidence they will be able to pay the difference when the time comes.
But I think if that difference is more or less all we could really afford to pay off with excess cash, in that case then it makes sense to do it at the end of the period. As opposed to saying paying 1 year ago today and maintaining roughly a $0 bank account all year instead. Then the slightest misstep puts us in a tight spot. Now 1 year later, I think they'll be in a stronger spot to pay it off and coast.
And if God forbid they actually convert every last cent, then yea, they'd need a moderate increase to a/s and it will take 4 more months. And it's worse, but not devastating to the valuation math done at 900m.
We'll see.
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