MBN Bookbuild is Closed, page-203

Ruserious- whats the worst case scenario? A military coup -
that would slash the BRL like it did the Argentine peso, BRL would be slashed to US$5.00 so MBN COP would drop to $1.60uslb. If that's the worst that can happen then that's actually the best that can happen for MBN.

Cmon Brasil military,
listen to the people, they are in the streets and on the beach, MBN needs you, arrest Treasurer Levy for those crazy interest rate rises to 14.25% highest in the world. Collapse the BRL to 5.00US.

Of course it wont happen -
this is Brasil not Argentina or Peru or El Salvador. The Russians Chinese & US all like Brasil, none of them agitate for a dictatorship. So it wont happen. President Rouseff says all the right things to all of them that's why they are tapping her phones.

The worst that can happen is actually nothing happens or the Board allows Wellington 200M cheap shares at 8.0c, so what?
Then it reopens based on a COP of $3.25-$3.75USLB v NP of 4.60uslb = profit margin of $1.20uslb. That is great news too.

If they announce junk bonds and small CR then that means they will use it to repay the CNs and for buybacks just like Apple Inc & HP & many US corporates use bonds to buyback shares when they are cheap.

Using debt to buyback shares at 8.3c is GENIOUS!
EPS goes up, SP goes up, dilution goes down, CNs go down......that's what I would do
$16M shares to W & $50M junk bond...repaid in 12 months easy with COP at $3.00uslb.