Dividends would be possible in your hypothetical scenario, because the covenant restrictions would be eliminated when the debt is retired. However, that doesn't make corporate-finance sense IMO and would likely be negative for the share price. Generalizing, "growth" companies use their cash for additional value-adding projects that they are uniquely positioned to capitalize on. PPHM has a ton of these, I believe. A dividend would massively confuse the growth investor base. It's not what those people want. If you need cash in the future, just sell a few appreciated shares.
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