I think a CR is still on the table as debt is quite high, why raise the new debt if the banks are happy with everything? Plus all integration costs are meant to be in the past and money flowing in? Sounds to me like banks were getting edgy after this half year and asked them to reduce their exposure, to me this is not positive as the coupon rate is too high, but not overly negative either. Lot of questions remain for me and the next 6 months will show us more.
I am concerned with HP as a client though and the fact they overpaid for XP. One slip up here could lead to problems, and these things can happen as a result of an integration like losing control of key staff members and cultural issues along with heightened competition at the same time.
DDR Price at posting:
$1.58 Sentiment: Buy Disclosure: Held
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