Ann: Refinancing of Debts, Sale of DaKine, New CE, page-16

re: Ann: Refinancing of Debts, Sale of DaKine... Key points for me are as follows:
*refinancing risk has abated.
* new experienced management in and putting there money where there mouths are.
* interest rates not surprising. Remember PIK means payment in kind and must be paid at maturity. I'd expect the company to pay the 7percent and pay the rest as a ballon payment at maturity when they refinance.
* issue of 15percent of new equity not surprising.
* options nor surprising and only issued if sp goes through 50cents and remember they receive up to 60m cash if all are exercised. (23cents).

My guess is that sp will trade initially at 4x ebitda and rerate to 6x ebitda once shareholder approval goes through (seems high but will will be diluted.