Ok, so this is interesting.
It is hard to see why nhc need $150 in funding when they must be currently generating that amount of cash in less than 3 months.
the only explanation i can think of is that there is an imminent acquisition, and they don’t want to be beholden to bankers for cash.
Some other interesting details. The terms of the issue seem very attractive. Low rate and good premium to current share price for conversion.
I don’t understand the detail about whsp offering to sell / loan 50 million shares for the $150 million. But at $3/share, it appears like whsp are getting a good premium to the current share price if this happens!
keen to get others views, as this is an unexpected announcement.
Ann: Convertible Note Offering, page-3
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