Ann: Acquisition of Enoro and $50m equity raising, page-59

Ok. Thank you for that important clarification.

If that is the case, I believe this is an important issue. There is no doubt companies and management have a hatred of debt. I accept that. I will now ask the obvious question. Why would a company with HSN's strong financial position hate short term debt? at what 5% interest??? The cost of that for 3-6 months to bed down the transaction then arrange a fair RR issue (to then pay off that debt) would be less than the costs of doing the CR in the first place would it not?? I ask again. Now Knowing this was a debt facility, why rush the CR and not do it properly and fairly to exisiting holders? NA/DYOR/IMHO