Well how about we agree to disagree here! A five year loan at 1.25% is absolutely brilliant in light of the current market conditions and interest rates. So what if it cost $13 million....that is basically 10% plus or minus. How much do you suppose they would have to pay now to get any kind of financing(prime plus 5%???) They would be paying 10% a year plus would probably have to throw in some cheap stock options(and possibly massive dilution like their previous team use to negotiate). That is if financing were even an option, as most small caps are not able to access any financing as the banks will only finance against hard assets!
So yes the loan they negotiated was brilliant, now if the expansion of existing and their new venture into Viral Vectors was the right move, is another question which we will not have the answer to for a few years at least.
So it cost $13 million to negotiate a loan that is probably 10 points under market rates(if even available)....this loan has allowed them to basically triple their capacity to $400 million plus. Now if they run 30% margins(we'll see) then of course it was more than worth it....$13 million to turn annual profits of $100 million plus???
Furthermore, the loan and expansion has allowed the company to secure strong institutional ownership which certainly helps in uncertain times like ours.
And finally, like yourself, I have again started to buy and add to my position. If the company executes properly, we will all do very well!!!
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