Honestly, no one should be surprised here. As I wrote a short...

Honestly, no one should be surprised here.

As I wrote a short while ago, "I wouldn’t be surprised if there was an equity component and will eat the dilution to see the deal get done".

It might be more prudent for them to go with an 80:20 debt/equity mix. The bulk of the finance package will still be debt.

I will reserve a final judgement until I see the size of the raise/how it is priced.

To repeat an earlier comment, capital raises shouldn't automatically be demonised. If CRs are used to finance management lifestyles and never progress a business, then they should be rightly condemned. But, if they are used to satisfy lender's demands or to reduce the debt burden of a finance package and see it over the line, you soon forget the dilution once the company moves into production.