Ann: MSB and Oaktree Conclude Refinancing of Senior Debt Facility, page-139

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CytokineRelease

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23/11/21

07:07

Post #: 57769364
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Originally posted by yelrom: ↑

Been trying to get me head round this debt refinancing and whether I should be banging the pots and pans with joy or if not exactly frustration then a certain "neutral concern". So basically I am not sure and wanted to share these thoughts hoping for some re-assurance from some of the more informed analytical posters who grace these threads.

Hercules had entered into the repayment part of their agreement, we have instead raised a lump sum to pay them back at broadly speaking the same interest level of nearly 10%. We are back on interest only of the $60m and if we need more, we can have up to $30m provided me meet certain non disclosed milestones. So 3 years interest only which means that our cashflow takes a breather. Not sure exactly what the cashflow saving will be, I am sure someone will have worked it out. However the sting in the tale is that they get 7 years to buy 1.769 million ADS (8.848m Shares)

8.848m Shares is roughly 1.3% of the current issued shares. If in 7 years we are below $2 Aus then personally I would have been "strung up" by my better half as lets face it, none of the hoped for breakthroughs would have happened if we are at that figure.

I wonder if they had gone out to the existing shareholders and said "lend us the money for lets say 5% interest and for every $10 you can have a 7 year option (plus your money back) secured against IP on 1 share at $2 Aus." (if you don't think that IP is worth $90m as collateral then you should not be invested imo) .
(Hopefully mesoblasters I have the maths right)

No 40% amortised over 2 years and a balloon payment, just a straight 5 years at 5% then one payment returning the money at the end plus a great option for in effect free. Hands up honestly, who would be interested? Me me me me me.

If we get our SRGvHD approval we have positive cashflow in how many months? So how confident is the board. When Novartis come on board then we get some money and the share price will fly on that news alone. Well how much ****** longer do they have to make up their mind.

Are we not going to get a big up front payment for a hear partner in the next 6-12 months?

To me, and this is a long term shareholder, the debt refinancing while absolutely necessary has got me asking more questions. November/December will answer a few.

Personally I would have liked the opportunity to have had some of this amazing deal given to Oaktree. I might be just an acorn but 7 years!. By then that option will be worth a forest of oak trees.

So forgive me I really cannot make up my mind and not completely confident with the way they manage their conference call meetings, we will get a discussion on some of this. Really am not sure so happy to hear from those of you on the same side as me and just want threads with some sensible discussions on some of the more important issues. Just be kind if my maths is a little dodgy a my understanding a little off.
Thanks
Yelrom.

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yeah future milestones sounds like future covenant positions. If that includes improved leverage then time to reign in those losses..

MSB Price at posting: $1.68 Sentiment: Sell Disclosure: Not Held
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Ann: MSB and Oaktree Conclude Refinancing of Senior Debt Facility, page-139

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