ive thought a bit about this over the weekend. obvious question is who sells 300m cashflows for next 6yrs for just debt repayment and some small scrip and cash earn out?
no one wants to do this, but fresh equity is hard to find. i think MOK has driven a very good deal here. its clear no one wanted to keep putting debt into it and current lenders are ready to move on.
also, consider the vendors.. PE and turnaround guys only interested in short term. could be any number of reasons why they want it gone. maybe their fund is maturing, maybe they need to cover other losses in their portfolio. bottom line for them is they get repaid and presumably they made a great ROI over the 2 yrs or whatever they held it for.
these are unique circumstances that contribute to this great deal.
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