I still expect DPDW will do a secondary as part of a move to the Amex, sponsored by DR and a big partner, and will use the funds not only for their next acquisition but also TO PAY OFF ANY DEBT HELD AT ONEROUS TERMS.
I think they know they have a secondary at higher prices pretty much in the bag, so 15% is seen as a short-term bridge to be paid off early, not a long-term liability. TO be clear--it is a long term liability on the balance sheet, but not one they intend to wait to full-term to extinguish.
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