'The reality is that their rev/tonnage targets are only possible...

'The reality is that their rev/tonnage targets are only possible by debt. Without it they would not be able to achieve their rev/tonnage targets.'

That is true but they are choosing to have aggressive targets & fund it through debt, it's not a requirement.
Their other options are
1) To grow at a lot slower rate by only increasing production, sales & marketing through internal cash generation
2) Not to invest or grow at all, just maintain status quo & pay out cash generated
3) Fund aggressive expansion through another equity placement & have no debt.

I believe the mngt are taking the most appropriate path to generate shareholder value.

Your choice don't buy now & pay 50%+ more in 12-18mnths time.