Ann: Cardno Announces Early Repayment of USPP Notes-CDD.AX, page-4

CDD is definitely not contemplating acquiring any new business during these times. In fact, the strategy is explicitly to grow their business organically. So, what's the point of having $180M sitting in the bank and doing nothing, and meanwhile having to pay interest on the debt, and meanwhile having to also have a knife to the throat of the company with the covenantal restrictions?

With the operating cashflow from the past 4 months, they would have accumulated more than $15M and would still have some cash in the bank after paying off these loans earlier.