Avid Bioservices Inc (CDMO)

[jakedogman1]

In June, Catalent raised $500 mil senior unsecured notes priced at 5%... at 10.5% the preferred is a drag on earnings imo... and I don't think comparing it to gross margins is the right comparison vs comparing to alternative financing or payoff... if analysts are valuing at 15 to 16 or more multiples on EBDITA, the preferred is holding the value down at a 9.5 multiple equivalent... in any event, as the sp increases, hopefully the preferred is retired soon...