In this interview that you've linked to, the CEO talks about MMC reducing its roughly $750M debt load to about $425M post-bankruptcy via the restructuring.
But, if you look at page 8 of the company's most recent annual report presentation on its website, the company is showing a total debt load closer to $620M.
The difference in the $425M and $620M is $195M of perpetual notes with an interest rate from 0% stepping up to 15% based on certain triggers.
Are the $195M of perpetual notes bringing in $195M of new cash to the company's balance sheet, or are they simply a part of the restructuring of the $750M of existing, pre-bankruptcy debt?
If they are, in fact, a part of the restructuring of the existing debt, why did the CEO neglect to include them in his interview back in January?
Thanks in advance for any thoughts.