FBR - Merits of Maintaining a Healthy SP, page-5

Credit raising do not always make the share price lower then the offer price, it all depends on the value vs price.

The value of a well founded company can be much more then one that is stalled due to lack of funds.
The new credit can improve the value of a company beyond it's dilution effect. It also immediately improves NTA per share when it is below the share
price more then the net of the transactions.

FBR is in a much better state then its peak price. The NTA per shares has gotten higher despite dilution. Yet the share price is much lower.