I don't think I would be concern that pdn would use a share offer to cover this CN.
By end of 2015 AISC will be around $31/lb. of pdn produces around 5.2mlb/yr then from 2016 to the due CN date 4/17 they would produce about 7mlbs.
Jpmorgan have forecasted a U spot price at the end of 2015 of $42 and $50 for 2016.
So for 2016 onwards pdn could be making cash profit of $19/lb. with 7mlbs = $133m cash profit by apr 17.
If I was Boro then this cash profit would reduce the 2017 CN to $150m. This will improve our favour with the banks which we could then get a loan or we have proved that we can do a CN in hares times around do another.
So I'm not bothered by 2017 CN
I don't think I would be concern that pdn would use a share...
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