Most likely a blend & extend job on the refi but market clearly spooked by prospect of a raise requirement.
Syndicated debt pieces are always a shitshow, one lender needs only to get their member out & swing, then all hell breaks loose.
And rightfully so, this management group have demonstrated an incredible ability to screw the pooch, whether operationally, hedges & general market communication.
Agreed value is there, but too cloudy to dive into further at this stage.
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