The warrants are exercised at 25 cps (hardly dilution) and the bond rate for $65 million is 6%. The loan facility is $36 million at 11% at the current SOFR.
Effectively the equity raising just allows them to retain $38 million cash on the balance sheet, presumably "just in case".
Note if cash builds they can pay off the high rate loan facility early.
Seems pretty good to me with the majority of debt at 6%.
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