re: Ann: SHV Re-Finances, Increases & Extends... Hmm, interesting announcement when taken in it's entirety.
They have refinanced their debt facility three years early.
My first thought is why?
What we had before:
$90m facility made up of:
$55m amortising term debt expiring in 2016
$35m working capital debt
What we have now:
$135m facility made up of:
$60m non-amortising term debt expiring in 2018
$25m acquisition debt line
$60m working capital AND business projects debt
What is interesting about the business projects bit is the fact that at the bottom of the announcement under the "Background" heading Western Australia receives a mention when they are talking about the location of SHV's orchards.
Western Australia was scrubbed from their background section of their announcements earlier this year. The last announcement that included WA was made on 6/5/13.
Was this an oversight where they have used an old background description or a sign that they have decided that they can't sell the WA project and to go ahead with harvesting almonds with the almond price being as high as it is?
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