The report says 'There is no warrant or other dilutive form of facility fee payable for this debt facility'. This would imply there is no other convertible equity instrument. I would imagine by August when the company files its annual SEC filing all the specific details regarding the facility will be disclosed for everyone to see. Also they are paying 9.45% interest rate. Had there been any form of convertible equity instrument as you suggest then interest arte would have been a bit lower I would imagine.
Ann: MSB Enters Into $75 Million Non-Dilutive Credit Facility, page-115
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