Don't forget there was also junior debt they were hoping to get $100m USD at 14.5% over libor. Given they fell short of the $350m on senior debt, can we assume they now need junior debt of $150m USD? If so, is that 14.5% over libor assumption achievable? This debt is not cheap and not yet secured. It still only exists as an assumption so FAR is not yet fully funded.
Some of the fist pumping here reminds me of when an acquiantance told me years ago he was so happy to have gotten a car loan at 15%+ interest rates. At those rates, I'm sure the lender was also celebrating too.
Ann: Financing Update, page-308
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