"If they could have done this deal a year ago, they would be paying back over $1.1mm per month currently on this loan? Where would this money come from?"
First trench is for 15 million, right? They may not even tap second trench!
8% interest for full 12 months period on $15 mm (without paying down principal) equals to $1.2mm Therefore monthly "cost" on this assumption is 1/12 of 1.2 mm which is equal to 100K.
In my opinion PEREGRINE can pay $100K per month interest easily from their AVID revenue without blinking an eye.
Your # for monthly interest being over $1.1 mm doesn't add up.
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