I still do not think there is any convertible to equity instrument attached to this facility which would make it dilutive.
Not necessarily.
If the conversion was to take place at some indeterminate time in the future, and at the prevailing share price at that point in time, then that would indeed qualify as being non-dilutive, but clearly that doesn't mean there are no conversion triggers.
Ann: MSB Enters Into $75 Million Non-Dilutive Credit Facility, page-120
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