Definitely looks like something is imminently in the pipeline. Interestingly, the announcement states that "the primary use of the facilities is for general corporate purposes".
If they are planning an acquisition, they wouldn't want to use this facility because from a tax point of view, any interest would have to be capitalised, rather than expensed. Happy for any tax lawyers to confirm or otherwise.
My feeling is that an acquisition is imminent, which will largely clear their cash reserves. Once this is done, they will then start drawing this facility for general corporate purposes.
Definitely looks like something is imminently in the pipeline....
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